With retirement, there can be an influx of financial worries now that you no longer have a stable income. On top of this, you are more likely to spend more on entertainment options and leisure options now that you have more free time.
Senior living options like independent living are the perfect way for you to make the most of your golden years. However, it can be stressful to think of having to make a long-term commitment to a residence, especially if you are already owning a home. It does not need to be this way, in fact, paying for independent living is actually easier than you think.
Costs of Independent Senior Living
Before you can start financial planning, it is important to know what costs you might have to deal with. To begin with, many senior living communities will require an entrance or community fee that can a huge sum of money, depending on the provider.
For the regular monthly service fees and rent, this will depend on the amount of care needed, the housing type that you chose, and any additional resources that you will require during your stay.
Personal Funds
This is the most common way of paying for independent living where residents rely on funding from family or personal savings. This can seem like an expensive choice but chances are that once you moving into an independent living community, you will save money. In other words, what you usually spend on groceries, transportation, home maintenance, utilities, mortgage payments, and leisure activities will now be included into the rent for your independent living option.
Annuity Payments
For most people, you have spent the majority of your life working and have probably invested in retirement funds. Depending on which type of fund you applied for, they can be converted into annuities and either pay out monthly disbursements or a lump sum. T
Supplemental Security Income & Social Security Benefits
Once again, this is an option where you capitalize on benefits that you have earned while working. You may be eligible for social security benefits or supplemental security income benefits that can be used to cover your rent.
For more information on our different financial programs or senior living options, contact our senior living coordinators today by filling in this online form or by calling us at 561.332.4698.
