Call Today (800) 900-5055
The Science of Senior Nutrition
As we age, our nutritional needs change, and it becomes...
Read MoreCall Today (800) 900-5055
Just because you haven’t saved for senior living doesn’t mean you can’t afford it. Here are 6 tips to bolster your savings quickly.
Are you nearing retirement, but aren’t completely prepared financially? You’re not alone. According to GoBanking, 3 out of 10 baby boomers aged 55 and above have no retirement savings. What’s more, 26 percent of those who were able to put money aside say they have less than $50,000 saved. You may feel this limits your options, particularly for active senior living, but that’s not necessarily the case. Here are some ways you can bolster your savings quickly.
You won’t know how much you need to save for retirement unless you know the cost of senior living, so let’s start there. Senior living is an umbrella term which includes several levels of care. Active senior living (or independent living) is the entry point in this continuum, which also includes assisted living, skilled nursing, and memory care.
Active senior living is designed for residents who need little daily assistance but seek less responsibility and a range of social and enrichment opportunities. Although there is little published data on senior living average cost because it varies so greatly; it typically ranges from $1,000 to $4,000 a month. Keep in mind this cost includes meals, weekly housekeeping and laundry services, as well as access to a range of activities and amenities such as fitness center and pool.
You may have more resources at your disposal than you realize to pay for active senior living. Knowing where you stand starts with organizing your financial documents including:
Then, consider consulting a financial advisor and/or estate planning attorney to discuss how you might be able to maximize these resources for active senior living:
If you do have a gap between your current resources and what you expect to spend on active senior living, these tips can help you save for retirement:
You may think active senior living will cost you more, but when you compare it to the total cost of living at home, in some cases it can be less! How? The cost at home is more than just mortgage or rent, it also includes food, entertainment, and home upkeep, all of which are included in active senior living. Some utilities may be included too for extra value!
For additional help in saving for active senior living, check out our Financial Planning for Senior Living Guide today!
As we age, our nutritional needs change, and it becomes...
Read MoreTraveling during the holidays can be a stressful experience for...
Read MoreThanksgiving is a time for gathering with loved ones, expressing...
Read More