We may worry about our financial stability and sustainability past retirement. The City of Hamilton’s 2021-2026 Plan for an Age-Friendly Community stated 30% of Hamilton’s older adults lived in “unsuitable or unaffordable homes” as of 2019. While retirement communities may come with a price, they may not be as much as you think – or as different from costs of living that will undoubtedly change as the years pass. Yet maintaining the lifestyle that we want is invaluable to quality of life.
Canada Mortgage and Housing Corporation reports that in 2020 the average rent for a standard space increased by 2.8% to $3,865, though a small unit is averaging $1790. The average condo in Hamilton sold for just under $495,000 in September — a $2,146 per month mortgage – however ownership isn’t so simple. Selling and moving into a retirement community means there will no longer come the expenses or responsibility of home ownership such as insurance, taxes, maintenance, renovations (especially ones that will be required to age in place) and more.
Whether renting or owning property, retirement home living will also eliminate most food costs and utilities, cleaning and laundry aid expenses, fitness fees, etc. All such services and items sourced by an individual in Hamilton on their own in the community would tally up to $8000/month!
Senior living in a retirement home is often a decision made by a senior (and his/her family) who can still manage basic activities of daily living (i.e., washing, dressing, self-feeding) and most instrumental activities of daily living (i.e., scheduling and communication with others). They also make their own choices about the care and support they know they do or will need. Independent living at a retirement home means choices: choice of suite (which are private and homelike), meal preferences, social activity involvement, community engagement, and level of optional aid (ex. medication administration, government-funded or private services to bump up care).
How do seniors financially support their lifestyle? Retirement homes are an option of living within a community most often paid for by seniors’ own sources of income such as: Canada Pension Plan, Old Age Security, RRSP/RIFs, TFSAs and non-registered investment income, pension plans (personal or from spouse), secondary or income property, and/or the sale, investment and use-of-returns of a house.
At Carrington Place Retirement, with rates starting at $3550 per month, seniors have access to services like exercise and social events, and they are walking distance to shops, restaurants, and banks. They benefit from building maintenance, health consultation available 24/7, housekeeping and laundry services, and home-cooked meals, all included. An underappreciated reality of those still living on our own is that many of us would rarely buy and organize all these services for ourselves, but we should, as they greatly improve our quality of life.
Carrington Place Retirement Residence is committed to providing our individual residents with superior quality care so they can enjoy the satisfaction of independence, in happy, secure community surroundings. Book your free consultation and tour to learn more.