Canadians are living longer than ever, and many people desire to remain in their homes as they age. While aging in place is a great aspiration, it’s essential to understand how to do it safely and how to afford it.
“Most individuals underestimate how much aging in place can cost and many end up financially unprepared to turn that goal into reality,” says Dave Lee, Senior Wealth Advisor at Scotia Wealth Management in White Rock. “Less than one-third of Canadians are considering health care within their retirement plans, but doing so is essential for ensuring you retire on your own terms.”
“Recent studies suggest that basic in-home care can cost around $3,500 per month at the low end – and for those who need more ongoing or intensive support, that figure can climb as high as $30,000 per month,” Dave says. “But it’s not just about the cost. If you want to stay in your home long-term, your space and daily routines need to be thoughtfully considered.”
Four ways to support safe, independent living at home
- Stay active: Mobility is a major factor in whether someone can continue living independently. Falls are one of the most common reasons older adults need to leave their homes, so a commitment to being active, strong and flexible is a necessary part of aging in place.
- Modify your home: Common modifications – such as stair lifts, grab bars, entryway ramps and walk-in showers – can significantly improve safety and accessibility. These renovations can be costly, so it’s wise to budget for them in your retirement planning. When compared with moving or paying more for care, many home modifications make good financial sense and Federal and provincial assistance may be available.
- Get to know local services: Dave encourages people to familiarize themselves early with local support services such as transportation, landscaping, house cleaning and pet care. Trying these services in advance helps ensure comfort with the process when you need them most.
- Consider new tools and devices: Practice using ride share services while you still have a driver’s license. Explore grocery delivery services while you’re still able to shop for yourself. Get to know the expanding range of technologies that can reduce your workload, such as robot vacuums and automatic lawn mowers. New innovations are arriving every year, dropping in price, and becoming easier to use as they get adopted more widely.
“You don’t want to be calling someone to clean your gutters after you’ve fallen trying to do it yourself,” Dave says. “Recognizing when it’s time to outsource a task – before an injury forces the issue - is one of the smartest moves you can make.”
Also, if your goal is to stay in your present home longer, you may find that putting some effort into a few of the strategies above can help keep you there for years longer.
Stay tuned for the next instalment in the Your Next Chapter series, where Dave takes a closer look at the economics of aging in place vs independent community living.
For more information, contact Senior Wealth Advisor, Dave Lee CIM, CFP, FCSI, at Scotia Wealth Management in White Rock by email at dave.lee@scotiawealth.com or by phone 604-535-4743.
Read more from Dave Lee online at www.dave-lee.ca/publications.