Life after retirement is supposed to be a time of relaxation and enjoyment. But if you have not made any retirement plans, your golden years might be challenging, especially if you are thrown a curveball in your later years.
For example, if you require assisted living in Troutville, VA, you need to make sure you have the financial resources to cover your monthly rental fees in an assisted living community, health care costs, food and other necessary expenditure. This may seem daunting at first. However, with some planning and budgeting, you can still pay for assisted living. Learn about what you should do and consider in order to make assisted living affordable for you.
Beware of Scams
Older adults are the primary targets of scammers. Hence, they are more prone to financial fraud. You don’t want your savings to go down the drain because you have been conned. To protect yourself, you have to be extra cautious. Avoid entertaining calls that ask for your financial information such as your PIN, passwords, social security number and bank account information. Do not sign documents without reading through every term. At the same time, do not act rashly for the fear of losing a good deal. Have a trusted family member or professional adviser handle your finances if you are not confident about doing it yourself.
Consider Your Healthcare Expenses
Aside from housing, healthcare cost is one of the biggest expenses for most retirees. This is true not only for those with chronic illnesses. As you know, your health insurance does not cover everything. You must account for every healthcare-related expense, specifically those that you are paying for out of your pocket. Hence, you should ask about the medical care and wellness services that an assisted living community offers. Understanding the services provided and their related costs can help you make a more informed decision.
Tap On Your Financial Resources
There’s more than one way to pay for assisted living apart from using your savings. You can leverage a life insurance policy by tapping on the built-up cash value. To learn more about how to withdraw up to your cost basis and borrow from the policy, contact your financial adviser. You may also consider selling your policy for market value. If you are a veteran, you can also take advantage of the pension program and use your VA benefits to fund your retirement living expenses.
Sell Your Assets
Since their children have moved out and are leading their own lives, many seniors have moved to assisted living communities after downsizing their homes. If this is your situation, you should think about selling your home. Check if you have other assets or properties that you can sell and use the proceeds for your retirement. If you are not ready to put up your home for sale, you can rent it out instead. This will help increase your cash flow.
Understand the Costs of Assisted Living
The cost of assisted living varies from community to community. Many factors will affect your monthly fees, including the size and type of your home and the senior living programs offered by a senior living community. Since assisted living usually includes assistance with activities of daily living such as housekeeping, bathing, grooming, preparing meals and taking medications, you should expect to pay more.
Ask about Payment Options and Flexibility
When it comes to crucial life decisions, it’s always right to ask hard questions. Before you commit to any assisted living community, find out if the community offers flexible pricing or financial assistance and learn about the different payment options.