It is so important to start planning for retirement and living as a senior from an early age. Oftentimes, government pension plans and assistance don’t cover the costs of the average senior and so they must rely on their personal savings, their families, or go back to working after being retired a few years. Most seniors don’t want to feel dependent on their loved ones and they also don’t want to have to enter back into the workforce after having been retired, so it is important to plan ahead and have access to other savings put aside earlier in life to take care of yourself in your senior years.
As a society, we are living a lot longer than we once did which is a great thing because it means that we now have more life to live. With modern science and healthcare, today’s seniors have a longer life expectancy than seniors even twenty years ago. Unfortunately, many of today’s seniors didn’t expect to live as long as they are and are finding it financially a burden to try and live their daily lives. Seniors today are outliving their resources and it’s a challenge in our society that going forward needs to be addressed.
Mental and Physical Health
Although in Canada we have a great universal healthcare system, not every cost is covered. When planning for senior living, you must factor in the possibility of needing different medications, or other tools for everyday living. These can include wheelchairs, hearing aids, walkers, etc. that all need upkeep. Often in the past seniors have either underestimated their life spans or the resources that they have needed which then extends the burden of care to family members.
Where Will You Live?
One of the biggest costs and considerations when planning senior living is where you will live. A lot of seniors prefer to live in their homes, while some move into assisted care facilities. In either situation, it is important to plan ahead and budget for the costs of these options. Living at home has the same costs you’ve always had. General upkeep of the house, property taxes, but the added cost of home care should be considered. For many seniors, home care becomes necessary when they can either no longer drive themselves to appointments, or movement becomes more difficult throughout the house creating challenges with cooking and cleaning of the house.
For seniors that choose to live in assisted care facilities or senior homes, it can be a little easier to predict the costs of living. At these facilities, seniors pay a set amount per month and have a combination of their accommodations, food and care included in the cost. These facilities often include other amenities as well that can make senior living fun!
Although planning for senior living and ensuring you have a safety net of money set aside for your senior years is important, it is also important not to stress too much about money because the stress can cause other health issues. Most seniors have great support systems in their families and including them in decisions can also be a big help. This way your family will know your wishes and be able to help you achieve them in your later years.