Calculate the Costs of Retiring the Way You Want

How much does it cost to live the kind of retirement lifestyle you’re planning? Retirement planning when you’re still working can look a lot different than retirement planning as you become an older senior with changing needs.

There are several lifestyles you may want to consider as you become an older senior. One of the most important factors to consider as you evaluate your options and calculate your costs is the level of care you need now and that you will need in the future.

Staying at Home

Staying at home is a popular option among many seniors, but it can also prove to be an expensive one. There are several costs to consider if you want to stay at home:

  • Upkeep such as necessary repairs, as well as lawn care and snow removal
  • ● Senior-friendly renovations that use universal design, such as non-slip flooring, walk-in tubs, lever door handles, and step-free entrances
  • Costs of home care if you need assisted living or nursing care

Depending on your financial situation, you may also have to keep up with mortgage or rent payments.

Downsizing

Downsizing is a smart strategy for many seniors who no longer need to live in a large home. By moving from a large home into a condo or apartment, you can also minimize the necessary renovations by living somewhere with stairs.

Downsizing can also help you cover the ongoing costs of your later retirement. This sheet can help you calculate the proceeds of selling a home and how it can fund your later retirement and any care you might need.

Retirement Residences

An alternative way of downsizing is moving into a retirement residence or community. Rather than handle the upkeep, costs, and responsibilities of your own smaller condo or apartment, you could move into a suite in a retirement community where you won’t have to worry about housekeeping or cooking for yourself.

Retirement residences can also offer flexible care. As you age, your needs change. A progressive illness such as Alzheimer’s will also mean that your care needs can evolve rapidly. A retirement residence is one of the easiest ways to get care that matches changing requirements without having to move again.

Care costs are often the most expensive part of your later retirement. Use resources online to compare the costs of assisted living with more intensive care such as memory care.

Assisted living in retirement residences such as All Seniors Care Living Centres can assist you with many of the Activities of Daily Living. These are activities that some older seniors may struggle with due to disability or mobility issues. They include bathing, eating, dressing, toileting, and transferring. The most common issues among retirement community residents are bathing and dressing.

If you’re going to have an evolving need for care, find a long term care facility near you and ask how they can meet your unique needs.

From assisted living to memory care, a retirement residence can often provide superior care more affordably and give your family more peace of mind. Consider all your options for the later part of your retirement.