Beauty & Wellness

closure of old age homes

  • Last Updated:
  • Oct 29th, 2017 4:54 am
[OP]
Temp. Banned
Dec 2, 2007
855 posts
90 upvotes
Toronto

closure of old age homes

would the closure of old age homes severely affect families?

Why isn't the gov't take action and build more old age homes?

how would we live when we old?
12 replies
Deal Addict
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Mar 23, 2011
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There are retirement residences being built, private ones all over the city. You keep saving so that you can afford to live in those for the rest of your life when the time comes. The government would rather pay for nurses to come to you than have a facility that is more costly. Anyone that is relying on these subsidized facilities as a retirement plan will be in deep trouble one day.
Alex
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Apr 11, 2008
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picard12 wrote:
Oct 28th, 2017 5:44 am
would the closure of old age homes severely affect families?

Why isn't the gov't take action and build more old age homes?

how would we live when we old?
Why should they?

I am hoping to live on a cruise ship year around. :)
Deal Guru
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Mar 14, 2005
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Why is there no government health care coverage for dental care? The same reason why senior care homes, hospices, and daycares are not included. It is just how the health care system is set up. Yes, there are low-income subsidies and a caregiver's tax deduction when u do ur taxes. If u want more, u gotta move to one of those Euro countries that cover u from cradle to grave?
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Becks wrote:
Oct 28th, 2017 3:34 pm
Why is there no government health care coverage for dental care? The same reason why senior care homes, hospices, and daycares are not included. It is just how the health care system is set up. Yes, there are low-income subsidies and a caregiver's tax deduction when u do ur taxes. If u want more, u gotta move to one of those Euro countries that cover u from cradle to grave?
I thought that's what retirement savings and CPP are for.
[OP]
Temp. Banned
Dec 2, 2007
855 posts
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Toronto
AndySixx wrote:
Oct 28th, 2017 3:50 pm
I thought that's what retirement savings and CPP are for.
CPP is a joke.
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Nov 10, 2015
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picard12 wrote:
Oct 28th, 2017 5:35 pm
CPP is a joke.
Not really. Not sure what the max is now, but possibly $1400 or more per month. Times two for a couple and throw in OAS and a couple have 4 grand coming in. And with even a small pension and some RRSPs and of course no debt, life can be good.
Don't be so negative.
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May 14, 2009
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sherman51 wrote:
Oct 28th, 2017 11:14 am
There are retirement residences being built, private ones all over the city. You keep saving so that you can afford to live in those for the rest of your life when the time comes. The government would rather pay for nurses to come to you than have a facility that is more costly. Anyone that is relying on these subsidized facilities as a retirement plan will be in deep trouble one day.
Isn't the OP asking about long term care homes? They're vastly different than retirement homes.
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Feb 19, 2010
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amz155 wrote:
Oct 28th, 2017 6:49 pm
Isn't the OP asking about long term care homes? They're vastly different than retirement homes.
Hard to tell but then it's also difficult to understand why OP thinks that old age homes would be closing when baby boomers have just started retiring. Further hard to understand why he thinks it's the government's job to build more. That's for the private sector.

OP sounds like one of those who thinks the government needs to look after people from cradle to grave. Start saving for your own retirement, OP, and then you won't have to solely rely on CPP or worry about a place to live.
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Conquistador wrote:
Oct 28th, 2017 8:54 pm
Hard to tell but then it's also difficult to understand why OP thinks that old age homes would be closing when baby boomers have just started retiring. Further hard to understand why he thinks it's the government's job to build more. That's for the private sector.

OP sounds like one of those who thinks the government needs to look after people from cradle to grave. Start saving for your own retirement, OP, and then you won't have to solely rely on CPP or worry about a place to live.
Probably because of this:

https://www.ontariondp.ca/news/wynne-go ... ds-toronto
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Dec 8, 2007
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Ok, so where DO old people go who are unable to take care of themselves, have no family, and do not have the financial means to stay at a private facility?

“Rofl newb should have saved 25% of net pay into a high interest savings account at Oaken Finacial since age 16 in order to retire comfortable they deserve it lol ETFs low MERs” isn’t an answer ...
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Feb 7, 2017
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Once upon a time... There were no Retirement Homes. Only Hospitals for the dying, and a few Nursing Homes for the Infirmed.

People aged in place at home, and when they became frail, they sold up their belongings & moved in with their grown up kids & their families.

That was the norm until around 1980. Then Retirement Residences / Condos caught on... A self sufficient place with rooms / apartments with lots of facilities & amenities for those who wanted or needed the extra services conveniently at hand (Dining Room - Swimming Pool - Barbers & Hairdressing - Bussed Outings / Medical Appointments etc)

Thing is none of this is anywhere near cheap, $ 4000 to $ 6000 A MONTH PER PERSON is the norm. A boatload of cash if Gramma goes in in her late 70s / early 80s lives into her 90s in relatively good health. Gotta hope she has enough savings tucked away... Or else the kids will have to start paying out too.

Thing is everyone is living healthier & longer. So where lots of folks died in their 60s & 70s in past generations, Boomers will easily live well into their 80s & 90s (and some into their 100s)

This is precisely WHY many Boomers are still working. They want a comfy retirement knowing it could easily last 30+ years. Don't want to run out of money before you run out of life.

Retirement sounds nice... But the facts are SHOCKING to state the least. Used to be you worked 40 years, retired & lived another 10 or 20. Now you could work 40 and need to survive another 40. So statistically need $ 1 for the future out of every $ 2 you earn (one for now, one for later) especially so as your income becomes fixed after you retire, without increases (most of us don't have Co pensions) and investment income decreases annually each year you withdraw from it. And in many cases, the whole pot of savings accumulated between a couple, has to do this twice over... Enough for both of them to live on for decades on end.

The world of employment opportunities may look grim right now for the Millenials starting out... But the world of unemployed lack of opportunities (and aging / diminishing health) looks even worse at the other end.

Somewhere down the road, I predict things will socially shift again... And the elderly will go back to living with their kids, cause the way things are right now is just not sustainable in the long run.

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