Tag: Retirement Planning

When people move out of their home, it is usually after they have tried remaining at home – at times with assisted living care – and have reached a point where this solution no longer works.

In some cases, home care lasts only for a limited time due to changes in the senior’s health condition and increasing additional needs. In other cases, the reason for the change may not be physical but rather due to social isolation, apathy, or loneliness.

Where do I start? Who can help?

When looking for the most suitable Residence for one’s next life chapter, there are many aspects to consider. Facility, comfort, activities, proximity to family, level of care, budget, demographics and so much more. Often, first-timers feel overwhelmed and uncertain as to which facility to visit, what to look out for, what questions to ask, or have nothing to compare with.

Often the local municipality will offer resources for seniors and housing options, though usually they mostly cover long term care facilities (regulated by the government). If you are looking for this information, please consult:

Ottawa: Community Information Centre Ottawa – Tel  613-761-9076

Kelona: Aging at Home, Moving to another care level. Another resource in Kelowna is the not-for-profit organization Seniors Outreach – Tel 250-861-6180

Montreal: Community Information Centre Montreal

Calgary: Community and Social Services Help Line

The search may become a little more complex when you are looking for a retirement home also for independent or semi-independent seniors. It may be helpful to consider the services of specialized agencies which are available in many parts of Canada. Placement agencies are compensated by all private Residences, so their service comes at no cost to you and they operate in a similar manner across the country.

Services such as Seniors Choice Montreal headed by Steve Besner, or Accès Résidences under Fabienne Coullerez’s guidance, provide an efficient way to search for the best Residence. Their services are free as they get compensated by the Residences.

Similar services are available in Ottawa and Kelowna as well. For example: Comfort Life – Servicing large sections of Canada

Comfort Life Ottawa

Comfort Life Kelowna

Or Tea & Toast, who work with 90 % of residences in the Ottawa area but offer services across Ontario.

How can such an agency control the quality of service at a Residence?

Some agencies have a dedicated evaluator who visits each Residence and assesses the quality of services, care, and facilities offered to seniors. The teams at both agencies mentioned above visit the facilities they recommend on a regular basis and follow up with each client.

Are placement agencies objective when advising seniors on the best Residence? Placement agencies are compensated by all private Residences, so they do not have an interest in suggesting one over another. Maintaining trust in the relationship with clients and their families is crucial to placement agencies’ reputation and referral business.

Types of Residences available to today’s seniors

While Assisted Living Residences and Nursing Homes have long been a solution for seniors who require care, in the past few years Autonomous Residences have increasingly been built and renovated to accommodate independent senior customers.

Autonomous Residences

Autonomous Residences service seniors who are able to function autonomously and manage all activities of daily living (ADL). Often times these seniors have their own car and may still have the ability to travel.

So why would these autonomous seniors consider a move to a Residence?

• Residences offer peace of mind for the senior and their family – Though they are in relatively good health, there is always the fear of an accident, a fall, blood pressure issues, etc. When in a Residence, a nurse or care worker arrives within a couple of minutes of a push of a button or pull of a cord on the emergency call system.
• An array of fun and interesting activities – These activities are designed to stimulate mind, body and spirit and are invaluable in maintaining a zest for life. Drama, art, music, field trips, athletics, lectures, movies, and bingo are some examples.
• The responsibility of maintaining a home is lifted – Shoveling snow, arranging home repairs, mowing the lawn, painting and renovating… these burdens are left behind in favour of living in a building with on-call maintenance experts.
• A Residence becomes a cure for loneliness and solitude – Residences offer all the privacy and personal space a senior may want while at the same time providing the option of joining a multitude of common areas and activities with other seniors or chatting with neighbours and friends at will.
• Cooking and cleaning dishes is optional – Residences offer the option of eating in the dining room for 1, 2 or 3 meals per day. Those who desire to continue preparing meals are welcome to do so.
• Residences provide a great venue for family visits and get–togethers – Whether it’s a one-on-one visit in the Residence library or a family birthday party in a private dining room, Residences provide an environment for seniors and their families to enjoy quality time together.

Assisted Living Residences

Assisted Living Residences provide various levels of care for seniors who need help with ADLs.

If a senior requires help with only one or two daily activities, they can often live in an Autonomous Residence or on an autonomous floor in a Residence and can purchase extra help from the Residence or via external private companies (home care).

When a senior needs help with many ADLs, it is time to move to the Assisted Living floor or, if not available in the current Residence, to move to an Assisted Living Residence where their needs can be met. They will still benefit from all the advantages of Residence living along with the extra help to make their days stress-free and comfortable.

