Learning Objective # 4 Identify your retirement housing needs. LO#4

Planning Your Retirement Housing  Housing needs often change as people grow older  Ease and cost of maintenance, nearness to public transportation, shopping, church/synagogue and entertainment become more important  Staying in your present home is the preferred alternative  Canada Mortgage and Housing Corporation (CMHC) offer the following programs to assist;  Home Adaptations for Seniors Independence Program  Emergency Repair Program  Residential Rehabilitation Assistance programs LO#4

Planning Your Retirement Housing  For seniors who no longer want to live in their homes, other alternatives are available;  Adult lifestyle/retirement communities – independent living residences for retirees or semi-retirees in a community of healthy seniors  Life lease housing – a form of housing tenure where a tenant is given the right to live in a dwelling unit in return for an upfront payment and monthly maintenance fees  Retirement homes – private businesses that provide seniors various combinations of accommodation, support services and personal care LO#4

Avoid Retirement Housing Traps  If you plan to move when you retire…  Write the local Chamber of commerce to learn about taxes and the economic profile  Check on provincial income and sales taxes and taxes on pension income  Subscribe to a local weekend edition paper  Estimate what your utility costs would be in the area  Rent for awhile instead of buying immediately LO#4