Finances Articles

How much does it cost to live in a senior community? This is the first and most important question for most families beginning their search for senior living options. Understanding your loved one’s typical expenses and then budgeting appropriately are necessities with which a Senior Living Advisor can provide help. After reviewing the costs of living alone or with in-home care, you may find senior community living more affordable than you would expect.

The Cost of Hiring Caregivers vs. Assisted Living

shutterstock_89095477On average, working-age households have a median retirement account balance of $3,000. This falls significantly short of the estimated $80,000 per year cost for long-term care. Instead, many families opt for Assisted Living or hire caretakers to save money. These two options offer plenty of flexibility and can cut monthly expenses. …Read more ›

A Guide to Homeowner Options for Financing a Senior Care Community

shutterstock_283140074According to the Assisted Living Federation of America, the average cost of senior living nationwide is over $3,000 per month. When many older adults and their families discover this, they begin searching for ways to help cover these expenses. A great option for generating funds is for seniors to utilize one of their greatest financial assets: their home. This guide gives an overview of some of the …Read more ›

Six Ways to Make Senior Living More Affordable

shutterstock_262076303 (1)With Assisted Living costs averaging around $43,000 annually—and the priciest locales (such as Washington, D.C., New Jersey, and Connecticut) more than doubling that figure—many families search for ways to lower their senior living expenditures. (more…)

Choosing Assisted Living Services That Work with Your Budget

shutterstock_144630188Assisted Living care varies for every person based on their needs and preferences. You can find a community for your loved one that provides a great quality of life without exceeding your monthly budget. Here’s a list of customizable Assisted Living expenses for a healthcare plan that works best for you and your family. …Read more ›

How Much Do Senior Living Accommodations Cost?

shutterstock_73623532As people approach age sixty-five, their retirement planning questions shift from how much they can save each month to how much they can afford to spend. Abstract figures such as projected Social Security benefits, savings accounts, 401(k)s, IRAs, pensions, and other investments all coalesce into a bottom line that determines the retirement lifestyle they can afford. …Read more ›

Can Staying Healthy Help You Afford Senior Living?

shutterstock_133211177We know that good health affects how we think and feel, but have you considered the fact that healthy habits can also add up to money in the bank for senior living? (more…)

The Cost of Assisted Living vs. Remodeling Your Home for a Disability

shutterstock_187933352As we move into our golden years, complications with health and unexpected injuries may require us to alter our homes to cater to age-related disabilities. (more…)

Five Ways to Help Pay for Assisted Living

Finances-3.5.2016Planning for Assisted Living is emotionally and financially demanding. With the average monthly cost for a one-bedroom home with around-the-clock care priced at $3,500, many families feel overwhelmed by the sticker price for senior care services. Luckily, there are opportunities that make these services more affordable. In fact, many states have their own benefits programs. Visit Benefits.Gov for a state-by-state breakdown of all the different types …Read more ›

Tax Tips for Seniors and Their Families: Rules, Expenses, and Credits

Finanaces 3.3.2016Many senior citizens and their families are not aware of the various tax rules, benefits, and deductions that apply to them. Terrance Bond, a retired CPA with over thirty years of experience in tax preparation and advice, offers insight to those filing a tax return involving someone over the age of sixty-five. He says that it is best to begin by “determining if the senior can …Read more ›

Senior Assisted Living Is More Affordable Than You Think

FinanceDepending on where you live and the type of care required, Assisted Living services can often exceed a family’s anticipated monthly costs. For many, the initial sticker shock regarding these options may lead them to believe that they simply lack the financial resources to relocate a parent to an Assisted Living community. However, it’s important to remember that these expenses represent a shift in monthly spending …Read more ›

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