You have made the decision to move into a senior living community. After making this leap into a new chapter of life you might think the hard part is over. Think again. Deciding where to live is often even more difficult. The BIG question: how can I afford senior living?
In order to understand this answer, you should first have a good idea about your current living expenses.
How To Afford Senior Living: Costs
1 – Location
Depending on location you could be looking to spend a lot of money to afford senior living, or you might not. Consider where you’d like to retire, perhaps you’d like to be closer to family and friends, or you’d like to live in a certain climate. Once you narrow down your preferred geographical location, check out the average cost of living in that area. Naturally, this will be a major factor in the overall living costs of the local senior living communities.
2 – Size Of Your Apartment
Think about what you need to be comfortable. Do you need a multi-bedroom apartment or are you comfortable with minimal space and belongings? Our rooms at Stellar vary from a cozy one-bedroom to a roomy two-bedroom. Apartment prices will vary based upon number of bedrooms, apartment features, and window views. Learn more about our communities and prices at www.stellarliving.com/communities.
Related Article: 6 Ways To Stay Safe in Assisted Living
3 – Amenities
Many senior communities offer a wide array of extra amenities, including salon treatments, massage, and a private chef. Spend time in the game room, view your favorite movie in our viewing center or visit with our on-staff medical professionals.
How To Pay For Senior Living
There are many ways for senior living residents to pay for retirement and senior living communities. Be sure to utilize the resources you already have and ask loved ones and financial advisers if you are stuck.
1 – Personal Or Family funds
Before you do anything, take a deeper look at your current finances. How much money has accumulated through investments? How much do you have in savings? Perhaps you know you’ll be receiving a severance package from your former company which will pay out over the next year. Or, maybe your son/daughter is willing to pay for your senior living services.
Moral of the story: explore your existing options first. Once you’ve exhausted all of these sources of income, you can start exploring more risky maneuvers.
2 – Pensions And Social Security
This is one of the main sources of income and can help cover many of the costs that come with living in a retirement community.
3 – Supplemental Security Income
This option is available to seniors who have a very limited income. If you have experienced financial hardship, supplemental security income can be one way for you to cover the cost of living within a senior living community.
Be sure to spend time, evaluate all of your options, and you’ll likely find a way to afford senior living. If you need help, reach out senior living community you’re considering, and ask them to refer you to someone who can help.
If you’re looking for a Stellar Senior Living community, look no further. Contact Stellar Senior Living today for more information about our facilities nationwide. Click here to find a facility near you or give us a call at 801.495.7000.
Stellar Senior Living, a family owned and operated senior living network, has been recognized as one of the premier providers of Independent Living, Assisted Living, and Respite Care nationwide. At Stellar, we take great pride in each of our communities, and in every single resident. We believe senior living is about more than healthcare. It’s about family. Come take a tour and feel the Stellar difference today.