Preparing for retirement can seem like a daunting task. After providing for a family for decades, it is now time to transition to a life with a fixed budget. Even those who have saved for their future during their career still need to approach their living situation during retirement with caution. Senior Living planning can feel overwhelming at first, but it doesn't have to be that way. With a little know-how and some helpful tips, you'll find the right senior living arrangement for you or your loved ones.
Four Financial Tips for Seniors
It is not impossible to pay for a senior living community with the right financial planning. By comparing income, assets, and retirement accounts, and measuring those against communities that match your needs, it is possible to find the right home. While saving for retirement and budgeting for senior living, keep these four financial tips in mind:
- Avoid Fraud
Older adults often have excellent credit, so they’re prime targets for con artists and other financial frauds. A senior can minimize the risk of fraud by never signing blank claim forms, providing identity-related information over the phone, and scrutinizing any request for financial information.
- Don’t Underestimate Healthcare Expenses
Soaring healthcare costs can mean long-term health issues or serious illness can have huge expenses attached. Medicare can be overwhelming to understand, or have gaps in coverage seniors might not account for. Ask questions when you have them, seek help from professionals, and don’t under-budget.
- Protect Your Savings
Seniors often feel compelled to be generous, gifting family members and loved ones with financial contributions they might not be able to afford. Don’t overspend, and always maintain a safe savings account so you can live comfortably.
- Grant a Power of Attorney
Finding peace of mind can come with granting someone power of attorney to handle financial obligations and planning requirements. You don’t have to make this decision overnight; consider who is right for this responsibility and discuss this with that person.
The Future is Now
There are a number of ways to plan for potential senior living payments. It all starts with planning ahead and doing a little research. Just as you would plan for retirement as early as possible, plan ahead for senior living before you or your loved ones needs to scramble for a transition plan. Planning ahead makes it easier to take the appropriate amount of time to evaluate each senior living community and conduct some financial planning to ensure an affordable option is selected.
As you compare various senior living communities, take note of the services offered, type of care provided, and the a-la-carte cost options compared to inclusive pricing schemes. Each of these factors contribute to the overall cost of life at a senior living community. When you're making your decision, don’t to be afraid to ask about the flexibility of prices and seek out cost-saving options. For example, The United States Department of Veteran Affairs offers senior veterans and their spouses senior living assistance if requirements are met. Ask communities if they offer move-in incentives to help defray some of the costs, or offer resident referral programs.
Walker Methodist’s Senior Living Communities
The biggest element to successful financial planning for senior living is finding the right community. Spend time in each of the senior living communities as you compare them to determine how well the staff, management, and fellow residents understand the needs of residents and see if the community just feels right.
Remember, the best senior living community isn't the cheapest; it is the one that provides appropriately and meets all the needs you or your loved ones have for senior living. At Walker Methodist we know we have the perfect option for your.