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Guide To Retirement Living Costs

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If you or your loved one are considering switching to retirement living, you’re likely curious about the cost. You may wonder: is switching to a retirement community or aging in place more affordable? If I do make the switch, how will I benefit in comparison to staying in my own home?

Below, we’ll consider some independent senior living costs and the added advantages older adults will experience by moving into a community like Seasons Retirement.  

Can I afford retirement living?

The truth is, there’s no “one size fits all” answer to this commonly asked question. Many people experience “sticker shock” when they first hear about the cost of retirement living. For many, it’s hard to comprehend paying a monthly fee when you have worked so hard to become financially independent or mortgage-free.

In the province of Alberta, the average monthly cost for senior living ranges from $2,000- $3,000 per month, and in Ontario, the average price is around $3,400. 

For older adults who require more extensive care, the cost of assisted living can range from $3,500 to $6,000 per month.

If you compare the cost of living at home with no support in place, independent senior living costs may appear expensive in comparison. 

That being said, most people move to a retirement home when a change in their circumstances has occurred, such as a health concern or a desire for a more convenient and worry-free lifestyle.

Therefore, looking at the cost of adding support to age at home alone versus the average cost of assisted living, you’ll see that enjoying a retirement home isn’t as expensive as you may have thought.

Below are six factors to consider when making this important decision:

 

1. Balanced meal selections

Say goodbye to grocery store lines and cooking for one! At Seasons, all meals are prepared for you and snacks, including juice, coffee, tea, baked goods, and fresh fruit, are available from the bistro. 

In addition to having great meal options available, having meals prepared for you can help reduce the risk of injury. 

For instance, older ones who have trouble with their eyesight, reduced hand-eye coordination, or susceptibility to falls and fainting spells may obtain an injury if they’re handling a knife or working the stove.

Having their meals looked after by the on-site staff allows older adults to relax and enjoy their food without worry!

 

2. 24-hour emergency response

The monthly retirement living cost at Seasons includes 24-hour emergency response, which means you and your loved ones can have peace of mind knowing someone is always there if and when you need them. 

If you choose to stay at home, consider the cost of a similar life-saving subscription service to ensure you have assistance if an emergency occurs. 

 

3. Planned monthly activities

Fun Managers at Seasons plan monthly activities based on the preferences and interests of the residents at each home. Residents are encouraged to share their favourite pastimes and even lead events based on their talents. 

These activities offer fertile ground for meeting new people, making friends in the same stage of life, and creating positive connections with others. Everyone is invited and encouraged to attend. 

While older adults living at home would likely have to pay admission to these kinds of public social events, retirees at Seasons can join in on the fun at no additional cost!

 

4. Flexible care support

Provincially-funded home care may be allocated to you whether you live at home or in a retirement residence.

However, it’s important to remember that the amount of time given might not be enough and may need to be supplemented with private home care out of pocket. You may be surprised to learn the price compared to the cost included at Seasons. 

In Alberta, you may qualify for home care through Alberta Health Services, which means you may be eligible to receive care at no additional cost in the comfort of your suite!

 

5. No more to-do-list

Owning your own home can come with an endless to-do list. What happens when you can no longer manage the tasks? How much would it cost to have someone clean your home weekly? Or take care of grounds maintenance such as landscaping and snow removal? 

You may find that your monthly at-home bill will continue to increase as your house requires more and more maintenance tasks that you cannot perform by yourself. 

In contrast, all of these helpful services are included in your monthly fee at Seasons, which not only makes the cost of senior living much more reasonable but also provides you with a hassle-free lifestyle, as you can relax knowing all your main chores are being looked after by others!

 

6. Avoid home renovations

If you stay home, will you be able to maneuver the stairs, or will you need a chair lift installed? Do you need a shower instead of a tub? Are the doorways wide enough for a mobility device? 

Seasons communities have been thoughtfully designed with mobility in mind. There’s no need for costly, messy, and time-consuming renovations!

 

7. Greater peace of mind

You can’t put a price tag on the help your children, neighbours, and loved ones offer, but what if they suddenly weren’t available?

Many residents and families find peace of mind knowing a whole team of dedicated, caring staff is available 24-7 and happy to help. At Seasons, time spent with loved ones means simply enjoying each other’s company.

 

Get in touch

For more information about independent senior living costs, we encourage you to speak with the Seasons Leasing Manager at your desired location or complete our contact form to arrange a personal visit. 

Discover Life at Seasons. Book a Personal Visit Today.