Making a move can be exciting and overwhelming. If you’re like most people, one of your biggest worries may be finances.
There are a variety of financial strategies that can help make the move more affordable. Are you sure you have explored all your resource?
7 Ways to Help Fund Senior Living:
- The sale of your home. Do you know how much equity you have in your home?
- Downsize your belongings. What is the value of furniture, vehicles, and assets you’ll no longer need in your new home?
- Veterans benefits. If you are a veteran or the surviving spouse of a veteran, you may qualify for Veterans Aid and Attendance Pension. Find out more here. [open in new window http://www.benefits.va.gov/pension/aid_attendance_housebound.asp]
- Long-term care insurance. Make sure you understand what your policy covers. Premiums, daily benefits, elimination periods, what is covered, and method of reimbursement vary dramatically per policy.
- 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.
- Retirement savings: Individual Retirement Accounts (IRAs), 401(K)s, pension, personal savings accounts, and any other investments you may have.
- Social Security income.
As you research your financial options, make sure you talk with a trusted accountant or advisor. Make sure to ask financial questions as you tour senior living communities, such as: What costs are included? What costs extra? Are fees refundable?
Lastly, don’t forget to conduct a cost comparison of senior living communities to your current living expenses. It will help ensure you include all expenses, make a fair comparison from community to community and allow you to easily lay out and compare costs.