Nursing and Memory Care Residences

These Residences provide full care until end of life. Nurses and care workers are available 24/7 and all ADLs are managed by the Residence. In a memory care situation such as Alzheimer’s or any form of dementia, these Residences (or special floors within Residences) have secure entrances and exits so the senior cannot wander off the floor or out of the building.

At this stage, many of the otherwise available activities are no longer appropriate. However, other adapted activities are offered instead, designed with the high-care or memory-challenged senior in mind.

Continuum of Care vs Specialized Residences

Some Residences cater to one specific type of senior (e.g. only equipped for an autonomous lifestyle or specialized in memory care). Other Residences offer a continuum of care whereby the senior can enter as a fully autonomous resident and move to different areas within the Residence as their needs change.

Many seniors/families prefer such continuum of care Residences since they allow them to remain in the same building and avoid a complete change of environment when care needs increase.

Helpful checklist while visiting a Residence

To choose between multiple Residences offering a similar level of care in the same geographic area, one should visit each Residence and make note of certain factors and criteria:

• Analyse the environment and the interactions between the staff and the residents.
• Do you like the location and outside appearance? As you tour the Residence, does it feel inviting and homelike?
• Ask the residents about how they like the community and staff.
• Do the residents seem to be appropriate housemates for you or your loved one?
• Unit accommodation – is heating/air conditioning individually controlled?
• What type of activities and amenities are offered?
• What level of healthcare services are offered (nurse, doctor visits, dietary services, physiotherapy, grooming, pharmacy, etc.)?
• Are visits welcomed at any time? Are grandchildren allowed to spend the night? Is there a charge?
• Does the Residence train staff on elder abuse and neglect? Is there a policy for reporting suspected abuse? Is there a camera surveillance system in place?
• Does the Residence have a designated area for residents with cognitive impairments such as Alzheimer’s disease? If so, is it secured?
• Does the Residence allow hospice care to come in and care for residents?
• What are the most common reasons a resident may be asked to move out of the community?

The role of a senior living consultant

Experienced senior living consultants work with various sizes of Residences, from autonomous to high care. Consultants can provide families with behind-the-scenes knowledge that is otherwise not accessible.

Seniors Choice Montreal can often negotiate a better price for their clients due to their long-standing relationship with Residences. The agency uses its valued connections with Residences, hospitals, social workers and nurses to provide personalized service and help with the necessary paperwork and government assistance applications.

Their team continues to support the family even after the senior has moved in. Sometimes occasional check-ins are enough; other times, such as when the senior’s family lives out of town, they depend on Seniors Choice Montreal to visit their loved one and provide regular updates.

Accès Résidences’ team of consultants visits the facilities it recommends and ensures they remain consistent over time. Their consultants are familiar with the ins and outs of each Residence and can help clients determine which Residence offers the best personalized response to their needs. All their consultants are members of the Quebec Association of Consultant for Services to Seniors (ACSAQ) and abide by their code of ethics. They service a large spectrum of communities in multiple languages and are attuned to their cultural sensibilities.

Residence costs

The average monthly rent for a standard unit in a Residence for seniors in Quebec was valued at $1,788 in 2019. In the Montreal area, private Residences’ monthly costs range from approximately $2,000 up to $8,000. This wide discrepancy in cost results from various factors including location, facilities, care level, size of room or apartment, number of meals included, and optional parking.

Generally speaking, the amount of care needed is the largest single factor influencing the monthly cost.

Conclusion

Placement agencies conduct a free initial consultation and assessment of the senior’s needs and later accompany the senior and their family on multiple visits to appropriate Residences as they search for the perfect fit. The agencies’ extensive knowledge of the industry and long-standing relationship with Residences is often invaluable and enables deeper insights, access to non-published details, and better long-term follow-ups. All of the above is made available without additional cost to the family – a win-win option to consider.

Many seniors and others in need do not feel ready to leave their home for an institutional setting but do need support to remain at home. Trying to follow their wishes and choose the least restrictive approach first is advisable. However, family members must be realistic about their loved ones’ abilities and should assess their senior’s ability to age in place.

To determine if an elderly person can continue living at home requires examining all aspects of their present housing situation and how each one affects their safety and quality of life is key.

1. Medication management should be assessed: Do they remember to take their medications at prescribed doses and times?
2. Meal preparation: Is it possible for them to cook for themselves? Are they preparing and eating balanced meals? Are they able to safely operate kitchen appliances?
3. Safety and mobility: Do they have difficulty getting around the home or taking stairs? Have they fallen in the home? Do they have a plan in place to call help in case of an emergency? If mobility is an issue, can the home be equipped with safety devices like grab bars or an emergency response system and would the senior person be open to using them?
4. Personal hygiene. Can they autonomously take care of their personal hygiene routine (bathing often enough, grooming adequately, laundering their clothes and linens)?
5. Transportation: Are they still driving? Are they safe behind the wheel?
6. Socialization: Are they participating in activities, seeing friends and exercising or are they isolated from others most of the time? Are they showing signs of depression?
7. Home management: Is the house clean or in general disarray?
8. Financial management: Are their bills paid on time?

