Aging in Place: 3 Financial Questions to Ask
As an older adult, you may find yourself needing more support as you age—whether it be with activities of your daily routine, or with chores around the house. If you’re still living in your own home and can’t—or prefer not to—rely on help from friends or relatives, that may lead you to consider home care assistance.
Home care can take many forms, from having a personal support worker or health care professional manage your daily medications and help with aspects of your daily routine like dressing, to foot care or having meals delivered. It can also incorporate home maintenance services such as snow shovelling, lawn cutting or painting.
For those homeowners who no longer have a mortgage, the cost of those occasional personal or home services may, on the surface, seem insignificant when compared with other retirement options, such as a move to a retirement community. However, you may be surprised to discover that home care costs—and the time and energy spent on managing what could be a growing or complex range of personal care and home maintenance services—can add up, even outpacing the monthly cost of living in a retirement residence. For an in-depth comparison of both living options, download our Aging at Home versus Living in a Retirement Residence guide and become well-equipped to make the most suitable decision for yourself or a loved one.
If you’re considering staying home vs moving to a retirement residence, ask yourself these three questions:
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1. How much does it cost to hire a personal support worker or medical professional?
Depending on where you live in Canada, personal support workers can cost between $20 and $30 per hour. Healthcare professionals—such as nurses, physiotherapists and social workers—can charge upwards of $50 per hour. While some or all of these costs may be covered by provincial or private health plans, there are varying standards for eligibility and the number of hours and visits available. For seniors who require round-the-clock support, costs can escalate quickly, running into thousands of dollars per month.
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2. Can I make major modifications to my home if necessary?
For many seniors, getting older eventually involves significant changes to their physical mobility, changes that most homes are not built to accommodate. Seniors who choose to age in place may find it challenging to maneuver around their home without making major accessibility modifications. Consider the cost of modifications such as stair lifts, ramps, doorway widening (for wheelchairs or walkers), and other necessary renovations. When combined with other daily maintenance and household expenses, you may discover that moving into a retirement home is a cheaper option.
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3. Can I manage the upkeep of my house?
Even with a paid mortgage, seniors who choose to age at home are still faced with property taxes, water, utilities, and other services like cable and internet. Annual maintenance costs are also a significant factor in aging at home. These may include major outlays such as a new roof, furnace and air conditioner repairs, and maintenance services such as lawn and garden services, snow clearing, painting, window washing, and more.
There are also many small but necessary home maintenance tasks that can affect your wallet and time, such as changing light bulbs and replacing furnace filters or smoke detector batteries—all of which are important for your safety and peace of mind. It’s crucial to think about the time, money, and energy required to do or arrange for these small tasks, and whether they will require help from family or the hiring of a maintenance person. Additionally, consider how much home care assistance will alleviate some of these household responsibilities for you.
Retirement Living: A Financially Viable Option
Retirement communities are designed to empower you to live life to the fullest, offering a worry-free lifestyle that can include flexible services like tasty and nutritious dining options, housekeeping, 24-hour emergency response, social and active living opportunities, and access to a wide range of on-site health and wellness services—all of which are encompassed in one neat-and-tidy monthly bill.
When it comes to staying home vs. moving to senior living, the latter may be a financially beneficial option when you consider what it offers:
- Predictable Monthly Fee: A single, all-inclusive monthly fee typically covers rent, meals, utilities, housekeeping, and basic personal care assistance. This simplifies budgeting and eliminates unexpected costs.
- Maintenance-Free Living: Enjoy a worry-free environment where property maintenance and repairs are handled professionally.
- Enhanced Wellbeing: Retirement communities offer a vibrant social scene, fitness programs, and on-site healthcare services, promoting overall well-being and potentially reducing future medical needs.
When financially planning for the later stages of your retirement, it is essential to note that there is no one-size-fits all. Chartwell recognizes this and is dedicated to helping older adults live well throughout every phase of their retirement years. For expert advice on how to adapt your budget for retirement living, read Affording Retirement Living: 4 Financial Considerations. If you’re considering Chartwell for your loved one, visit Find A Residence to locate a retirement residence near you and book a personalized tour.