Affording Senior Living in Canada: A Comprehensive Guide
Your guide to Chartwell’s Affording Senior Living Guide to plan your retirement.
Have you or a loved one determined that senior living will be a beneficial next chapter in your life, but you’re unsure if you can afford the lifestyle in a retirement residence?
Many people immediately assume as soon as they learn the monthly rental fee at a retirement community near them that they can’t afford it. We’ve heard it all—“Retirement living is too expensive!” “It’s only for millionaires!” and our favourite, “Do I look like I’m made of money?” And we understand: it’s common to get sticker shock and think, “That’s way more than I’m paying in my current home.”
But it's important to collect all the facts and weigh all the factors before disregarding senior living as too steep for your or a loved one’s lifestyle, especially if you believe the social life, sense of security, or care support can improve your or a loved one’s present situation and quality of life.
What’s inside the guide
Download our exclusive “Affording Senior Living” Guide by filling out the form. In this guide, 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
- Affording senior living while preserving an inheritance for loved ones
- Examining how far your money will go in a retirement residence
- How Chartwell residents afford their retirement residences
- How to switch from a mindset of saving to spending
- How Chartwell can support you with preferred partners
Expert advice on affording senior living
At Chartwell, we’ve partnered with experts in the Canadian financial industry and beyond to help bring you unbiased, informative content that can help you determine if retirement living is a viable option for you or a loved one. That includes Financial Educator and media personality Kelley Keehn, who brings over 20 years of industry experience in the financial sector, as well as gerontological social worker Dr. Amy D’Aprix, who has worked closely with seniors and their families for over 30 years during times of transition to help them navigate next steps together. She has also worked with prominent financial institutions in Canada to help delve into the psychology of switching from a “saving to spending” mindset for one’s health, as well as broaching difficult financial conversations with family members.
Still have questions?
We understand that change isn’t always easy, even when we’re excited about what comes next. We hope you feel empowered by the knowledge of what your retirement years might look like at Chartwell and how you can afford it.
If you’re still feeling unsure, know we are here to help—whether it be assisting you to find a Chartwell residence within your desired budget, delivering a personalized quote, or connecting you with preferred partners like financial planners, realtors, or downsizers who can support your senior living journey.
