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Retiring boomers hope to stay in own home: RBC poll

TORONTO – Retiring boomers would prefer to stay put in their homes as they approach retirement and begin to ponder living arrangements, says a new Royal Bank of Canada poll.

The Retirement Myths & Realities Poll says 83 per cent of survey respondents in the 50-and-over age group would prefer to stay in their own homes and pay for home care as necessary.

Half of Canadian boomers would want to live in a retirement residence with care provided. However, only 24 per cent would consider living with family members who could provide home care.

But Audrey Miller, managing director of Elder Caring Inc. said retirement residences are much different these days.

“Many of them have the feel of lovely hotels. You got accommodation, you got one to three meals, you have a kitchenette, you have socialization,” she told 680News.

For 66 per cent of retirees, their decision to move out of their homes was due to health concerns.

“As we’re aging and living longer, more and more of us are going to need help with our activities of daily living and as such, we don’t always have family that we can rely on,” Miller said.

“Sometimes our care needs will exceed what’s available to us in the community or what we can afford to bring in to purchase care,” she said.

According to the poll, 57 per cent moved out for downsizing reasons and 36 per cent to free up financial equity in the home.