COVID-19 Crisis Prompts Canadians to Rethink Retirement Living

Canadians to Rethink Retirement Living after COVID-19

Statistics about the pandemic from the National Institute of Ageing tell a grim story. About 80% of COVID-19 deaths in Canada occurred among older Canadians living in nursing and retirement homes.  That’s according to “Pandemic Perspectives on Ageing in Canada in Light of COVID-19: Findings from a National Institute on Ageing/TELUS Health National Survey (https://bit.ly/3kxus1D).

The pandemic and the depth of suffering and death among seniors have shined the spotlight on how the elderly are cared for, ways to provide care in a safer way that considers a person’s whole being – emotional health and not just physical safety – and what needs to change in long-term care living situations.

The COVID-19 crisis also has caused some Canadians to consider how they want to live later in life. About 60% of Canadians and almost 79% of Canadians over the age of 65 say that COVID-19 has changed their opinion about whether they’d have themselves or their loved ones in a nursing or retirement home.

Now, 91% of Canadians of all ages and almost all Canadians over the age of 65 say they plan to age in their own homes for as long as possible.

It’s an excellent time to rethink how you’re caring for elderly relatives and how you might modify your plans, especially considering the expected second wave of COVID-19 cases. Do you want to bring your elderly mom home? Do you have the physical stamina, the financial resources, and the appropriate space to make such a move feasible?
 

And for the longer term for yourself, you may want to consider your options for aging to ensure that you get the kind of care you want.

Think about how and where you want to age and what you need to do now to make reach your goals. That may involve planning, financing, family discussions, and either modifying your current home to make it possible to age in place or finding a more age-friendly home.

You’re not alone in reconsidering how the world cares for its elderly. Canadian, American, and global news outlets have been weighing in on the topic and urging policymakers and consumers to consider how we protect seniors and the necessary reforms.

Read more:

Bloomberg: https://bloom.bg/35Bg7gv

The Economist: https://econ.st/3f4BvOk

The Province: https://bit.ly/38PecXS

source: SRES, Consumer newsletter- December 2020