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Canadians are living longer. In fact, half of Canadian babies born in 2007 are predicted to still be alive at age 104 according to the World Economic Forum (WEF). Even a 65-year old couple has a 10 per cent chance of one of the two spouses reaching 100 and a 50 per cent chance that one will live to at least age 94.

In the olden days, parents used to just save for university for their kids. Now they are saving for their home down payments. Arguably, they should start saving for their children’s retirement.

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Many of my clients roll their eyes or make a joke when I model their retirement plans to age 100. But it is a reality that many Canadians need to plan for and a concern that is a global one.

The World Economic Form released a white paper this summer entitled “We’ll Live to 100 — How Can We Afford It?” They highlighted the challenges to financial security in an ageing society and I will highlight four of the primary challenges identified by the WEF.