Making the move to a continuing care retirement community can be exciting and overwhelming at the same time. If you’re like many people, one of your biggest worries may be financial.
While it’s true the initial costs may seem high, it’s also true that there are ways to realize this dream without breaking the bank. There are a variety of financial strategies that can help make the move more affordable.
7 resources to explore to fund your senior living options:
- The sale of your home: Do you know how much equity you have in your home?
- Retirement savings: Individual Retirement Accounts (IRAs), 401(K)s, pension, personal savings accounts, and any other investments can help you achieve your dream.
- Downsizing: Which of your belongings have value? Furniture, vehicles, and assets you won’t need in your new home can be sold at market value.
- Veterans benefits: If you are a veteran or the surviving spouse of a veteran, you may qualify for Veterans Aid and Attendance Pension.
- Long-term care insurance: These insurance policies can be very helpful financially, but vary as far as premium, daily benefit, elimination period, what is covered, and method of reimbursement.
- An annuity: Annuities provide a way to take a pension or other “nest egg” of money intended for retirement and use it to obtain a guaranteed income that pays out until your death. Annuities are particularly useful if you have savings but are worried they won’t last as long as you need them to in order to pay for independent living.
- Social Security income.
As you research your financial options, make sure you talk with an accountant or financial advisor. Also, ask financial questions as you tour senior living communities, such as: What costs are included? What costs extra? Are fees refundable? What’s the resident financial qualification?
Give us a call at 800-729-2999 or click here to request a tour.