Think Boomers are dreaming of downsizing into a cozy new condo as they enter their twilight years? According to a new poll by the Royal Bank of Canada (RBC), the much-discussed demographic is actually keen on staying put for as long as possible.
Non-retired respondents over the age of 50 believe owning a home in their current neighbourhood (or near family) was the best bet: 91 per cent chose it as the the most appealing option when it comes to planning future living arrangements that go along with aging. At 83 per cent, the second most popular option was staying in their current home and paying for home care as needed.
Living in a retirement residence with care provided was the third most favoured option at 50 per cent.
These options ranked well above the next consideration, living with family members who can coordinate care, which scored a paltry 24 per cent.
“Remaining in familiar surroundings – in a home of their own, in their current neighbourhood and close to family and friends – is definitely how Canadian Boomers wish to live when future health changes occur,” said Amalia Costa, Head of Retirement Strategies & Successful Aging at RBC, in the news release.
But what will make boomers leave their home turf? According to the poll, for those that are already retired, the decision to move out of their home was most likely connected to their health (66 per cent) rather than the desire to downsize and live in a home with a smaller footprint (57 per cent).
For more details, check out the charts below…