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How to finance senior living: An essential planning tool

You’re not alone if you’re drawn to the sense of community and enriching activities offered in senior living. Yet you may be wondering how retirement residence fees compare to the costs of staying at home. Many are surprised to discover that the costs of seniors living at home — even without a mortgage —add up when you factor in property taxes, restaurant bills, membership fees and year-round household maintenance. Our easy-to-use planner helps you do the math, so you understand how to finance senior living.

Seeing the big financial picture

This senior living financial planner reveals:

  • The costs of being a homeowner versus living in a retirement residence
  • Potential savings at a premium senior living residence that includes meals by Red Seal chefs, drinks and snacks, transportation services and in-house social activities, clubs, fitness classes and amenities
  • Monthly costs to ask about when you tour different retirement residences. Is 24/7 emergency-response monitoring and Wi-Fi included in the fee, for instance?

How to calculate your current living expenses vs. senior living

To help you and your family compare your living costs now to potential retirement living fees, fill out the charts in our planner. To do so, you’ll need:

  • Recent mortgage, condo fee or property tax statements or rent receipts
  • Bank and financial statements to gauge average monthly spending on utilities, heating, cable, Internet, groceries, home and care insurance, and more
  • Receipts incurred for in-house care services or emergency response monitoring

How to build an income summary

Download the financial planner by filling in the form today to gain a better handle on how to fund retirement living through a variety of income sources, such as:

  • Proceeds from selling a home or cottage
  • Monthly payments from a government pension plan, old age security and other benefits
  • Savings and Registered Retirement Savings Plans, Life Income Funds or Locked in Retirement Income Funds
  • Investments such as dividends, interest, TFSA and other annuities
  • Additional income from company pension plans, trust funds, royalties, rentals and more

When you add up all income sources — and consult a financial or tax planner about potential tax benefits of moving into a retirement residence — you’ll gain clarity about what you or your loved one can afford. That knowledge, combined with an understanding of current expenses and what full-time care at home could cost if required in future, will help you determine the value of a premium senior living residences near you.

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