Canadian Couples Growing Old Together: StatsCan

Statistics Canada has come out with new data showing a rise in seniors who are aging together as couples. While much of this can be accounted for with life expectancy rates rising for Canadian men, retirement homes and other facilities need to start accommodating couples rather than single seniors. Of course, the best way to grow old together is to age in place.

Aging in Place as a Couple
As we’ve noted here before, aging in place in the family home is the preference of most Canadian seniors. Home care, walk-in baths and other services and products are popping up every day that can help Canadian seniors continue to live together as a couple without one partner needing to leave for an assisted-living facility. A reverse mortgage can help with that process by giving aging couples needed funds for home care and other items and services which they need to stay in their home.

The data also shows that the most common arrangement for seniors in residences are single accommodations. Until the need for double accommodations is addressed by senior living facilities, husbands and wives who want to stay together can do so more comfortably in their own homes.

Staying Together in Retirement Better for Quality of Life
The seniors interviewed for this article came down overwhelmingly on the side of loving the idea of staying together in retirement. The experts interviewed listed the benefits of staying together as having more money, improved overall health, and motivation to get up out of the easy chairs and live a less sedentary lifestyle.

Male Life Expectancy is Ramping Up
The proportion of senior women who live alone between 2001 and 2011 declined while the percentage of men who did so remained about the same. Statistics Canada attributes this to an increasing life expectancy in Canadian men. On the flip side, this means more care giving duties for senior women. These care giving duties can be alleviated with home care and assisted-living devices being installed in the home.

Reverse Mortgages and Living as an Elderly Couple
Reverse mortgages can do much more than help pay for the costs of home care and cleaning services. They can increase your income so that you can get out more and enjoy activities together. They can even allow you to take trips that you may not have otherwise figured into your retirement, help you renovate your home to make it more senior-friendly, and generally improve your quality of life. When you stay together as a team, anything is possible.

Give Horizon Equity a call today to find out how we can help turn your retirement dreams into reality.