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Taking the Reins of Your Retirement

By: Commonwealth Senior Living / 28 May 2021
Taking the Reins of Your Retirement

Join us on June 29th at 3pm for this free presentation by Hook Law Center on how to prepare for senior living. RSVP by emailing Marketing@commonwealthsl.com.

You likely began saving for retirement early in your career and made sure there was a plan in place for your kids' college expenses. You are the kind of person who prides yourself in taking charge and being in control. You always made sure your loved ones had the very best and knew you were there to support them. Now is the time to reassure them that you have prepared for your next step in choosing a senior living community.

Many seniors find themselves blindsided by the need for additional care. Sadly, only around 1% of the US population is educated about senior living due to experiencing it as a family or from working in the industry. Oftentimes the choice of a senior living community ends up being made by an adult child or family member. This decision brings with it tremendous guilt and unnecessary stress. Planning in advance can be an incredible gift to your loved ones. But how much should this cost?

The cost of senior living depends on the size suite you select as well as the amount of support you require. On average this works out to be between $3,500-$5,000 per month. Families pay for senior living in a variety of ways. If you have invested in Long Term Care insurance, this is the time to reach out to your insurance provider and ask about qualifying for benefits. This is also a time when it might make sense to sell the home and use part of the sale to pay for senior living. There are also tax benefits to paying for senior living as well as bridge loans to cover payments for senior living while the house is on the market. Finally, if you served in the military during wartime, or had a spouse who served, you may be eligible for Veterans Aid & Attendance. This benefit combined with social security payments and savings often covers the cost of senior living. Ultimately, the formula of how it is paid works out to be different for every family. Just like college planning, it is worth the time and effort to choose the right fit and craft a plan that makes sense for you.

Join us for this free presentation to learn how to prepare for senior living financially, logistically and emotionally. We'll give practical tips on how to organize your finances to create a budget, what steps to take, and how to choose the right fit for you if and when support is needed.

RSVP today at marketing@commonwealthsl.com for the day and time to join us locally in person or to join us virtually on June 29th at 3pm.

Click here for instructions on joining a Zoom meeting.

For more information about paying for senior living and receiving a personalized assessment, reach out to the community nearest you today.

 

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