Ways To Lower Senior Living Cost

Written By: William Rivers
Reviewed By: William Rivers
Published: December 21, 2021
Last updated: April 6, 2023

Senior living can be expensive as there are various things that can increase the cost. But there are ways to keep the cost down, our leading industry experts have their unique opinions on ways by which you can lower the cost of senior living.

Donny Gamble, CEO, Retirement Investments

If you are ageing in place and have room to spare, or even the funds to invest in creating an en-suite in the basement or carriage house, you can offset your cost of living by having a renter or roommate. I really like sites like Roommates4Boomers and Silvernest, which have been created to help seniors find older roommates. If you're older and worried about living with or renting to strangers, it's nice that there are services out there that let you control the age of the people you are renting to.

If you have the yard space for seasonal vegetable gardens, especially if you live in a country or region where fresh produce is quite expensive, you can save a lot on grocery bills simply by planting and maintaining and vegetable garden. A $70 investment in a small vegetable and herb garden can save you hundreds of dollars over the course of a year.

Farhan Advani, Director Marketing, Buy Here Pay Here

Throughout the world, we are facing exponential increases in medical and long-term care costs. Therefore, seniors must plan themselves early with the aid of retirement planners. Let us discuss some of them:

This is a form of insurance that provides protection against expenses incurred by chronic illness, disability, or any other unforeseen medical expenses. This can also be a useful tool in paying for the costs of assisted living facilities.

Every senior citizen must not retire from work unless he has saved enough for the rest of his life, including covering the cost of living and household expenses. Therefore one should do work as long as he can, instead of withdrawing from the workforce.

If you have accumulated a retirement fund sufficient to cover your expenses for the rest of your life, you should not die unnecessarily because those funds will be put to better use by other members of your family. Therefore one must start planning for their demise by creating a will that not only protects their property but also distributes it equally among all the heirs.

Rae Larkins, Specialist PR, The Arbor Company

Low mortgage rates and increased demand for remote workers who desire more space have led to a booming real estate market throughout the country. It’s a seller's market, and seniors who own homes should consider taking advantage of the opportunity to get top dollar for their investment. At the same time, they have the chance to minimize the financial and physical obligations that come with maintaining the properties.

However, many seniors may not believe they are ready for senior living — especially since many have misconceptions about what that means. Once the stigma is removed and seniors (as well as their families) realize that they can enjoy independent living at luxury retirement communities, the possibility of making the leap becomes easier to visualize. The money seniors gain from the sale of their homes will help them transition into a nice senior living community they would likely enjoy (and even prefer) calling home.

Anna Grace Learie, Owner, Personal Income

There are many ways seniors can help to lower the cost of living without compromising the activities they like to partake in.

Some simple ways to lower these costs are to live in housing that is more affordable. This usually means a smaller home or condo, but these are generally much easier to move around in as seniors age, which makes it a worthy investment.

Planning meals in advance can also offset the cost of living, as they are going to the grocery store with a set amount they are willing to spend. his helps from overspending and sticking to a grocery budget.

Another way to help save is to set aside money for unexpected expenses. Setting up special accounts such as a TFSA can help seniors to save money each week without having to do a thing. It will take out the money for them and keep it safe until they need it. These accounts can gain interest which makes it even easier to build up some money.

Lastly, seniors should look into cheaper travel options so they can still enjoy going on vacation, but without spending too much money. This may mean traveling in off-season times or going with a group of friends or family to cut down on travel expenses.

Ari Shpanya, CEO and Co-Founder, LoanBase

Saving money can be difficult or daunting for anyone, but in the long run - it makes your life easier, and without any big sacrifices.

If you are a senior citizen, this can be extra convenient. Firstly, because of all the senior discounts. Consider joining a coupon club in addition to asking around any establishment that offers discounts or even free membership. This will help with filling up time with books, movies, or a craft or a hobby from a number of senior citizens' programs.

However, when it comes to serious expenses, maybe it is time to think about a change in your living arrangements. Many people live in big houses because they've got big families. However, children move, start their own life and seniors are left with a big, empty house that drains their retirement funds.

If this is the case, it might be time to consider changing to a more affordable place, like a senior living community, or just a smaller house or an apartment. Reducing your overall utilities' cost and maintenance time or cost can significantly help you save money and energy as well. Keeping a small house is so much easier and quicker than a large two-story house.

Put all of your living expenses on paper and adjust your life to a new period where you might want to downsize, change some habits and make room for others.

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William Rivers is an editor with a master’s degree in Human Services Counseling at Maine State University. He has more than 20 years of experience working in the senior healthcare industry.
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