One of the necessary evils of being your spouse’s caregiver is having to also be the one who plans for the ‘after’ life, for life after their departure.
Chris wanted to be part of this procedure partly I think to put his mind at ease.
In Canada, government pensions including the payout of the one-time death benefit are managed by a department called Services Canada. Yesterday, Chris and I went to their offices.
We learned what will happen in the likely case of him dying before me. Although, honestly, I could go first—it is never a given.
However, according the agent at the Services Canada office, if I am left on my own my financial resources will be pretty skint.
I’ll have little more monthly income than my rent. The actual dollar figure is fairly scary – such a small number.
And yet, I can’t help but feel that I will manage. I should get called back to work for tax season every year. And the money I make in this three month period is sufficient to pay my rent for the year. If I save it, and use it for only the rent, I will be perfectly fine.
You see, because my income will be low, in my province of BC, I will have no medical premiums to pay. I will also get a good tax refund every year.
The tax refund will cover my car insurance for the year and since my car is paid for, I only have to shell out for gas and maintenance. And since we live so close to all amenities including the buses, these expenses should be negligible.
And that means my pensions should easily cover everything, which seems incredibly generous to me.
Chris was shocked. I told him not to be. I will be fine. Just fine.
One thought on “Caregiver: Planning for Life After”
I’m relieved for you (not that we all couldn’t use more of a financial cushion) Easy to get caught up in day-to-day and then find one day that you are alone and without enough money. Caregiving is hard enough without having a dismal financial future looming.