Is your retirement at risk from illness?

You’ve spent years saving, doing the right thing and taking care to think about the long-term.

And yet … what would happen if you were to get sick?

Would you dip into your retirement savings to cover costs or unplanned medical expenses? Would you have to work longer once you were back on your feet to make up for those lost savings?

If you answered yes, you’re not alone. In a recent survey, Ipsos Reid  found that 52 per cent of respondents indicated they would dip into their retirement savings if faced with a major illness.


But, dipping into your retirement savings may be costing you more than you think. Here’s one scenario that may get you to re-think your RRSP dipping strategy.

  • John is a 38-year-old male with an annual income of $90,000.
  • If John were to save consistently and remain healthy until his retirement at age 65, he could retire with more than $673,000 in his RRSP.
  • But John suffers a life-threatening cancer at age 52. He needs money to cover costs not covered through his provincial healthcare plan so he withdraws $200,000 from his RRSP.
  • John is now back working and to maintain his goal of retiring at age 65 with his original nest egg, John would need to triple his retirement savings.

If tripling your savings to achieve your retirement plans isn’t something you want to contemplate, what choice do you have? Critical Illness Insurance. It’s tailored for you and, once issued, it’s guaranteed. You can even add a return-of-premium rider that means, if you remain healthy, the insurance company will give you all your premiums back.

So if your current strategy is to dip into your RRSP for unplanned medical expenses, perhaps it’s time to re-think that plan. Call me today to talk about the best way to insure yourself and protect your retirement lifestyle. I’m fairly certain you’ll be glad you did.

Lynn Williams
Professional Financial Architect
President & CEO of The Lifestyle Protector
P: (+1)604 833 0348
1322 – 1111 W Georgia St
Vancouver, BC, Canada



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