Oakville Retirement Homes

Management

Caretenders Retirement Living

In 1988, Caretenders Retirement Living was founded. Since its inception, the company has established a very successful track record of operating and developing 13 comfortable retirement communities. These homes are located mainly in British Columbia, and Ontario, with some also in Arizona. One of our newest facilities opened in Armstrong, BC, in the Autumn of 2011. Some of the other residences besides Queens Avenue include Kelowna, BC and Belleville, Ontario.

The philosophy behind Caretenders' is to offer facility residents something unique, as opposed to being similar to the large-scale retirement homes and their “cookie-cutter” molds. As reflected of the Queens Avenue residence, every one of our buildings has been specifically tailored to their surroundings in order to reflect the heart of the greater community. Every aspect of a Caretenders' facility is completely adapted to interact with the general feel of the surrounding community in order to make the residents feel like they never actually left their own home. For example, familiar details include the overall style of the building, the menu and the staff, the services and the landscaping.

Caretenders will be bringing this philosophy to all of their upcoming projects in the future. They are planning to specifically target smaller communities in order for seniors to have the possibility of staying close to their home base as their needs for care change. This “close to home” approach makes the entire transition to a retirement home much easier for seniors since they can easily remain close to their friends and family and continue to be active in any community groups that they are involved in.

Underestimate the amount that they need to save

One common mistake that people make in regards to their retirement is to underestimate the amount that they need to save. It is estimated that an individual will need 80% of their income per year after retirement. For the first portion of retirement, many of these costs can go towards entertainment or recreation. However, as health declines, much of the cost could be delegated towards healthcare. This includes long-term care, such as a nursing home or a live-in caretaker.



    Some individuals believe they can retire early, until they are hit with the all-too-real effects of doing so. Withdrawing from an individual retirement account before a certain checkpoint (which is determined by the complicated laws of the Internal Revenue Service) usually results in higher tax rates. In addition, many of the factors that determine financial stability can change even after retirement. The health of the economy plays a large part in the ability of investment to pay off in the short-term and the long-term. When the economy experiences a recession after one retires, 401(k)’s reflect the economic downturn, leaving one with a fraction of the funds originally expected. This is referred to as sequence risk and occurs when withdrawals are made in a period of negative returns on investment. It is imperative that an individual does not retire too early and reacts quickly if the economy shows signs of a recession. 



    In order to reach ones retirement goals, one must remain aware of the composition of their wealth and assets. It is a common misconception that debts should be paid off before one begins saving for retirement. In reality, saving for retirement savings should be started as early as possible. Younger workers can take advantage of compounding interest by starting small, and reaping the benefits later in life. No matter what my financial situation, I will avoid drawing from my Individual Retirement Fund early, which will result in withdrawal penalties and a decrease in available funds when I retire.



          In retirement, I intend to remain active and busy by engaging myself with the community and my family. I hope that I will remain healthy enough to travel across borders so that I may experience cultures and landscapes other than my own. Novelty is not something that should only belong to the young. In order for my retirement to be comfortable and interesting, I must keep it in mind throughout my entire career. By making smart financial decisions, I will ensure that my retirement is as satisfying and enjoyable as the rest of my life.