With your senior years comes a new set of tasks such as considering senior living options, managing your retirement budget, and arranging for the appropriate health insurance to care for your health needs. SeniorSmart’s senior living guide will give you an overview of what you need to know when planning for your senior years.
At SeniorSmart, we understand that making the transition into retirement can be overwhelming without some guidance. We provide free resources on our website to help point you in the right direction so you can feel more confident about managing the nuances of senior living. Call us today to find out how our concierge-level services can provide you with customized assistance for retirement planning.
Decide Which Senior Housing Option Works Best for You
When it comes time to retire, some new options open up for you as far as housing goes. While your initial thought may be to stay in your home, it pays to do some research just to see what else is available to you.
As you plan out your senior years, you may want to consider the following living options:
- “Aging in place” – Some seniors are completely independent and prefer to continue living in their homes. With a home health aide, even seniors who require some assistance can still remain in their homes.
- An independent living community – This is great for independent seniors who would enjoy the socialization and amenities of living in a senior community.
- An assisted living community – Those who need a little assistance each day may prefer to live in an assisted living facility where meals, housekeeping, laundry, and transportation are all provided for them.
Get Your Finances in Order
When you are looking forward to retirement living after putting in all those years of hard work, the last thing you want is to worry about how you will cover your expenses. Here are some ways to plan ahead for your senior years so you can focus on enjoying senior living:
- Meet with a retirement advisor. You should go over your retirement income and discuss how to manage your 401K and other investments to make your budget work for your retirement lifestyle.
- Make an appointment with an elder law attorney. For peace of mind, consult with an elder law attorney to set up a durable power of attorney, draft a living will, and make a plan for long-term care if it is needed. This is especially important for those with Alzheimer’s or dementia who may not be of sound mind to advocate for themselves.
- Take advantage of resources for low-income seniors, if applicable. Many seniors live on fixed incomes, and even with the best budgeting skills, it can still be difficult to make ends meet. When money is tight, there is help available to protect your rights as a senior at no cost.
Reach out to SeniorSmart if you need help finding an elder law attorney or financial advisor, or getting the senior benefits to which you are entitled, such as Medicare, Social Security, or Social Security Disability. Our team is here to help.
Assess Your Health Care Needs
When you retire from your job, you will likely need to make some changes to your health insurance. Depending on your age and your physical health, here are some of the possibilities for health care in your senior years:
- Medicare – mainly for those 65 and up
- Medicaid – mainly for those with disabilities
- Private insurance through the Health Insurance Marketplace
SenniorSmart can help you determine your eligibility and costs for each of the above.
Get Help Planning Your Senior Years from SeniorSmart
With SeniorSmart, you do not have to fret over planning for retirement on your own. As a member, you will enjoy the resources and guidance we provide to help you plan for the retirement you have been looking forward to. Call us at 205.460.1124 to learn more about how we can help with retirement planning.
