Retirement planners, young and old, will eventually look their future in the face and calculate retirement living options. The national Family Caregiver Alliance estimates that by 2050, 27 million Americans will need some type of paid long term care. In 2000, that amount was 13 million. The retirement living elephant won’t leave the room unless you confront it head on. Luckily, it won’t crush your nest egg.
Keep in mind that all housing facilities have a plethora of payment plans and care options. Brookdale Senior Living offers financial advice for possible future residents. This award-winning organization says, “The variety of available plans allows you to match your projected future cash outlay with your personal financial situation.” Some plans continue to be the same price as you require more care. Most facilities will work with you on payment options, including working with you on any entry fees.
Long-term care insurance also helps costs. If you need less assistance, you will have a distinct plan that allows you to continue using these outside benefits.
Brookdale Senior Living CEO, Bill Sheriff says, “Moving to a senior living community is a big decision and it is important to educate yourself about all of the various housing options.” Some facilities like Brookdale will allow you to come and eat a meal or stay the night to see firsthand what their care is like. Plus, you can see the many options such facilities offer at different prices. You wouldn’t invest in a car without taking a test drive, so check out what you are saving your money for.
Using a retirement calculator is an investment tool to help plan long-term care insurance. There are also affordability calculators for some senior care organizations. Link these helpful services together to plan your financial future.
One of Brookdale’s mottos is “peace of mind.” If you start a proper plan, you can have a peace of mind today and everyday into retirement.
Image from Brookdale Senior Living