Moving into assisted living can be both emotionally and financially draining for seniors and their families. Having a strategic financial plan in place is important for not only your financial peace of mind but also your wallet. Here are five ways to make assisted living more affordable. Top 5 Ways to Make Assisted Living More Affordable According to the Joint Center for Housing Studies of Harvard University in a report they did for AARP, the biggest expenses for seniors are healthcare and housing. T...
Last Updated: December 20, 2018 A move to an assisted living community is a major financial decision. Learn how to make your assisted living budget go further by focusing your search on nearby cities with the most affordable options. Stretch Your Assisted Living Budget With the Senior Living Cost Index Typical assisted living costs range nationally from $2,225 to 6,307 per month. That’s $26,701-75,682 per year. The cost depends in part on the level of amenities you desire, but more than anythin...
Many Americans count on Social Security as a major source of their retirement income, yet they are unclear on how the benefit works or are unaware of all the benefits available. Learn whether your Social Security retirement planning is on track and if you are maximizing your payout to help with your assisted living costs. Benefits to Use for Assisted Living Costs Assisted living and healthcare costs are the most expensive costs of retirement. Social Security benefits are a major source of income to h...
For many of us, the holiday season is the most wonderful time of the year with family gatherings and festive events to look forward to. However, for seniors in assisted living or those in isolation, the holidays may not be as enjoyable. Learn more about how to bring holiday cheer to your parents and senior loved ones in assisted living this season. Helping Seniors in Assisted Living Avoid Isolation During the Holidays Isolation is difficult to detect in seniors and not a topic that is openly discusse...
If you are researching assisted living for yourself, a parent or senior loved one, the single most important step of that research is to visit a senior living community. No amount of viewing floor plans, photos or reviews can substitute for an in-person visit to an assisted living community. Reasons to Tour Assisted Living Communities During the Holidays Even if you’re not sure if a senior living community is in your near future, it’s prudent to see the communities in your area in case an unexpected ...
Being prepared for end-of-life costs is an important piece of retirement planning as assisted living and long-term care account for the majority of expenses in our later years. Learn more about assisted living costs and read our tips for becoming more fiscally fit for longevity in assisted living. How to Be Fiscally Fit for Longevity in Assisted Living According to the Genworth 2018 Cost of Care Survey, assisted living communities cost $45,000, while semi-private nursing homes cost $85,775 and privat...
Many aging Americans are unprepared for the costs associated with long-term care. An assisted living community can easily cost as much per month as the mortgage for a home, which can drain retirement nest eggs faster than one might think. Preparing for the unexpected is an important part of retirement planning. Read more about assisted living costs and see our tips on building better financial strategies for your retirement. Being Realistic About Assisted Living Costs The majority of baby boomers are...