Financing assisted living can be tricky. After all, for many people enjoying the reinvention phase of their lives, the need may not seem immediate. They may still engage in a high level of activity, bustling about from place to place and getting involved in various activities. However, that may not always be sustainable, as the older we become, the more likely we are to need assisted care. Don’t make the mistake of refusing to plan for a potential expense as big as this. Besides, you may find that you enjoy the reliable help and comfort that comes with assisted living. To fully prepare yourselves, here’s just what you need to know.
- The bare minimum is not enough. The average American is expected to save $828,000 for his or her retirement, according to The Motley Fool. Still for others, even $1 million may not be enough, depending on the lifestyle you plan on cultivating. Either way, these figures don’t take into account the task of financing assisted living. Instead, it’s what you should save in the unlikely event that you will be living in your own home with free, minimal, or even no help.
- There are multiple types of assisted living, so figure out what suits you. If you’re planning on financing assisted living, you first need to figure out what kind of care you want to receive. Assisted living doesn’t just stop at nursing homes. You could also hire at-home aids or reside in a continuous care facility. Even the cost of nursing homes can vary drastically. While it may seem strange, you should do research about where you want to live—and how much it may run you.
- Calculate just how much to save. So, how much would it cost for the average person to pay for his or her assisted living? Usually, stays last around 28 months. Using this number, conservative costs of assisted living round out at around $105,000. More expensive facilities could cost around $227,000. That’s a fair amount of money—so it’s good to have it saved.
- Familial caretakers can help supplement the work. With the many costs of financing assisted living, you may be worried about additional long years in the workforce. If you have a trusted, qualified family member to help supplement at-home aides, that could cut down on costs. Just make sure you document the agreement, so you have help on your side just in case.
- Use your benefits. Whether you have Veteran’s benefits, long-term care insurance, or a pension, make sure you take advantage of them. Read up on policy and ask questions to relevant professionals so that you can maximize the money you can access. This will allow you to have a better foundation with which to fund your assisted living.
- Save mindfully and consistently. You should continue to save mindfully, meaning that you should know just how much you need to have in the bank. It also means that you should make sensible investments to build your nest egg. Finally, saving consistently will help you steadily build the money you need for your retirement.
As you earn money for your retirement, you can’t afford to neglect the process of financing assisted living. Otherwise, you may experience a massive toll on your health, happiness, and savings. We know how important it is to build your retirement fund—and we want to make it easier for you. With our money-protected investments, we can assist you in your retirement journey.
To speak to one our expert investors, call Ty J. Young Inc. at 877-912-1919. Still unsure about how you’re handling the journey to your reinvention years? Our blog offers plenty of guidance.