When preparing for retirement, there are many things to consider. Do you wish to age in place or move to a retirement community? Will you live alone or with a family member? Of course, a key factor in making these decisions is your current financial situation as well as your long-term financial outlook. It can feel intimidating to make these plans, especially when you don’t know what to expect. For some, planning for the cost of senior living can be a source of stress.
If you’re starting to make your retirement plans, we encourage you to take a step back, examine your priorities and work through it one step at a time. With a little planning, and maybe a little help, you can create the perfect retirement plan for you and your budget. Here’s how to get started.
First, it’s important to consider what it is you want – or need – from a retirement community. What are your individual needs? Think about whether you want an independent living situation or will need regular assistance. Do you want to rent or buy? Would you like the option of transitioning into more care as you need it?
Second, take inventory of your assets to determine what’s affordable for you. Write down your budget, any outstanding debts and sources of income to get a clear picture of your options. Many people with a pension use it to cover the costs of retirement living. Whatever options are available to you, it’s a good idea to make a financial plan before you start looking at living options.
Now that you’re ready to look at retirement communities, it’s important to look at the details, particularly the pricing structures. Some communities require a large fee upfront, while others offer a monthly payment plan. The cost of senior living at a given facility may vary depending on the type of care you need, if any.
You may prefer an all-inclusive type of pricing structure, or one that only charges you for the services you use. You should be able to find this information on the community’s website or by getting in touch with a representative. Don’t be afraid to ask questions!
Finally, before you make any big commitments, don’t be afraid to get a little extra help. Working with a financial planner and an estate attorney is a great way to get all of your important documents in order before retirement. This includes important legal considerations such as your will and power of attorney. Many people choose to designate a family member or friend who can help manage their finances when they are no longer able to do so.
In addition to these important tasks, a licensed financial planner can help you lay out your options for retirement and all that it includes. They can guide you in the important task of finding a community that fits your needs, lifestyle and budget.
Preparing for the cost of senior living can include a lot of information, but don’t get overwhelmed. The friendly team at Advent Christian Village can help guide you through your options for retirement. Here, you can age in place while creating your own lifestyle through a wide range of choices for housing and care while exploring opportunities to learn, serve and play.
Residents who live in our faith-based community enjoy the flexibility of monthly payments – and no entrance fee. Membership benefits include free use of our wellness center, emergency and security response, out-of-town medical transportation, free shuttle bus transportation around campus and more. We offer options for members with different resources, health concerns and retirement goals and we might just be the perfect fit for you. Schedule a tour today – we’d love to speak with you.