Who qualifies to assist seniors at home?
Professional agencies like Premier Home Care help seniors continue to stay and function at home with the support of qualified caregivers who go through initial and ongoing training. Caregivers at Premier Home care may have different certifications such as Alzheimer care, cancer care, diabetes, heart care and others. They are interviewed in person and if then selected, they undergo references and a criminal background check performed by an independent company.

What is the process?
Mark Wathen, co-owner of Premier Home Care, explains that once the company completes its free client assessment and home safety inspection for fall prevention and bathroom safety, they meet again with all decision makers involved to present their personalized recommendations. A customized care plan is designed outlining all the agreed upon services and the weekly schedule (3-hour minimum shift).

Services provided
The caregivers provide non-medical homecare: companionship (including reading together, games and puzzles, help with, cooking together and watching TV), meal preparation, light housekeeping, grooming & dressing, transportation to appointments or errands, medication reminder and other activities of daily living.

Quality control
Mark mentioned that in order to keep track of the quality of care they come to the home for unannounced visits, check the Care Plan book and the log, and communicate with the client and the family directly. Time keeping is automated with software specifically designed for the home care industry, so they always know when a caregiver’s shift starts and ends and are immediately alerted if there are any discrepancies. There is an application for smartphones, so the client always has access to the caregiver and schedule.

Who can benefit from such services and where?
The clients are primarily seniors who want to remain safe and independent in their homes for as long as possible. Whether home is the family house, a condo, a senior’s residence or an assisted living facility, we can provide our services wherever they are required. Once they start getting help with activities of daily living, seniors can remain in their current residence for years, surrounded by their memories, family and friends, more affordably than moving to an increased care facility.

The cost factor
Generally, rates vary between $23-$28 per hour for “standard” care for an individual. Usually there are additional costs for couples and/or special Alzheimer care. Many companies will require a minimum of 3 or 4 hours per shift – this is in consideration of the caregivers having to travel to and from the client’s residence.

For people aged 70 and over, choosing to remain at home has never been so easy. In Québec, you can potentially receive up to 35% of your eligible expenses as a tax credit related to home care services. Most services and products are eligible.

Sometimes home care can last only for a limited time due to changes in the senior’s health condition or additional needs. On other occasions the answers to questions 1-8 (at the beginning) may indicate social isolation, apathy, or loneliness which may lead to prefer life at an active residence. Once the choice has been made to move to a seniors’ residence the search for the appropriate residence begins. More often than not the senior and the family can feel overwhelmed by this process, by the need to ask the right questions and know what to look for and compare before meeting a final decision. In part 2 of this blog we will try to offer some insight into the differences between residences, cost, and levels of care so you will feel better informed and know what to expect and plan for.

Useful links:

• Programs and Services for Seniors in QC
• Tax credit for home-support services for seniors
• Home care | Alberta Health Services
• Alberta – Continuing Care 
• Alberta – Seniors Support

Statistics Canada says the average age of retirement climbed to 63 in 2015. You might want to buy yourself the freedom to stop working — or at least quit your current career — at 58, 55 or even earlier!

There are many aspects to early retirement – where to live, lifestyle, hobbies, health but a lot of retirement planning is about the money: what you need to do and not do today to be able to leave the workforce on your schedule and live the life you dream of.

Early retirement is still possible, but many workers have a hard time believing that’s the case. Nearly half of intended retirees, 47%, are worried about outliving their retirement savings, up from 37% in 2009.

According to a survey by Bankrate.com, a whopping 70% surveyed say they are concerned about depleting their retirement savings and plan to work as long as possible during retirement. 70%!

“Working during retirement brings a lot of benefits,” says Jill Cornfield, Bankrate.com retirement analyst. “I’m not surprised that nearly three-quarters of people said they’d like to work as long as they can while in retirement. It’s not just the money. When you can work as a consultant or find a part-time job, hopefully one that you will really enjoy, it helps you stay sharp.”

It is vital that those who are considering retirement, even if it is a few years away, calculate their monthly retirement income needs. The standard ‘rule of thumb’ is that retirees will need 70% to 80% of their current annual income to continue their current lifestyle in retirement. You should consider all expenses including home maintenance and upkeep, taxes, health care, and large one-time expenses like housing and cars. Also, ongoing expenses such as entertainment, dining, and gifting are all not likely to diminish. As a matter of fact, they may even increase as you will have more time for traveling, enjoying your favorite hobbies or being with your children and grandchildren.

