When you retire, it is important to consider which senior living options best fit your needs. For those who need some help each day with daily tasks, an assisted living facility may be the best choice. It is important to remember, however, that with a higher level of care comes a higher price tag. Planning your retirement finances ahead of time can help you prepare for the possibility of needing to move to an assisted living community.
At SeniorSmart, we understand that paying for assisted living can be concerning without a solid retirement finance plan. We are here to help you learn how to save money on assisted living while receiving the level of care that best suits your needs. To learn more about how we help our members with financial planning, give us a call at 205.460.1124.
Why Would You Need to Consider Assisted Living?
There are a variety of senior living options, including aging in place, independent living, assisted living, and memory care. Many seniors prefer to live at home for as long as possible but may find down the road that they require some assistance with daily tasks. Without a loved one at home who can provide this level of care, it may be necessary to move to an assisted living facility. These facilities provide daily assistance with:
- Laundry
- Cooking
- Cleaning
- Bathing and dressing
- Taking medications on schedule
Because of the additional services provided in assisted living, your monthly expenses are likely to increase compared to living at home.
Tips to Help You Save Money on Assisted Living
The cost of an assisted living facility will vary e based on location, amenities, and size. If your budget is tight, you need to find ways to cut your assisted living costs. Here are some tips for keeping your costs down at an assisted living facility:
- Choose an assisted living facility in an area with a lower cost of living. The price of assisted living facilities generally reflects the cost of living in the area. This may mean shopping around for assisted living in the suburbs or possibly even another part of the country.
- Opt for a smaller room. The price of living at an assisted living facility can be dependent on the size of your room. Choosing a smaller room or even a studio, if offered, can lower the price.
- Find a roommate. Sharing a two-bedroom apartment in an assisted living community can help reduce your monthly expenses.
- Choose a facility that offers only the services you need. Some facilities may allow you to pay based on the services you use, while others charge all residents the same regardless of how often or how many services they utilize. Only paying for what you need can help you lower your costs.
- Look for discounts. You can take advantage of special discounts offered at certain times of the year to save money on assisted living. Some communities offer discounts at the end of the month, the end of the quarter, or the end of the year, so it pays to make some price comparisons at different times of the year.
- Take advantage of financial assistance programs. There are some government programs that can help seniors that are considered to be “low-income” afford assisted living.
SeniorSmart: Helping You Prepare Your Retirement Finances
Once you begin your well-deserved retirement, there can be unexpected costs that arise. While you may not plan on needing additional help from an assisted living facility, it is important to prepare for the possibility. SeniorSmart members can take advantage of retirement planning resources that help prepare them for various senior living options. With the help of our retirement planners, you can free yourself of the stress associated with paying for assisted living. Call us today at 205.460.1124 to take full advantage of our financial planning services.
