But what about the other risks you’re likely to face? Statistics show that the average working person has a much higher chance of becoming disabled than dying before age 65. At age 30, you’re 4x more likely to face a disability than death. By age 40, it’s 2.5x more likely, and by age 55, the risk is still 1.5x greater.3 Disability and critical illness insurance can help protect your income if illness or injury keeps you from working. A financial advisor can work with you to identify your priorities and help you find the right coverage to keep you family’s future secure. Balancing Elder Care with Your Own Retirement Goals Consider meeting with a financial advisor to create a balanced approach that addresses your needs as well as those of your parents. This step is particularly important if you have children of your own to support, as you don’t want to compromise their future while caring for your parents. For dentists, careful financial planning is essential to meet both personal and parental needs. Here’s a brief overview of some of the factors that you and your financial planner will consider: 1. Evaluate Current Resources: Review available income sources, assets and expenses for both you and your parents. This might include deciding whether to sell a parental home, assessing savings or exploring family trusts. Created by dentists, and exclusively for members, CDSPI helps you achieve financial well-being with tailored advice, insurance, and investments. Access to CDSPI is a benefit of your membership with your provincial or territorial dental association. The information provided in this article is for informational purposes only. It does not constitute financial, estate, tax or other professional advice. For specific advice about your situation, please consult with your financial advisor. 1 Statistics Canada: Who are the sandwich caregivers in Canada? 2 TheKey Canada | In Home Care for Seniors & Elderly - TheKey - Canada 3 Life Insurance versus Disability Insurance in Canada | Life Insurance Canada 2. Factor in Care Costs: Research potential care options to accurately estimate expenses. This preparation can prevent financial surprises and help you set realistic savings goals. 3. Diversify Income Streams for Retirement: Build a solid retirement plan with multiple income sources, such as RRSPs, individual pension plans, CPP, OAS, and personal investments. A diversified approach ensures stability and flexibility when facing unexpected expenses. 4. Discuss and Document Family Plans: Open conversations about preferences for care and end-of-life decisions are essential. Legal documents like wills, trusts, and powers of attorney should clearly reflect each family member’s wishes and they will minimize any future conflicts. Asking for Help As a potential member of the Sandwich Generation, you can take a proactive approach to reduce stress, provide meaningful support to your loved ones and feel confident in preserving your financial future. But you don’t have to navigate these challenges alone. With the expertise of CDSPI and our partners at MNP, we offer tailored strategies to help you balance the needs of your loved ones with your financial goals. From understanding the cost of care to implementing taxefficient solutions, we’ll help you manage this chapter of life with confidence and peace of mind. 34 | 2025 | Issue 2 Supporting Your Practice
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