Grandparents killed in wrong-way crash on Hwy. 401 identified
A 60-year-old man and a 55-year-old woman killed in a wrong-way crash on Highway 401 earlier this week have been identified by the Consulate General of India in Toronto.
Most Canadian seniors would prefer to stay in their homes for as long as possible, what is referred to as aging in place, rather than in an assisted living facility, according to recent studies that have come out this year.
Below, I’ll share some practical tips on how to age in place, so you can continue living life on your terms.
Compared to an assisted living facility or retirement community, aging in place in your own home has a number of benefits, including:
That being said, aging in place also requires seniors to be more responsible for themselves. If you’re unable to handle certain responsibilities on your own, you may need to hire assistance. Aging in place is certainly possible, though. Here are some things to consider and plan for if you want to retire and age in place.
Home care is usually less expensive than assisted living facilities. Nursing home costs can range greatly, from $1,400 to $6,000 per month, according to Comfort Life. They may even cost thousands more depending on amenities and level of care, as well as location. Assisted living is also quite expensive, at an average of around $3,300 per month per one-bedroom apartment, according to ComForCare.
Another option is to hire personal support workers (PSW) to help with care. Personal support can range from $28 - $35 per hour, home support can range from $25 - $33 per hour, and nursing can range from $55 - $80 per hour, according to GetHelpers.ca.
The question arises of who will pay for whatever option you will choose, as this is no small expenditure. There are a few options:
First off -- you’ll want to decide where you want to age in place. If you’re set on staying in your family home, then you’ve probably already decided. However, if you’re ready for a change of scenery, you should start researching a place that fits your wants and needs.
If you retire at 65, you could well live to see another 20 to 30 years (especially with today’s advancements in medical technology). It’s better to always overestimate how long you will live, so you’ll leave some buffer room for your calculations. You may also need to take into account the cost of personal support workers should you require more assistance if you stay at home. The same Ipsos study suggested The older you get, the harder it will be to pick up and move, though. This means it’s important to figure out where you want to spend the rest of your days.
Factors that may play a part in this include:
I recommend making a list of people, things, and places that are important to you. Then, use this list as a benchmark for qualifying various cities and towns to meet your needs.
You may be a great driver today, but Statistics Canada data shows that seniors over 70 have a significantly higher risk of being involved in a motor vehicle accident. At a certain point, you’ll need to rely on outside transportation if you plan on getting out of the house, socializing, or just running basic errands and making it to your appointments.
The closer you are to a major city or town, the easier it will be to find transportation. Public buses and trains are more available in populated regions. It’s also easier to hail an inexpensive Uber or Lyft. However, if you’re in a more rural area, finding transportation may be more difficult and costly.
If you want to age in place in a rural location, I recommend moving somewhere close to friends or family who can offer you a ride on short notice.
The older you get, the more difficult you’ll find stairs, steep inclines, and walking long distances. Many seniors find it easier to retire in a one-storey house compared to a two-storey house. However, you can also elect to install a lift or ramps to help you ascend and descend stairways, which can range between $3,000-$5,500 for straight stairs, according to one provider, Stannah.
Your home is also aging, the same as you are. If you own a home (as opposed to renting), you’ll need to consider home maintenance items, such as:
I recommend having a list of trustworthy, local contractors you can rely on to take care of maintenance items as they arise. If you have a larger home, you may also want to plan for a periodic house-cleaning service as well to take care of deep cleaning.
As you age, you may not always find the energy to cook a full meal for yourself. In times like these, it can be helpful to have a subscription to a meal delivery service so that you can always count on healthy food.
If you live close to a larger town or city, you may also be able to use food and grocery delivery services like DoorDash, Skipthedishes, or UberEats to deliver pre-made meals and simple grocery items to your front door.
Aging in place can be very peaceful as long as you start planning ahead of time. Knowing where you’re going to retire and having a plan in place for transportation, home maintenance, and in-home care will ensure that you can age in place and keep living on your terms.
Christopher Liew is a CFA Charterholder and former financial advisor. He writes personal finance tips for thousands of daily Canadian readers on his Wealth Awesome website.
Do you have a question, tip or story idea about personal finance? Please email us at dotcom@bellmedia.ca.
A 60-year-old man and a 55-year-old woman killed in a wrong-way crash on Highway 401 earlier this week have been identified by the Consulate General of India in Toronto.
Three people have been arrested and charged in the killing of B.C. Sikh activist Hardeep Singh Nijjar – as authorities continue investigating potential connections to the Indian government.
Pius Suter scored with 1:39 left and the Vancouver Canucks advanced to the second round of the NHL playoffs with a 1-0 victory over the Nashville Predators on Friday night in Game 6.
TD Bank Group could be hit with more severe penalties than previously expected, says a banking analyst after a report that the investigation it faces in the U.S. is tied to laundering illicit fentanyl profits.
A Quebec man who pleaded guilty to threatening Prime Minister Justin Trudeau and Premier François Legault has been sentenced to 20 months in jail.
RCMP say human remains found in a rural area in central Saskatchewan may have been there for a decade or more.
A source close to singer Britney Spears tells CNN that the pop star is 'home and safe' after she had a 'major fight' with her boyfriend on Wednesday night at the Chateau Marmont in West Hollywood.
As Wegovy becomes available to Canadians starting Monday, a medical expert is cautioning patients wanting to use the drug to lose weight that no medication is a ''magic bullet,' and the new medication is meant particularly for people who meet certain criteria related to obesity and weight.
Drew Carey took over as host of 'The Price Is Right' and hopes he’s there for life. 'I'm not going anywhere,' he told 'Entertainment Tonight' of the job he took over from longtime host Bob Barker in 2007.
Alberta Ballet's double-bill production of 'Der Wolf' and 'The Rite of Spring' marks not only its final show of the season, but the last production for twin sisters Alexandra and Jennifer Gibson.
A British Columbia mayor has been censured by city council – stripping him of his travel and lobbying budgets and removing him from city committees – for allegedly distributing a book that questions the history of Indigenous residential schools in Canada.
Three men in Quebec from the same family have fathered more than 600 children.
A group of SaskPower workers recently received special recognition at the legislature – for their efforts in repairing one of Saskatchewan's largest power plants after it was knocked offline for months following a serious flood last summer.
A police officer on Montreal's South Shore anonymously donated a kidney that wound up drastically changing the life of a schoolteacher living on dialysis.
Since 1932, Montreal's Henri Henri has been filled to the brim with every possible kind of hat, from newsboy caps to feathered fedoras.
Police in Oak Bay, B.C., had to close a stretch of road Sunday to help an elephant seal named Emerson get safely back into the water.
Out of more than 9,000 entries from over 2,000 breweries in 50 countries, a handful of B.C. brews landed on the podium at the World Beer Cup this week.
Raneem, 10, lives with a neurological condition and liver disease and needs Cholbam, a medication, for a longer and healthier life.