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Find care details, insights, and insider perspectives gained from 20+ years of helping seniors and families.
What to know about this topic:
- The evolving retirement landscape
- Is your mind ready for retirement?
- Preparing to retire with your significant other
- How about taking an early retirement?
- Final thoughts
Wouldn’t it be fantastic if there was an easy way to determine when it's time to retire? The truth is that your circumstances are unique, and there is no right or wrong way to make that decision. However, deciding when the best moment is for you is critical.
When making your decision, you will need to consider income, pensions, debt, mental health, and a variety of other factors. Let’s go over all you should know before deciding when to retire.
The evolving retirement landscape
The decision to retire is ultimately a personal one, but it could be a good idea to redefine what “retirement age” is.
Retirement no longer looks the same as it did even a generation ago. Some people choose to work longer into their twilight years and retire later since they are living longer and generally healthier lives. Alternatively, some people might decide to formally retire but continue to work in part.
That’s taking place for two main reasons:
Many people feel the need for greater financial security as they age. With longer lifespans and rising costs, retirement requires more money than ever. It’s essential to consider what level of financial comfort you’ll need during retirement, especially since you may have many years ahead of you.
This assessment can guide you in deciding whether extending your working years is both viable and beneficial. Moreover, continuing to earn can enhance your savings potential, providing an added layer of financial stability for the future.
Some people want to continue working because they love it. People like their jobs, and some are choosing to work past what is typically considered to be “retirement age.” While some individuals choose to end their careers, others wish to work in retirement—either full- or part-time—to pursue their own passions or just to be busy.
Changes in family dynamics are becoming increasingly common. Some adult children may find themselves returning home or seeking financial assistance from their parents due to their own economic challenges.
Whether they move back temporarily or seek help with major expenses like a mortgage down payment, these decisions can directly impact your retirement plans. It’s crucial to consider the potential scenario of not experiencing empty nest years if your adult children remain dependent on you. In such cases, delaying retirement might be a practical consideration.
For those already involved in elder or childcare responsibilities, these factors likely influence your retirement timing. Whether you’re providing care within a multi-generational household or anticipating grandchildren joining the household when adult children return, these family dynamics play a significant role in retirement planning.
Is your mind ready for retirement?
Transitioning into retirement can be a significant adjustment.
For many, retirement marks one of life’s biggest changes. While the prospect of newfound freedom can be thrilling after years of hard work, it’s common to experience fear and anxiety about this transition.
Dealing with change, even positive ones, can be challenging. That’s why it’s crucial to prepare yourself mentally and emotionally for retirement. Even if your finances are well organized and you’ve pinpointed the ideal retirement age, taking time for introspection and assessing your psychological readiness can be immensely beneficial.
Preparing to retire with your significant other
You need to make plans if you wish to retire alongside your spouse. It may not always be the case that you and your spouse will be able and willing to retire at the same time.
When retiring as a pair, there are a few things to think about, such as if you want to retire simultaneously. Is there a reason why one might retire earlier than the other, such as an age difference? Determining your overall retirement plan and the precise date of your retirement jointly depends on how well you work together to prepare for this significant life event.
How about taking an early retirement?
The opposite side of the retirement age coin holds greater significance for certain individuals. You must evaluate your current financial situation with regard to savings, investments, retirement funds, and other matters if you intend to retire before the age of 65. If you retire before 65, you’ll need to get used to living off of less money for a longer period of time.
Final thoughts
Deciding when to retire is a significant choice, and there’s no universal formula that works for everyone. It’s a personal decision, and while it can seem overwhelming, it doesn’t have to be.
You might find it helpful to treat these topics as a checklist when discussing your retirement plans with your partner, loved ones, or advisor.
For those who have retired and want to make every day great, learn about Verve Senior Living retirement homes listed below.
IN-DEPTH REPORTSVerve Senior Living retirement communities
Gilmore Gardens - Verve Senior Living
4088 Blundell Road, Richmond,
British Columbia, V7C 5V1
Like a condominium, you furnish your suite with the comforts from your home, including pets. At Gilmore Gardens, it's the people, residents and staff alike, that make this independent senior living community so special.
Lifestyle Options: Independent Living
The Roxborough Retirement Residence - Verve Senior Living
1 Roxborough Road, Newmarket,
Ontario, L3Y 2P8
You'll feel warmth as soon as you walk through the door. The Roxborough Retirement Residence is both elegant and cozy with a dedicated and caring staff that go above and beyond for your well-being and happiness.
Lifestyle Options: Independent Living, Assisted Living
The Lodge at Valley Ridge - Verve Senior Living
11479 Valley Ridge Drive NW, Calgary,
Alberta, T3B5V5
At The Lodge at Valley Ridge, you'll enjoy spacious suites, impressive cuisine, and exceptional services. We have recently renovated. We welcome the opportunity to show you our great community.
