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How to Manage Finances at a Senior Living Community

Though retirement is certainly exciting for most older adults, the transition can also feel overwhelming and even scary. Seniors in retirement often move to a fixed income and can struggle to manage their budget without the weekly paycheck they were accustomed to receiving from their workplace.

Fortunately, after the initial shock of the transition wears off, most seniors are able to successfully manage finances at a senior living community.With a bit of planning, organization, and creativity, seniors can still enjoy a luxury retirement in a senior living community without spending their entire life savings.

Seniors and Debt

The National Council on Aging reports that seniors are carrying more debt into their retirement years than ever before. As of 2016, at least 60 percent of households led by a person 65 or older had debt. This statistic can seem shocking and unnerving, seeing as entering into retirement with limited debt to pay down is ideal.

If you or your loved one is approaching retirement with extensive debt, it is time to make paying it off a priority. The National Council on Aging provides extensive debt-reduction tools, including an EconomicCheckUp® site that provides helpful actionable steps you can take to decrease your debt today.

Update Your Insurance 

More than 80 percent of seniors 65 and older have at least one chronic medical condition, which can lead to increased spending in regard to physician visits, medications, and other follow-up care. Without proper insurance, costs associated with medical visits quickly add up.

If you are concerned about your current Medicare coverage or curious about whether a secondary insurance plan may be beneficial, consider talking with your insurance agent or financial planner, or using the National Council on Aging’s BenefitsCheckUp® tool.

When you choose to live in a senior living community, you have access to resources and support services that are designed to keep you as healthy as possible. From fitness centers to preventative screenings right on campus, residents can benefit from easy access to wellness activities that could alleviate the impact of medical payments or fees.

Talk with Family

If you or your loved one has not already secured their health insurance and established a financial power of attorney, it is time to begin that conversation. Though financial power of attorney rights do not go into effect until the older adult can no longer make sound decisions, it is still wise to set it up before a crisis.

While you are chatting about financial power of attorney designations, it is also a good time to talk about finances in general. Ensure that you are speaking to trusted family members about your situation, including any concerns you may have about future financial decisions. Together, your family can help you make decisions based on your preferences and future plans.

For older adults who live in a senior living community, there are additional resources available in the form of financial seminars given by vetted financial planners in the local area.

Eliminate Superfluous Bills

Finally, older adults can successfully manage finances at a senior living community by eliminating superfluous bills that come with living at home alone. When you only pay one monthly fee to live at a senior living community and enjoy the luxury amenities, you can eliminate your mortgage, homeowner insurance, utilities, gym membership, and even most of your grocery bills. Compare your current costs of living at home with a monthly senior living fee by using our cost calculator tool.

Senior living communities offer an affordable option for older adults who are looking to retire with amenities that focus on wellness and health. Learn more about the different types of available senior living solutions by downloading our free resource, “The Journey to Senior Living: A Step-by-Step Guide for Families.” Then, call the team at Arbor Terrace Middletown to learn more about how our residents benefit from luxury retirement living that doesn’t break the bank.

Start your journey to senior living today with this step-by-step guide

Debra McCarthy

About the Author: Debra McCarthy

Debra loves working with our Senior Community here at Arbor Terrace. Her motto is, "If you can make one person smile, you have changed someone’s life in a split second".

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