Every year the number of senior citizens living alone has increased across the country. Many do it by choice to maintain their independence and others have families living in different countries or cities where they do not wish to move. While good investments and insurance plans can ensure a comfortable retired life, the rising costs of today mean more money is going out of our pockets for everyday expenses. Moving to a senior living facility can be beneficial in many ways in terms of avoiding loneliness, not worrying about everyday duties, and bill payments. But it is important to work out the living costs against your savings and investments in order to better understand how being in an assisted living facility can impact your finances.
compiled some tips to Avoid Expensive Mistakes as a Senior
Select the right kind of Facility
It is important to discuss this with your family about what kind of facility you would like to live in. Independent and assisted living are preferred choices of many senior citizens depending on the kind of care and assistance that you might need. Different facilities have different pricing depending on the services they offer. You can choose one that fits your needs and your budget in the long run. Always be open to the option of moving out to another facility if necessary.
Getting financial advice
Seek out a financial advisor who can help you plan you expenses and utilization of your pension plans, medical needs and investments. Be honest with your advisor about your expenditure other than mandatory payments so that provision can be made for the same. The idea is to be financially sustainable over a longer period of time.
Be aware of hidden costs and fee
There will always be hidden fees and costs in any assisted living facility. You need to ask about all these including taxes, surcharges, non-refundable deposits, maintenance fees, service fees, etc before you finalise on an assisted living facility. Many expensive might fluctuate based on the market so ensure that you know what the average cost would be over a period of a year.
Make a monthly expense sheet
Besides the mandatory payments you will have to give yourself some extra money for monthly expenses. Assisted living facilities will provide you with workshops and events that will be an additional expense if you want to attend. Travel is an important expense that you need to account for so that you have the liberty to move around easily without worrying about the cost.
Ask for a special pricing options
The market is competitive so in case you are paying for an extended period of time you can ask for special pricing, discounts and even incentives. Many facilities will even waive fee s such as entrance fees or initial deposits, for instance. There is never any harm in asking because at this stage of retired life it is important for you to make the best use of your money.
Costs can seem intimidating at first but if you work through it smartly and maintain a proper record of your expenses then you should be able to live as independently and comfortably as you like.
Avoid Expensive Mistakes as a Senior