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Most Canadians say health will be biggest retirement expense: poll

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VANCOUVER (NEWS1130) – Health and medical costs are the biggest financial worry for Canadians later in life.

That’s the finding of a new poll by Bank of Montreal, called “Living to 100: The Four Keys to Longevity.” It found 74 per cent of those asked foresee medical costs as their biggest expense in their senior years.

On average, those polled expect to spend $5,391 in out-of-pocket medical expenses every year after the age of 65.

About 30 per cent believe they’ll be paying between $1,000 to $5,000 in annual medical costs, 21 per cent say they have no guess, 20 per cent expect to spend under $1,000, and 16 per cent say they expect to spend between $5,000 to $10,000.

Six per cent anticipate on paying between $10,000 to $15,000, while three per cent expect to pay upwards of $15,000.

Following medical costs, the majority (57%) of those polled in the report to be released Wednesday, say their second biggest expense will be food, clothing and other day-to-day essentials, followed by housing (56%), long-term care (38%), travel (28%), entertainment and hobbies (19%), debt payments (15%) and supporting adult children and grandchildren (13%).

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