Moving can be exciting, but if you’re like most people, one of your biggest concerns is how to pay for it.
Check out these financial strategies that can help make moving more affordable.
7 Ways to Help Fund Senior Living
1. Sell your home. Do you know how much equity you have in your home?
2. Downsize your belongings. What is the value of furniture, vehicles, and assets you’ll no longer need in your new home?
3. Use your 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.
4. Do you have 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.
5. Use 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.
6. Tap in to your retirement savings. Individual Retirement Accounts (IRAs), 401(K)s, pension, personal savings accounts, and any other investments you may have.
7. 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.