The early years of retirement are an exciting time, whether you’ve enjoyed travel, spending more time with your family, or finding new hobbies. As you get older, you may need to start looking into other living options, including retirement living. But can you afford it? You might be surprised at how affordable an option it is.
Retirement Living vs. Care at Home
One of the biggest questions about your retirement will be deciding between retirement residences and hiring caregivers at home. Here are some of the reasons you should consider retirement living over home care from a budgetary standpoint:
- Caregivers at home can be considerably expensive.
- Downsizing into a retirement living apartment allows you to access home equity to replenish your retirement savings.
- You don’t have to pay the cost of expensive renovations to make your home more accessible to accommodate mobility issues and reduce fall risks.
Your Retirement Savings
Longer lifespans mean retirement savings need to be much larger than they may have been in the past. Retirement planners suggest that your savings should last you 30 years after you retire.
For many seniors, their single biggest asset is their home. Real estate can be an effective way to meet a savings gap, but it’s important to have a plan. It’s one thing to have enough money to retire; it’s another to have enough to retire happily.
You and your family should sit down and discuss downsizing options. Some seniors may want to move into a smaller home, while those who expect they may need care or assistance should consider a retirement living option that allows independent living with flexible care options for the future. Retirement living means more than long-term care today. Today’s retirement residences offer rich social opportunities, exercise and art classes, and plenty of amenities for an active and independent life.
Downsizing to Retirement Living
Retirement Living is a great solution. Make sure your family has considered the costs of downsizing. Consider the cost of a moving truck and movers, the price of storage for antiques and heirlooms that can’t be taken with you, and the cost of your new living arrangements.
Before you make any major decision, budget the cost of moving and downsizing. Talk to retirement residences about suite sizes and costs. You should also check out these 5 tips for seniors who are ready to downsize for more advice.
Retirement Living in Alberta
For seniors who live in Alberta, there are a number of All Seniors Care Living Centres in Alberta that are great places to live an active, independent lifestyle at an affordable price. We are a family-owned business, and we know how important it is for families to find the perfect place for older parents to live when they’re ready to move.
To find out if a retirement residence is right for you, check out our residences in Alberta, including Rutherford Heights, Laurel Heights, MacTaggart Place, and Lewis Estates in Edmonton, Auburn Heights and Sage Hill in Calgary, St. Albert Retirement Residence in St. Albert, and Summerwood Village Retirement Residence in Sherwood Park, Alberta.
All Seniors Care operates retirement residences for seniors who are looking forward to downsizing and living independently.