Sixty-two percent of people approaching retirement age voiced concern about their ability to pay for long-term senior living costs, and 43 percent of retirees voiced similar concerns, according to a recent retirement survey report. Clearly, affording senior living costs is among the chief financial concerns of older Americans.
Concerns about affording senior living are largely fueled by uncertainty. Financial planning is the key to alleviating those concerns—and to affording senior living both now and in the future.
The term senior living community carries different definitions for different people. Some families might see asenior living community as a place where their loved ones enjoy retirement. Others may see it as a place that provides the necessary services to seniors who might need extra assistance in their day-to-day lives. And still others think of senior living communities strictly as nursing homes.
Have you decided that it’s time to start thinking seriously about moving to a senior living facility?
Many seniors admit that one of the main reasons they put off exploring senior living options is the price tag. However, if you know deep down that you’re ready for senior living, you should seriously consider moving and start exploring the options available to you.
Unfortunately, financial concerns lead to lengthy delays in seniors receiving the care, accommodations, and engagement that they so badly need. But there are many options and resources available to help pay for senior living—some that you might not be aware of.
Dementia affects 47 million people around the world, and that number is expected to triple by 2050. Finding ways to provide more efficient and effective dementia care will be among the world’s top public health priorities in the years ahead.
Moving to a senior community isn’t always the first choice for older adults. After all, living at home for as long as possible is often considered healthy aging by most Americans. Many seniors and their family members try to stay at home for as long as they can, even while fighting with chronic medical conditions, loneliness, and memory loss. This desire to stay at home can often lead to unhealthy and isolated living conditions, which isn’t healthy aging at all.
Starting the “moving” conversation with an aging parent is never easy. The idea of leaving a home after spending decades there brings a great deal of uncertainty and unpredictable reactions.
First and foremost, don’t go it alone. Family members, elder care planning experts, and resources such as the Talking to Your Parent Guide will provide support and tools to help start the “moving” conversation.
You know that your mom would benefit from some assistance and socialization at a senior living community. However, you aren’t quite sure which would be best for her. Between learning about the different types of senior housing available in your town or community, you also must weigh your mom’s medical needs and preferences when making a decision that will keep her healthy and happy.
More often than not, questions about the cost of senior care top family caregivers’ lists of questions when it’s time to make plans for their loved ones’ care needs—and for good reason, too. Taking steps to prepare for the costs of senior care will ensure that your loved one gets the care he or she needs, when he or she needs it.
Now that you have chosen your assisted living community, your journey is just beginning! It’s time to start downsizing and packing, determining what you would like to move into your new apartment and what you may sell, give away or put in storage. Perhaps you have even ordered change-of-address cards to mail out to your friends and family. You may be feeling a mix of emotions ranging from relief and excitement to nervousness or anxiety. But fear not; so much of your nervousness is due to the unknowns that come with your upcoming move-in process. Here is a bit of what you can expect as you begin the process of understanding assisted living and making your new apartment your home.