Retirement Action's Peter Benedek included a link in the Nov.8 ediction of his excellent weekly summary to the scary article The Financial Toll of Alzheimer's Disease, in which is explained the vulnerability of people with Alzheimer's to financial mistakes or fraud. The article mentions a number of useful protections.
Another defence not mentioned is simply to have a steady, reliable, lifetime, non-tradable/non-withdrawable/non-stealable source of income about which no decisions have to be made ... like the CPP.
Alzheimer's (and other forms of dementia) is a significant issue now and it will grow much worse. Increasing longevity will mean an increasing number of people getting Alzheimer's as pointed out in the appropriately-named report Rising Tide: The Impact of Dementia in Canada from the Alzheimer's Society of Canada.
CPP simplifies retirement finances. As such, it can help avoid financial problems by requiring fewer complex, people- and time-intensive legal and family protections.
Monday 8 November 2010
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