Could Living in a Retirement Home Save You Money?
Senior living, like apartments or houses, comes in all shapes, sizes, and prices. A residence with a lot of amenities in the city may be more expensive than the same residence in a rural setting or a residence with fewer amenities.
To help seniors and their families budget for senior living, Sienna developed a Cost Calculator. The calculator is designed to help seniors take real stock of their monthly expenses to help them understand what is being covered by their monthly rent in a retirement residence. After all, retirement residences are much more than just a beautiful building.
“You can’t put a price on peace of mind for both seniors and their families; however, retirement living is comparable in cost to living at home,” said Heather Butler, the Retirement Counsellor at Sienna’s Lincoln Park Retirement Residence. “24-hour support also reduces unnecessary emergency and hospital visits.”
The health benefits of living in a senior living community or retirement residence are well known. They provide healthy and delicious meals; a wide, welcoming circle of friends; innovative leisure programs geared towards life-long learning and engaging social opportunities; as well as fitness classes and wellness programs geared to resident’s needs.
“There are many advantages moving into a retirement residence like ours,” said Diane Toth, the Lifestyle Consultant at Sienna’s Peninsula Retirement Residence. “New friendships are not only made, but there is a family feeling and sense of belonging here as everyone looks out for one another. I believe also there is a sense of security, of feeling safe. That you are not alone. Not only are our team members looking out for you, but your fellow residents are too. Everyone cares — you are important and cherished.”
Finding the retirement residence that resonates with you and your lifestyle is extremely important.
“Take advantage of retirement living before you ‘think’ you are ready!” Heather said. “Explore what options are available, and find a community that resonates with you before making a decision — just like you do when buying a house.”
Not only does finding a residence early help ensure you’re not making a snap decision later on, but it can also free up your time to let you enjoy more of the things you love — it may even save you money. When moving into retirement, residents no longer need to worry about a wide array of costs, including surprise repairs.
“It’s important to evaluate and calculate your true monthly costs while living at home,” Heather said. “Groceries and food delivery services; utilities; property taxes; upkeep and surprise repairs; snow removal; lawn maintenance and landscaping; housekeeping; condo fees (if applicable); membership fees for senior classes, such as yoga or exercise; transportation costs, such as taxis or buses; and emergency pendant systems like LifeAlert are all included in Sienna residences.” These costs, which are now eliminated, add up, making retirement living much more affordable than people initially believe.
When speaking with seniors who may be concerned about their finances, Heather recommends speaking to a financial advisor. There are advisors who specialize in retirement and seniors’ finances.
“[I] remind seniors and their families to take into account the sale of their home, and encourage them to have that money work for them, instead of them having to work for their money. In addition, if they are a veteran, ensuring they explore any options they have through Veteran’s Affairs is important,” Heather said.
If you’re curious about retirement living, we’re here to help. Give us a call at 1-866-959-4848 or download Sienna’s Cost Calculator Guide today!