Navigating the Maze of Senior Housing Options – Mapping Your Finances
Written by Admin | August 28, 2018 | In The News
As you age, it can be increasingly difficult to maintain your home and live independently. Many older adults begin searching for senior housing options but find it difficult to understand how this move might impact their finances. According to The United States of Aging Survey, one third of seniors worry about the costs associated with long-term care and 15% believe they do not have enough money saved for retirement.
As a result, many older adults stay in their own home even if it’s unsafe. What they might not realize is the costs associated with living independently in their own home may actually be greater than the monthly fee at an independent living community.
If you’re considering senior housing options, the first step is to map out your expenses. By better understanding your current monthly spending, you can create an appropriate budget and identify ways to cut unnecessary costs. But, if you’ve been living in your own home for years, it’s often hard to identify all of your monthly expenses, let alone total them up. As a home owner, you may be paying for services and support you wouldn’t need in an independent living community.
For example, paying someone $25 a week to mow your lawn or shovel your driveway could be costing you $1,300 a year. Your pricey monthly gym membership may not be necessary if you move to a facility that includes an onsite fitness center. And if you’re paying for meal delivery services or even a large weekly grocery bill, you could actually save on food expenses by finding an independent living community that offers an affordable meal plan.
To help you get started, we’ve created a free Mapping Your Finances Worksheet that you can use to identify all of your monthly expenses. Fill out the form below and we’ll send you our free worksheet!