When is the right time to downsize? This can be a difficult question for both seniors and their families. According to the Canadian census, 6.5% of seniors who are 65 years and older live in seniors retirement homes or assisted living residences. Not surprisingly, this figure jumps to 30% Canadians once they reach 85 years and older. In addition, due to improved health, longer life expectancy and increasing availability of home care options, more than half of Canadians 55 years or older indicate that they intend to continue living in their homes for as long as it will be possible.
So what is the right time to start planning for the future and decide if you should downsize?