Canadians Underestimate the Cost of Aging at Home

Canadians Underestimate the Cost of Aging at Home

Many Canadians underestimate aging-in-place costs and don’t have enough savings to support themselves through their retirement years. On top of that, publicly-funded home care programs rarely meet the needs for those requiring support at home. Some may rely on unpaid caregivers—like family members—or consider paying for home care out of pocket. 

Yet, many won’t have the savings to cover such out-of-pocket, aging-in-place expenses. 

The costs can be high. 

For instance, the average cost of private in-home care for help with day-to-day needs can run from $1,000 to $3,500 monthly, according to the National Institute of Aging’s recent study. These costs are a financial factor that are often underestimated.

For those needing continuous care, the costs rise dramatically. Round-the-clock care from a personal care provider, for example, can run as high as $25,000 per month. 

Some recommendations for long-range care planning include incorporating long-term care costs into your retirement strategy, delaying claiming benefits from the Canada Pension Plan, tapping home equity, and purchasing long-term care insurance. 

Senior living facilities are a fabulous alternative to aging at home. Not only do they provide a more stress-free lifestyle—gourmet meals cooked for you!—they also provide a fun, social environment with planned events, activities, classes, and fitness facilities.

If you’re curious what your home could sell for, I would love to talk to you about your options. Working with seniors brings me so much joy and as a Seniors Real Estate Specialist® (SRES®), I'm thoroughly equipped and skilled in working with the downsizing demographic. Not only will I help you sell your home with ease, I can also offer you many recommendations for professional services and specialists to assist you in any aspect of your downsizing journey.


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