Financially Planning for Your Senior Years
May 1, 2023When you retire, the thought of finally being able to relax and enjoy time with your loved ones sounds amazing. However, with aging comes the possibility of needing to plan for assisted living.
Senior living can be costly, most developers aiming at high-end communities for residents. Costs for the building and labor can add up, making prices go higher. A recent study showed that 54% of middle-income Americans aged 75 or older won’t be able to afford housing in 2029.
The middle class of older adults are the ones who don’t have enough money to pay out of pocket, but also have enough money to not qualify for Medicaid. The goal is to give a majority the ability to afford housing communities for seniors, but there are many factors that go into this.
Here’s how to look at the best options.
Senior Living Options
There are many different types of senior living that can suit everyone’s needs. No one can predict the future, but as long as you know what best suits you and the price range you’re looking at, you’ll have most of the variables you need to make a decision.
Independent living, assisted living, nursing homes and continuous-care retirement communities are some of the most common options today. These differ from cost of living there, what’s provided, the amount of care, quality of the community and many other factors. Make a list of what matters to you the most and see which type of option best suits you.
Financial Assistance
It’s always best to check what you’re eligible for when it comes to financial assistance. Different plans can depend on the type of facility you live in, the amount of assistance that’s required and how much you’re able to pay. See what you can apply for first before making a final decision on where you want to stay.
An easy way to check what you’re eligible for is checking the AARP Foundation website to see all the programs and their qualifications. Or, you can go to BenefitsCheckUp and enter your zip code to see what’s available to you as well.
It’s Never Too Early to Start Planning
Planning ahead can help us in the long run. Whether you’re still in your 40s and 50s, it’s okay to start thinking of what your life will look like in 20 years. We never know what’s to come our way. Saving money ahead of time can allow you to have a clearer understanding of which place will be your best fit.
Continuing to work as much as you’re able to will help you generate more money to save. Talking to a financial advisor about your investments can be easier when planning out your budget.
Affordable Senior Living in Orlando
We don’t know what life will throw our way, but being prepared for how you want the rest of your life to be is important. There are senior living residencies out there that will work with you and have the best fit for your needs.
When you are looking for an assisted living community in the Central Florida area for yourself or the senior in your life, look for a place that will ensure comfort. At Encore at Avalon Park, our residents not only enjoy comfortable accommodations but they are also provided with healthy meals and access to recreational and social activities in a beautiful and caring environment.
Find out more about what makes Encore at Avalon Park the premier senior living community in the Central Florida area by calling 407-270-7500 and scheduling a tour.