So once you have calculated your monthly retirement income needs then you have to ensure that you will have enough pension income and savings when you do in fact decide to retire.

The Rothenberg website has a number of simple to use calculators that will help you run test calculations based on your own scenarios and financial goals.

Here is an example of an individual, aged 63, with life expectancy to 90 (or 27 years). His/her RRSP is currently valued at $325,000 earning a return of 4% per annum, and plans to contribute $10,000 a year for two more years. This person has no company pension. He/she has calculated that their retirement needs will be $3,000 a month or $36,000 a year.

It’s not our parents or grandparents’ retirement anymore. It is entirely possible that we might spend 20, 30, even 40 years in retirement so we have to be prepared! We can indeed retire when we want and on our terms but there is some planning involved. If you’d like to go through some custom calculations with a knowledgeable financial advisor click here for a FREE initial consultation.

Those who are not yet retired can only imagine what life will be like after work. The vision of carefree days, with no boss or alarm clock, is very clear for some—they see themselves traveling around the world, writing the great American novel, or relaxing with family.

Others just hold a vague notion that life will somehow be better than it is now. Yet it seems that however clear or cloudy their notions about retirement are, folks universally hope that the money will take care of itself. That’s what “retirement” is, after all—shifting to a phase of life when something other than daily work becomes the primary source of income.

But of course, for that shift to go smoothly, planning has to happen. And a big part of the planning is figuring out what life in retirement will actually be like.

In our July blog we discussed various considerations important for the decision of where to retire. Today we wish to examine additional aspects.

Here are some key questions to ask yourself.

Where will you live?

The answer to this question affects not only housing costs but other living costs as well. Consider:

Proximity to children and grandchildren. If you want to live near your children then you might have to build travel costs into your budgets and/or have extra space in your homes for when the family comes to visit. Far from downsizing into condos, some retirees actually move into larger homes to accommodate family gatherings.

Travel plans. If travel is expected to play a big part in your retirement plans, you might opt for an inexpensive condo near the airport (with no plants or pets), at least until the wanderlust subsides. If and when it does, then you can reconsider the housing question again.

Affordability. The ideal way to plan for retirement is to envision the perfect life and work toward it. But many people—especially those in their 60s—don’t have that option. If you would rather retire sooner on less income rather than work extra years, the where-will-you-live question might better be phrased “Where can you afford to live?”

Key factors in assessing your living costs are the price of housing as well as the cost of food, utilities, and transportation.

What will you do?

Employment and business opportunities. Many retirees plan to work during retirement. If so, you should consider the job market for the type of work you now want to do, or the business climate if you plan on starting a new business. Obviously, working during retirement generates income— But at the very least, working—even volunteer work—keeps retirees occupied so they are less inclined to fill their days with activities that impact their expenses.

Expense-generating activities. Even classic low-cost activities such as gardening require trips to the nursery. This is not to say you shouldn’t indulge in your favorite hobbies during retirement—just that these expenses will have to be factored in to the budget.

How will you live?

The rule of thumb that says clients will need 80% of their pre-retirement income in retirement does not take into account the fact that most retired people these days have not only the time, but also the energy, to live it up!

So you have to ask yourself how simple or extravagant a lifestyle you expect to lead:

The simple life. A modest home. Most meals at home. Inexpensive vacations like road trips and low cost excursions. Mid-priced car. No lavish spending on entertainment, clothes, or other items. Inexpensive or free hobbies.

The high life. One or more well-appointed homes. Lots of meals out. Extensive, high-end vacations. Luxury car. Expensive cultural activities like theater, concerts, or season tickets to sporting events. Expensive hobbies like golf, wine, or photography.

How will your health hold up?

Health status impacts the retirement budget in two ways: it determines whether or not you will be able to work (and for how long). It also impacts life expectancy (see next question), which ultimately determines how long the retirement nest egg will need to last. Ironically, the healthier you are, the more attention you must pay to long term care: It is usually the oldest who need in-home or nursing homes care which is expensive.

To answer the health question, you should check your family history to see what health issues you may likely face. Also take into account lifestyle factors such as exercise, and nutrition. Regular physical checkups will also help keep tabs on your health status.

How long do you expect to live?

This is the million-dollar question. No amount of charts and graphs will accurately establish an individual’s true life expectancy. The safe route is to plan for your retirement income to last to age 90.

You might be a person who has already thought through your vision for retirement and then you may find these questions easy to answer. Others may need help getting a fix on what life in retirement will bring.

Investment Advisors at Rothenberg Capital Management are carefully trained to help clients approach such issues, which may be daunting to face alone.

The Rothenberg Advisors have the expertise and the tools to help you find a constructive starting point. Call 1.800.811.0527 to schedule a free consultation with an experienced Investment Advisor.

You can also ask an advisor to contact you.