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I am a Senior, What Are My Options?

Barry Gordon, November 19, 2012

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The population is getting older. In 2011, the first of the Baby Boomers (born in 1946) turned 65. StatsCan have estimated that by 2031 there will be 3 people working for every 1 retired senior (right now, the ratio is 5:1). By then, about 20% of the population will be 65 or older. So what choices are there for the aging single Canadians (or couples) who want or need to change their living situation? There are plenty of choices!

If you want to stay in your home, there are lots of ways to make your house easier to manage. “Aging in place” is becoming a more affordable option. It is becoming easier for seniors to live safely and independently as they age, and allow them to remain in their communities. Sometimes renovations may be necessary to add ramps or lifts to assist mobility and storage space can be modified for easier access. For seniors living alone, there are a number of services that can provide monitoring and help in case of a fall, as well as caregivers that visit their home.

Often, a house is too much for a couple or single person to manage, whether in terms of the financial upkeep and maintenance of the house, or the emotions associated with it. Downsizing into a smaller house, apartment or condominium (in a retirement community or not), assisted or long term care facility, or moving in with children or relatives are other options. Retirement communities often offer a variety of living solutions whether you want to live independently or if you need assisted or full care. It is important to identify your needs now and what you may need in the future. Many of these communal options, such as continuing care retirement communities (CCRC), allow easy transitions as your needs change.  (This is incorrect information)

Be sure to research the options that appeal to you, and consult with your doctor, financial advisor, and other retirement specialists. Investigate any community or facility to which you may be interested in moving and see for yourself if it is right for you.

Written by Barry Gordon

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