Wednesday, February 1, 2023

A Primer On What You Need In Order To Age In Place

Most Canadians would prefer to age in place over moving into an assisted-living facility; there are the benefits of comfort, privacy and cherished memories of the home you live in, after all. Personal finance expert Christopher Liew shared with ctvnews.ca some practical tips on what you need to consider and have in place in order to set yourself up for success to age in place.

He recommends considering the costs involved, to start. Home care for when you are aging in place is often less expensive compared to nursing homes and assisted living. You also have the option of hiring a personal support worker (PSW). Once you do some number crunching, you’ll also have to consider how these costs will be covered: Will your family pay for it? Or do you have enough savings to cover it off? If not, perhaps selling off some assets could help cover the cost.

One of the big decisions you’ll have to make to start with is where you will live. If not aging in place in your current home, there’s a lot of research and leg work to be done. Factors to consider when narrowing down your choices include: how close you are to friends and family; the climate; the residence’s proximity to your doctors and other health services; and access to activities that interest you, including your hobbies, culture and fitness. Liew recommends making a list and prioritizing your must-haves.

Another significant factor to consider is the transportation options of where you’ll live. You may not want to or be able to drive when you’re another 10, 20 or 30 years older than you are now. Consider the public transit and other options of the places you’re considering living. In urban areas, public transit and ride-sharing services are more readily available; while you might love the idea of living in a rural area, the lack of transportation may make it an unrealistic option.

For more of this personal finance expert’s tips on the big pieces to consider if you’re looking to age in place, including home maintenance, meal delivery and mobility options, read the ctvnews.ca article here.

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