TORONTO - A new poll suggests that health and medical costs are the biggest financial worry for Canadians later in life.
The Bank of Montreal report, titled "Living to 100: The Four Keys to Longevity," found that 74 per cent of those recently polled 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 between $15,000 to $20,000 or $20,000 or more.
Following medical costs, the majority (57 per cent) 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 per cent), long-term care (38 per cent), travel (28 per cent), entertainment and hobbies (19 per cent), debt payments (15 per cent) and supporting adult children and grandchildren (13 per cent).
