We’re living longer, and that’s something to celebrate. But it also raises a question more Canadians are quietly starting to ask: what if I live longer than expected?
This isn’t rooted in fear. With ongoing medical advances and a growing focus on healthier lifestyles, longevity is becoming more achievable. The conversation is shifting from how long clients live to how well they live over time.
The Role of Home Healthcare in Canada
Home healthcare is playing an increasingly important role within the Canadian system as the population ages. It is not just about medical care. It is about preserving independence, dignity, and quality of life, while also helping relieve pressure on an already stretched system.
For many financial professionals, this isn’t just theoretical. You may be seeing it firsthand with your own families or your clients.
My mom is 93 and lives in an assisted living facility. She is still largely independent, but she does receive support, and that support comes at a cost. It is manageable today, but like many families, we know her care needs will likely increase over time, along with the expenses.
Longevity Changes the Planning Conversation
This highlights an aspect of retirement planning that can be easy to underestimate, the financial implications of living longer. Longevity is a gift, but it changes the math.
Retirement is often framed as a defined period, but in reality, it can span 25, 30, or even 35 years. The later years can also be among the most financially demanding, not because of lifestyle choices but because of care needs.
According to the Canadian Institute for Health Information, 1 in 10 new residents in long-term care could potentially have been cared for at home by a personal support worker[1]. This suggests there may be opportunities for clients to remain at home longer, but doing so may involve additional out-of-pocket costs.
The Cost of Staying at Home
Many clients have a strong preference to remain in their own homes for as long as possible. Independence, familiarity, and control are deeply valued. At the same time, maintaining that independence often comes with financial implications.
Home care services, whether it is help with meals, mobility, or medical support, can add up quickly. While some services are publicly funded, many are not, or they are limited in scope and availability. That’s often where families step in.
Increasingly, this means adult children, many balancing careers and their own financial responsibilities, taking on caregiving roles. It is something that is not always fully anticipated in planning discussions.
Healthcare costs in retirement also tend not to follow a straight line. Clients may begin with minimal support, but over time, care can become more frequent, more complex, and more costly. These expenses can quickly become one of the most significant costs in later years.
The Home as a Potential Resource
With that in mind, it is not surprising that some clients begin to look more closely at their homes as a potential source of funding.
For many Canadians, their home represents their largest asset. It is where they have built equity over decades, often without explicitly incorporating it into their retirement income strategy. Exploring how that equity could be used may become part of the conversation.
Options such as downsizing, accessing a line of credit, or a reverse mortgage can help unlock cash flow without requiring an immediate move. These approaches are not appropriate for everyone and come with costs and trade-offs, including potential impacts on estate values.
However, for some clients, it may offer flexibility and a greater ability to fund care while remaining in their home longer.
Shifting the Conversation
This is often where the conversation shifts from numbers to perspective. Many clients have long viewed their home as something to preserve for the next generation. As care needs evolve, it may help to gently reframe that thinking.
A home can also be a resource that supports the client’s well-being, independence, and quality of life. Helping clients explore these options, without pressure, can be an important part of your role.
Supporting Clients Through Longer Retirements
There is no question that advisors spend significant time helping clients prepare for retirement. Living longer introduces new considerations, but it also creates new opportunities.
For many clients, the goal isn’t simply longevity. It is to live well, retire well, and maintain dignity, independence, and the financial capacity to support both.
And this is where your expertise as a trusted advisor becomes invaluable.
If you are exploring ways to help your clients manage longevity and care costs, contact your HomeEquity Bank BDM to help support those conversations!
Pattie Lovett-Reid
Chief Financial Commentator
HomeEquity Bank
[1]New Long-Term Care Residents Who Potentially Could Have Been Cared for at Home | CIHI.
