A baby born today could live to 150

A baby that is born today could live to the age of 150, says Phil Cook, chief executive officer of Omega Insurance Holdings, according to a CI Top Broker report.

With people living longer there will be increased pressure on their retirement savings and on government pension programs and healthcare.

Read: Help a difficult, elderly client

For your business-owning clients, this also creates issues of succession. “Fewer companies are now passing their businesses on to the next generation,” says Cook.

An aging population also offers opportunities: “Not only are older people looking to buy their products differently, they need different products. That’s an opportunity out there for the industry.”

Read more here.

Also read:

Retirees running out of money

Tackle cross-generational planning

Advisors forget to plan their own futures

Unite business and personal goals to retire well

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.