Eighty-eight percent of people 65 and older wish to age in place, according to an AARP survey.

For many people, this will involve staying in the home in which they have been living for many years. For others, it may be necessary to move into a new senior-ready home. Either way, this will probably involve some work as you strive to create an environment that allows you to live comfortably and independently.

Buying vs. Renovating

Many people’s current house may not be ideally suited to their needs as a senior citizen. Some people may live in old family homes that have become too large for their needs, while some have layouts that are not designed for the comfort of elderly people. For instance, according to Forbes, 60 percent of homes occupied by

Now that the kids are grown and moved away, do you really need all that square footage in your home?

While it’s nice to have a little extra space for entertaining guests, a house that’s too big just becomes a hassle to maintain. And if you’re like most people, you probably don’t want to spend your retired years racing to keep up with chores.

That’s one of the reasons downsizing in retirement is so popular with the Baby Boomer generation. Nearly 40 percent of adults aged 50 to 69 plan to move in retirement, and of those, 54 percent of those plan to downsize into a house that’s either smaller or cheaper than their current home, or both.

Despite the appeal of a more manageable home, many seniors are scared away from moving because of the effort it

Study after study suggests that Canadians are having a tough time paying off their mortgages, as debt levels continue to hit record levels year after year. Why?

Could it be that there are more opportunities to spend? Could it be that some people don't want to pay off their mortgages faster?

Or are some professionals advising alternate investment strategies, suggesting that paying off the mortgage is not the best financial strategy?

BIG MORTGAGES AFFECT RETIREMENT

Rebecca and Darcy are in their mid-50s and are starting to think about retirement planning; they would like to retire in the next five years.

One of their biggest hurdles is a $225,000 mortgage. Currently, their $2,200 monthly payment would have the mortgage paid off in 10 years.

Housing Definitions for Seniors in B.C.

Assisted Living Residences (Registered)

Assisted Living residences offer housing, hospitality services and personal assistance to adults who can live independently but require regular help with daily activities. By law, in order to carry the Assisted Living designation, these residences must be registered with the provincial government.  In BC, this is the Assisted Living Registrar's Office.

Accommodation can range from private rooms with lockable doors in a home, to an apartment-style building with private self-contained suites, usually with their own bathrooms and cooking facilities. The residence provides a place where people can eat together and socialize.

Assisted Living operators provide five