A financial planner works with people to help them meet their financial goals so that they can live their life and retirement as they wish. Planning may include saving, investing, and budgeting for the future.
Tips & Links
Financial planning is important when living with a health condition because it helps manage medical expenses, ensures access to necessary care, and provides financial stability during times of reduced income or unexpected costs.
Learn More
- Know that a financial planner is not a certified role in BC. It is recommended that before hiring a financial planner you inquire about their education and experience as outlined by the Government of Canada.
- Learn about financial and retirement planning for seniors from the Government of Canada. Consider your sources of retirement income such as savings, pensions, benefits, and tax deductions. Plan for your costs of living including housing, nutrition, transportation, and health care costs.
- Know that the Government of BC offers a variety of financial planning teaching pamphlets on many aspects of financial planning for older adults in English and French.
- Understand that Wayfinder is an online tool provided by the Canadian government to help people with disabilities and their families navigate various federal and provincial programs and services in areas like health care, financial assistance, and community services. Whereas the Benefits Finder is broader and not limited to individuals with disabilities—it helps all Canadians find benefits they might be eligible for, based on their personal circumstances. See the list of benefits offered by the Government of Canada.
- Know that having a chronic health condition, dependent on your physical and mental health capacity, may also qualify you for disability benefits such as the Disability Tax Credit, Registered Disability Savings Plan, and Canadian Pension Plan-Disability.
Things You Can Do
- Determine who among your care partners has the qualifications of a financial advisor or accountant who may be able to offer their services for free.
- Seniors and people more vulnerable may be the target of criminals, by phone, email and even at your front door. Talk to your family/ friends – make sure there is security on your money and banking. Consider setting up automatic alerts to your family or power of attorney when someone tries to withdraw a large amount of money from your bank account. Learn about scams and frauds from the Government of BC.
- Explore the Benefits Finder from the Government of Canada to learn more about publicly funded benefits and those you might be eligible to receive.
- Learn about programs and supports for senior in financial planning from the Office of the Senior’s Advocate.
Add your Financial Planner to your My Health Care & Business Professionals PDF tool found in My People. List their contact information and any questions you have. Complete the activities in My Financial Plan including the Financial Worksheet tools. Save all your learning to your digital and print Mywell Health files.