Why ‘aging in place’ requires careful financial planning

More Canadians are rethinking where they want to live in their old age after seeing the devastating impact the COVID-19 pandemic had on seniors’ living facilities across the country.

The Canadian Institute for Health Information published a report in March that found COVID-19 affected retirement and long-term care homes disproportionately in the first six months of the pandemic, accounting for 69 per cent of all COVID-19 deaths.

As a result, a survey released last autumn by the National Institute on Ageing at Ryerson University shows that almost seven in 10 respondents aged 65 and over prefer to age in their home – and have health care professionals come to them – in light of the pandemic’s impact on seniors’ living facilities.

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