Financial Planning for Seniors
As we age and those around us age, we are met with a number of changes and challenges that can sometimes be difficult to plan around. Thankfully, some of these challenges can be addressed well in advance of certain age-related changes, or in concurrence with these changes. One such challenge is financial planning. Seniors develop a host of new financial needs upon retirement, and again later in life if assisted living and more intensive care are needed. Building a financial plan for these changes can help make them affordable for you and your family. On this page, you’ll find tips and resources on the topic of financial planning for seniors. Read on to learn more about budgeting and financing for assisted living and other senior care, and get more information on our affordable senior living options here at St. Paul’s Senior Services.
Budgeting for Assisted Living and Other Senior Care
Increasing care-related needs are a virtual certainty that comes with aging. Medical costs, assisted living payments, and other care-related expenditures can all build up as old age sets in. Setting aside money in your retirement fund to plan for these large expenditures is always a good idea. You’ll also want to look into government programs like Medicare and Medicaid to see how they can help you with payments. When you begin touring assisted living communities, you’ll want to learn as much as possible about the financing options they offer. Some may fit your needs better than others.
Early on, you’ll want to assess your needs and the needs of the senior loved one in your life to determine exactly which senior care services you’ll need. Doing so will ensure that you aren’t overpaying for senior care and will help you build a financial plan to ensure that all of your needs are met. As you make the switch to senior independent living, assisted living, or memory care, you may find that some of your old expenditures may disappear. Keeping a detailed financial record of changing expenses can help you successfully budget for changing senior care needs. The sale of property or possessions may also free up resources that can be used to fund senior independent living, assisted living, or memory care.
Financial Planning for Seniors at St. Paul’s Services
Interested in learning more about financial planning for seniors? Our professionals at St. Paul’s Senior Services are here to help. As San Diego’s premier senior living community and resource center, we proudly host regular seminars and lunches centering on topics pertaining to financial planning for seniors. Visit our Community Events and Calendars pages to learn more! You can also contact us directly for resources on retirement planning and other senior financial topics, and be sure to ask about the financing we offer for senior independent living, assisted living, memory care, skilled nursing, and more right here at our award-winning senior living community.