How to pay for senior living

Tools to help you understand how you'll afford it

What to know about this topic:

In the Comfort Life Spotlight

Another big objection seniors have to moving is cost. Retirement home fees look like a lot of money. But if you need care or you see the advantages of moving, look at this closely. 

The average selling price of a home as of February 2024 is $659,395, an increase of eight percent over a year before. Many seniors are sitting on more equity than they ever dreamed of. If you bought your home in the 1950s or ‘60s and you live in a city, chances are you have close to or more than a million dollars available. That’s money you can invest in something else while you enjoy senior living. 

Of course, we recommend you get in-depth advice from a professional financial planner before getting care or moving into an active adult lifestyle community or independent living. Here, we give you a brief do-it-yourself starter kit that contrasts your current cost of living with retirement home fees. You can also sum up your personal financial assets. Save these calculations. 

Aside from all the aspects of senior living that people call priceless, consider these points, too: 

Calculate your resources

Use calculations below to figure out the duration you can afford in a retirement home. Add or substitute whatever you need to. Put it in writing, though, and you’ll know your total financial assets and what you can afford to pay.


Before you start, are you sure you know all resources available to you? We cover tax breaks, financial products, and insider tips in our look at "How to pay for a retirement home."



Assets and investments

Your home’s current value:

Other real estate:  
Stocks, ETFs, etc.:  
Mutual funds  
Any other :  
Bonds/fixed income investments:  



Liabilities and debts

Credit card debt:  
Mortgage still owing:  
Other debts:  




Monthly or annual income  
Canada pension plan:  
Old Age Security:  
Company pension:  
Stock dividends:  
Other income:  



Know your current cost of living

Use the following table to record all your monthly costs. Many of these costs are covered by basic monthly fees in a retirement community, as listed in our directory. Compare your current monthly costs to retirement home fees. Go to our retirement calculator to enter these figures. 

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