You Have Questions About Money and Retirement Living: Ohio Living Breckenridge Village Has Answers.
Posted on January 16, 2019 in Senior Lifestyle Options
Today, older adults have more options than ever as they age. You can choose to retire at home, in a retirement community and nearly every combination in between. Once you decide to make that transition, however, there are some questions you must consider.
The biggest questions almost always concern money. How will you pay for services in your retirement years? Will you have enough money to live well for all of your remaining years? Determining your budget early on in this process will allow you to make healthy decisions for you and your family. Let’s cover a few common considerations to get you pointed in the right direction.
Am I on my own?
Older Americans have supported our nation for many years in the form of military services taxes, social security payments, etc. In return, the federal government supports people over the age of 65 with Medicare benefits to help with expenses associated with doctors’ visits and prescription drugs. However, Medicare is not an option for long term care payments, as it only covers a stay of 100 days in a skilled facility.
As older adults, most Americans pay their living expenses out of their personal savings. The savings you have built through your lifetime of hard work is a great start, but it’s still important to plan ahead.
Specialty insurance
Long term care insurance is often purchased by older adults to cover all types of assisted living services, including those who wish to age in their homes. Purchasing a policy early can help reduce the premium owed each month. The earlier you start your research and make a decision is a great advantage for you and your family.
Depleting funds
So what happens if you run out of money? Well, the answer is: it depends. Each retirement community has its own policy. Some organizations have reserve funds available for residents who enter this situation. Others may ask a resident to seek other accommodations. Be truthful with your information when you contact retirement communities so you and the retirement community can plan together as a team.
At Ohio Living Breckenridge Village, we work with you from the very first step to help you plan financially so you can continue to live well. If you’re interested in hearing more about Ohio Living Breckenridge Village and how you can fully enjoy life in our active retirement community, please don’t hesitate to contact us. Our staff would be happy to host you on a tour and answer all of your questions.
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senior living, budget