When it comes to planning for retirement, a smart approach to budgeting is one of the most important assets you can have! And with the current national average cost of senior living over $70,000 per year, it’s understandable if you or your loved one are wondering how to pay for senior living and care.
At Provision Living, we believe you deserve to enjoy the comfortable lifestyle you’ve been imagining for your retirement. That’s why our helpful team will be happy to walk with you as you explore the financial side of senior living, including building your budget! To learn more about how to budget for retirement and senior living with confidence, read on.
Understand budgeting for seniors
As an older adult, early retirement planning ensures more control and peace of mind for your future, including how to pay for senior living while keeping your lifestyle goals front and center. And part of that process is setting realistic financial goals. You can start by:
- Evaluating your current financial situation by reviewing your finances, assets, investments, taxes, and insurance.
- Making changes to your short and long-term goals based on your audit.
- Researching options for converting current assets into cash (if you determine more liquidity is needed).
- Reaching out to a financial professional who can help you explore your options and guide decision-making.
Reduce your daily expenses
Budgeting doesn’t have to be hard—chiefly because there are many small lifestyle tweaks seniors can make so they can afford to enjoy life now and retire in comfort. But you may need to be creative! Here are some helpful tips for making the most of your nest egg while saving for senior living and care:
- Take advantage of senior discounts: Many retailers, restaurants, and service providers offer discounts for senior adults. Check out the AARP website to identify discounts in your area.
- Explore public transport: Use local transit options or subsidized senior ride programs.
- Shop smart: Investigate loyalty programs, coupons, and apps to find weekly sales and discounts on essentials, so you can save more on the items you buy every week!
- Use community resources: Visit your local senior center for free meals, activities, and wellness programs. It’s likely there are fun opportunities to socialize, get engaged. and meet other seniors right in your own backyard.
Imagine your future care needs
You may not be ready for senior care now, but saving on healthcare costs starts with anticipating future needs, preventing health complications going forward, and understanding where the savings are now:
- Consider telehealth: Telehealth visits with your doctor or specialist can be more affordable than in-person, and more convenient as well!
- Lower prescription costs: Using discount cards to lower out-of-pocket costs can be a boon to your budget, especially if you need to pay for several daily prescriptions.
- Prevent future health problems: Using preventive care services now including annual wellness screenings can help catch developing health issues early and reduce long-term costs.
- Explore supplemental insurance: Look at supplemental insurance for dental, vision, and hearing to augment your policy and lower your costs.
Downsize your life
Downsizing and moving to a senior living community can be quite cost-effective in the long-term, especially since the cost of living at home can be surprisingly expensive! At communities like Provision, residents pay a pre-determined monthly rate that includes a wide range of quality amenities and services including:
- Chef-prepared meals upon request
- Health and wellness programs, including fitness classes
- Available scheduled transportation services
- Professional support and emergency care on-site 24/7
- Social activities, outings, and events
- Private, spacious apartment with utilities
While searching for your ideal senior living community, staying with family after selling your home means you’ll have the funds ready to go and family by your side as you navigate the process!
Continuing to explore senior living financing
At Provision Living, we’ve supported many families with the financial side of senior living, including budgeting and navigating the current cost of living for seniors. We would be happy to walk you through your options and introduce you to trusted lenders and financial advisors in our network.
Looking to learn more about senior living financing? Speak to one of our helpful community advisors and be sure to download our free financial guide. Ready to visit a Provision Living community in person? Schedule a visit today!
