Talk about what you envision for the future.

Take some time to explore where and how you want to be living into your future. In most cases, we cannot predict our health or unexpected changes in life, but we can plan and prepare for the life we want.

Create your vision for the future.

• Create a poster to express how you envision your future.
• On paper or digitally, create a collage of your thoughts, photos, quotes, or phrases that capture – where and what you want to be doing in 3, 5 and 10 years.
• Include topics like; daily activities, hobbies, sports, social activities, entertainment, travel, transportation, food, and wellness practices.
• Consider your wishes if your needs change. Where do you want to be living – in your home (aging in place) or in senior’s housing (assisted living)?
• Add your vision page to your Mywell Health planning binder. Maybe even make it your front cover!

Confirm your financial support team.

• Identify the professionals, programs, and services that can support your financial and lifestyle plan.
• Do you have and understand the roles of an accountant, financial planner, insurance agent, book-keeper, bank contact, and power of attorney (enduring)?
• Do you have someone that completes your income tax each year? An income tax assessment is required for most government benefits and services.
• Learn about organizations that provide free financial services for seniors.
• Add your financial team to your Health Care & Business Professionals List.
• Are there family members or care partners who could support these roles?

Tip

Seniors are often targeted by criminals through phone calls, emails, and in person. Protect your money by setting withdrawal limits on your bank accounts that notify a family member or your power of attorney. Educate yourself about senior fraud protection.

Planning for health care costs.

• Review your existing health benefits and how they might change post-retirement.
• Plan and budget for your prescription drugs, dental care, vision care, and services such as physiotherapy and wellness therapies.
• Explore the cost and availability of travel insurance with a health condition or as you age.
• Learn what the medical services plan and PharmaCare may not cover outside of BC, such as hospital stays, treatments, and medications.
• If applicable, find out about benefits you may be entitled to, like disability or veteran’s affairs. See a comprehensive list below.

Record your Health Benefits – Post Retirement Information (Example)

• Type benefit or insurance (Dental, PharmaCare, Travel Insurance, other)
• Name of Carrier (Name of Company)
• Plan Number
• Contact person, phone, and email
• List of Services
• Coverage amount (% or amount per service).
• Personal Notes

After completing how you envision your future, determine if your financial situation matches your wishes and wants. Here are some topics to discuss with those you trust to help you plan for your financial needs as you age. Download and complete the Financial Planning Worksheets to learn more.

Discussion topics for your financial future

• Is your plan to age in place in your own home or move to assisted living?
• Is your income or retirement funds sufficiant to cover your monthly expenses?
• Have you thought about the cost of personal home care services or home modifications to meet your needs?
• Do you have an accountant who completes your taxes every year?
• Are you working with a financial planner to plan out your finances as you age?
• Have you named a power of attorney (enduring) you trust and are they informed about your financial wishes?
• Have you completed a current and valid will?
• What are your overall concerns for your finances into the future?

Complete the financial planning worksheets

By completing these worksheets, you can learn about the benefits you are entitled to and sources of income for your retirement. The resource kit offers definitions, videos, and useful websites to support your learning. If possible, work with a professional to confirm your financial plan.

Potential Sources of Income

Each of these terms in described further in the resource kit.

• Canadian Pension Plan (CPP)
• CPP Survivor’s Pension
• Canadian Pension Plan Disability (CPP-D)
• Disability Tax Credit
• Employment Pension
• Home Owners Grant
• Income Supplement
• Old Age Security (OAS)
• Registered Disability Savings Plan (RDSP)
• Registered Retirement Saving Plans (RRSPs)
• Senior’s Supplement
• Tax Free Savings Accounts (TFSA)
• Veteran’s Affairs Canada Benefits