Have you ever thought about senior living as a potential option for yourself or a loved one — but are now wondering if you can afford the lifestyle? It’s common for people considering senior living to learn the cost of retirement residences in their neighbourhood and think, “That’s way more than I’m paying in my current home.” While the sticker shock is normal, there are some important factors to consider before disregarding the living option as too steep for your lifestyle — especially if you believe the social life, sense of security, or care support can improve your present situation.
If your first assumption is that you should stay in your current home because it’s easier on your wallet, you may be surprised to find that isn’t entirely true. Here are 3 financial considerations if you or a loved one are opting to stay in your own home:
1. Daily living and homeownership expenses at home
Running a household adds up! When you tally up monthly and annual expenses to run and live in your home, you may be surprised once you calculate what you’re currently spending and compare it to retirement living. Think of the following:
- Property taxes and home insurance
- Utilities or condo fees
- Home maintenance costs like replacing a roof, windows, appliances, etc.
- Cleaning or meal services
- Snow and lawn care maintenance
- Groceries, entertainment, and transportation
In some cases, an option like a retirement residence doesn’t cost that much more than the lifestyle someone currently leads.
2. The cost of home care
Depending on your province of residence, if you’re considering private homecare instead of retirement living, you could find yourself spending anywhere from $35-$50 an hour for support (usually with a minimum of 2-3 hours required) and $60 an hour or more for nursing care. For individuals with heavy care needs or dementia, this can be a more costly option than retirement living, totalling well over $100,000 per year in addition to your current home expenses.
3. The cost of staying social
Research continues to show how important it is to stay social in our retirement years, and for those people who take this to heart, there’s still a cost involved. Transportation costs like taxis or car insurance if you still own your own vehicle, entertainment costs like coffees or meals out with friends, or other recreational endeavours like exercise classes or shopping trips all add up quickly.
How Chartwell can support you
As experts in the senior living industry, Chartwell’s Retirement Living Consultants can guide you or a loved one in finding the right retirement residence for your lifestyle and budget. That includes access to preferred partners who can help you or a loved one prepare for your next chapter, including financial planners, realtors, downsizing experts, movers, and many more.
Call 1-855-461-0685 to book a tour at a Chartwell community you’re exploring, or visit chartwell.com today to discover the benefits of life at Chartwell.
Planning for retirement with financial expert Kelley Keehn
Have you started to plan for how you want to live in your later years? Do you think retirement living may be the support option that would suit you best? Canadian Financial Educator Kelley Keehn outlines a series of questions to ask yourself if you’re exploring whether retirement living is an affordable lifestyle option for yourself or a loved one.
Get a head start on your financial planning for senior living with Chartwell’s “Affording Senior Living” Guide
Have you ever thought about senior living as a potential option for yourself or a loved one, but you are now wondering if you can afford the lifestyle? Fortunately, you may find it’s more attainable than you think, and when compared to other support options like homecare, may be the more affordable choice.
To help you determine how valuable a retirement living lifestyle can be for you or a loved one, Chartwell launched an exclusive “Affording Senior Living” Guide where we aim to demystify common myths about senior living affordability and educate you on your options. We will answer popular questions and concerns about the cost of retirement residences, including expert guidance on the following topics:
- Planning for retirement living expenses
- The cost of aging in place vs. senior living
- Strategies for affording senior living
- Common financial questions about senior living
- And much more!