Lifestyle Options: Independent Living, Assisted Living
Dr. Hemstock Retirement Residence and Hearthstone Place Verve Senior Living
4202 54 Ave, Lloydminster,
Alberta, T9V 2Z3
At Dr. Hemstock Residence & Hearthstone Place, our highly-skilled group of health care professionals and qualified staff are here to do whatever we can to ensure that all your needs are taken care of.
Lifestyle Options: Independent Living, Assisted Living
Hazelton Place Retirement Residence - Verve Senior Living
111 Avenue Road, Toronto,
Ontario, M5R 3J8
Luxury and quality is in every corner of Hazelton from its lobby to its inviting Bistro & Bar. Offering amenities and services, Hazelton makes it easy for you to define and enjoy your lifestyle.
Lifestyle Options: Independent Living, Assisted Living
Verve Aspen Woods
10 Aspenshire Dr., SW Calgary,
Alberta, T3H 0T2
Located in one of Calgary’s most desirable neighbourhoods, with the Rocky Mountains outside and beautifully appointed amenities within, Verve Aspen Woods offers the perfect setting for your active enjoyment of life.
Lifestyle Options: Independent Living, Assisted Living
Evergreen Retirement Community - Verve Senior Living
820 Scollard Court, Mississauga,
Ontario, L5V 0A1
Stylish Mississauga retirement home offering independent, full-service and assisted living lifestyles, featuring a hair salon, onsite bistro and much more.
Lifestyle Options: Independent Living, Assisted Living
The Village Langley - Verve Senior Living
3920 198th Street, Langley,
British Columbia, V3A1E1
We believe that the desire for fulfillment and living a life with purpose does not diminish with a diagnosis of dementia. We focus on the possibilities of each person, supporting each to live with laughter, love and joy.
Lifestyle Options: Memory Care, Long-term care
Port Credit Residences - Verve Senior Living
33 Hurontario Street, Mississauga,
Ontario, L5G 3G8
Port Credit Residence situated in the Mississauga area offers seniors a luxurious resort-inspired lifestyle. Enjoy an oversized pool, wellness centre, onsite physiotherapy, a movie theatre, library, spa/salon and more!
Lifestyle Options: Independent Living, Assisted Living
Credit River - Verve Senior Living
175 Rutledge Rd., Mississauga,
Ontario, L5M 0X7
Credit River is a 6-storey condo style residence, with an array of well-appointed suite styles to choose from and our highly-skilled health care professionals are available around the clock if you need them.
Lifestyle Options: Independent Living, Assisted Living, Memory Care
The Heritage - Verve Senior Living
3630 Brown Rd, West Kelowna,
British Columbia, V4T7Y9
The Heritage Retirement Residence encompasses an active living & entertaining lifestyle with supportive & assisted living measures, Our highly skilled registered health care team will provide assistance when you need it.
Lifestyle Options: Independent Living, Assisted Living
The Concorde Retirement Residence - Verve Senior Living
3235 Skaha Lake Road, Penticton,
British Columbia, V2A 6G5
The Concorde has a warm and welcoming atmosphere with comfortable dining & excellent views of the mountains, along with extensive program activities; The Concorde is perfect for an active living & entertaining lifestyle.
Lifestyle Options: Independent Living, Assisted Living
The Shores of Port Credit - Verve Senior Living
280 Lakeshore Rd. W., Mississauga,
Ontario, L5H 0A5
The Shores is designed for vibrant living with the highest quality of personal care. Amenities include pool, fitness & exercise club, restaurant, bistro & cafe, a golf simulator lounge & wine cellar.
Lifestyle Options: Apartments, Independent Living, Assisted Living, Memory Care
Granville Gardens - Verve Senior Living
1550 West 49th Avenue,, Vancouver,
British Columbia, V6M 0B3
Located in Vancouver’s Kerrisdale neighbourhood, Granville Gardens offers residents the opportunity to stay active and live in a well-appointed urban community, surrounded by shopping centres, parks, community centres.
Lifestyle Options: Independent Living, Assisted Living
Thornebridge Gardens - Verve Senior Living
649 8th Avenue, New Westminster,
British Columbia, V3M 2R2
Thornebridge Gardens is one of New Westminster’s finest retirement residences, providing luxurious, worry-free surroundings with life enriching services that inspire healthy senior living. Many options are available!
Lifestyle Options: Independent Living, Assisted Living
Hawthorn Park Retirement Community - Verve Senior Living
867 KLO Road, Kelowna,
British Columbia, V1Y 9G5
Living at Hawthorn Park Retirement Residence means you have choices & can customize the services you need, as you need them. We offer three lifestyle opportunities; supportive living, assisted living & complex care.
Lifestyle Options: Independent Living, Assisted Living, Memory Care, Long-term care
Holland Gardens - Verve Senior Living
552 Holland St W, Bradford,
Ontario, L3Z 4H3
Located in the heart of a vibrant community, Holland Gardens is the perfect place to live, laugh and enjoy life. An exciting community offering a luxurious resort lifestyle, an ideal place for inspired senior living.
