Our standard of living doesn’t decrease as we get older, although income typically does. Only 30% of American workers receive any kind of pension, and the average social security benefit pays just $16,000 per year. The average cost of meeting standard living requirements for seniors is around $40,000 to $44,000 per year, showing just how large the gap is between what seniors need to live and what they usually have.
As we age, our bodies do begin breaking down. Factoring medical needs costs will make this gap even larger. Many senior citizens find that it becomes more difficult to go into semi-retirement with a part-time job as they age, and it becomes more difficult to maintain a home a property. This is where the need for assisted living comes in, but how can this become financially feasible?
The Need For Assisted Living
Assisted living differs somewhat from retirement communities. Essentially, assisted living facilities to allow seniors to live independently as they would at their own home or in a retirement facility, but with the medical staff and assistance, they require to make the most of their day to day lives. The facility will aid in transportation to see specialists, and they’ll have their own doctors, nurses, and physical therapists on staff. Their homes will be provided with help in maintaining the space, and this gives seniors the living situation that works best for them, while still maintaining independence and dignity.
A major problem for many Americans, however, is the unaffordability of assisted living. With most seniors having tight budgetary restrictions already, figuring out where an assisted living facility figures it can be difficult.
Paying for assisted living can be possible, and a few ways to make this happen include:
Downsizing – For seniors, downsizing can be an emotional experience, but it can provide a great deal of help in the long-run. Selling the home, the car, and unnecessary belongings can get you the money you need to buy into an assisted living facility or help adult children who may be footing the bill. While the experience may be tough at first, the outcome can mean a higher quality standard of living in the end.
Diverting pension and additional income – If a pension or additional income is received, these can be diverted into your assisted living facility payments.
Research communities – Like any other community, not all assisted living facilities are the same. Doing your research can help you to find the right community that suits your needs for a price that you can afford.
Taking Care Of Your Post-Retirement Needs
Assisted living is just one post-retirement need that senior Americans have to consider. Another is burial insurance, which will ensure that when your time comes, your family will be able to carry out your wishes without shouldering the financial side of things. To learn more about burial insurance and how it can help to provide you peace of mind during your golden years, contact us today.