Lifestyle Options: Independent Living, Assisted Living, Memory Care
Trinity Lodge - Verve Senior Living
1111 Glenmore Trail SW, Calgary,
Alberta, T2V 4C9
Trinity Lodge Retirement Residence combines the elegance & style of a fine traditional hotel, with the security & warmth associated with senior living. Homecare staff is available 24/7 to give you support when needed.
Lifestyle Options: Independent Living, Assisted Living
Riverwalk Retirement Residence - Verve Senior Living
528 25 Ave SW, Calgary,
Alberta, V2S 0L5
Riverwalk Retirement Residence is centrally located in the Cliff Bungalow-Mission community of Calgary. We offer a continuum of care including Independent Living, Assisted Living and Memory Care.
Lifestyle Options: Independent Living, Assisted Living, Memory Care
Courtyard Gardens - Verve Senior Living
7051 Moffat Road, Richmond,
British Columbia, V6Y 3W2
Courtyard Gardens offers an enriching community, with quality staff & friendly & caring environment. 107 Private & Subsidized suites in Assisted Living, 31 Private Pay Extended Care studio suites & 1 Respite Suite.
Lifestyle Options: Independent Living, Assisted Living, Long-term care
Wintergreene Estates - Verve Senior Living
4950 Pasqua Street, Regina,
Saskatchewan, S4S 7L2
At Wintergreene, you'll discover a combination of independence, privacy, activities, health and wellness programs & friendly companionship to savour throughout your retirement.
Lifestyle Options: Apartments, Independent Living, Assisted Living, Memory Care
Four Elms Retirement Residence - Verve Senior Living
1500 Steeles Avenue West, Thornhill,
Ontario, L4J 4H6
Four Elms is an elegant Retirement Residence offering the finest in Senior Living. Choose a suite style that is perfect for you and enjoy an active lifestyle, fine dining and the company of good friends.
Lifestyle Options: Independent Living, Assisted Living
Lake Bonavista Village - Verve Senior Living
11800 Lake Fraser Drive SE, Calgary,
Alberta, T2J7G8
Lake Bonavista Village Retirement Residence is the perfect place for seniors to retire. You can choose from a variety of suite sizes in the main building or one of our unique cottages.
Lifestyle Options: Independent Living, Assisted Living
Canterbury Place Retirement Residence - Verve Senior Living
1 Canterbury Place, North York,
Ontario, M2N 0G7
Canterbury Place offers a variety of suites styles in an elegant condo-like building for active adults & those needing assistance. We offer a unique healthcare program for our residents including palliative care.
Lifestyle Options: Independent Living, Assisted Living
Richmond Hill Retirement Residence - Verve Senior Living
70 Bernard Avenue, Richmond Hill,
Ontario, L4C 0W7
Richmond Hill Retirement Residence offers full service including meals, housekeeping, active adult, independent and assisted living. Our focus is on maintaining good health, great food, new friends & lots of laughter!
Lifestyle Options: Independent Living, Assisted Living
White Cliffe Terrace - Verve Senior Living
1460 Highway #2, Courtice,
Ontario, L1E 3C4
This award winning Oshawa retirement home is near parks and shopping, offering spacious seniors' suites and the option of assisted living care. Readers Choice Award Winner for Retirement living from 2016 2019.
Lifestyle Options: Independent Living, Assisted Living
Stouffville Creek Retirement Residence - Verve Senior Living
40 Freel Lane, Stouffville,
Ontario, L4A 0P5
Stouffville Creek is a cozy & comfortable place to call home. Everyone is on a first name basis, and the food is exceptional. A short drive north of Toronto, close to major highways, shops, stores & nature trails.
Lifestyle Options: Independent Living, Assisted Living
The Richmond Retirement Residence - Verve Senior Living
175 North Front Street, Belleville,
Ontario, K8P 4Y8
The Richmond, combines an affordable lifestyle with comfort, security and friendly full service. You will feel a sense of warmth and know you are home the minute you walk in the door.
Lifestyle Options: Independent Living, Assisted Living
Don Mills Retirement Residence - Verve Senior Living
2 Green Belt Drive, North York,
Ontario, M3C 1L8
A luxury senior living community in the heart of North York. Be inspired by beautifully appointed amenities in our state-of-the-art building offering exceptional care, intelligent technology & exciting life enrichment.
Lifestyle Options: Independent Living, Assisted Living, Memory Care
Palermo Village - Verve Senior Living
3136 Dundas Street West, Oakville,
Ontario, L6M 0S5
Palermo Village is a luxurious 6-storey condo style residence that offers you the opportunity to enjoy a vibrant & active social life, while our chefs and skilled health care team focuses on your nutrition & well being.
Lifestyle Options: Independent Living, Assisted Living
Carp Commons Retirement Village - Verve Senior Living
458 Donald B. Munro Drive, Carp,
Ontario, K0A 1L0
One visit to Carp Commons Retirement Village and you’ll see the difference in terms of amenities, food, services, programs, and the little touches that make it feel like home.
Lifestyle Options: Independent Living, Assisted Living, Memory Care
