How To Handle Finances When Preparing For Senior Living

After years of supporting a family, many seniors are faced with adjusting to a fixed budget in retirement. Having the necessary amount for an independent senior living community requires thoughtful consideration of your financial situation. When you get your income and assets evaluated and compare the cost of varying communities that suit your needs best, you can find the right option that fits within your budget, such as Balfour Senior Living. It is important to take into account these financial tips when preparing for this expense in retirement.

Be Prepared for Healthcare Costs

The cost of healthcare can be substantial, particularly if you are facing long-term health problems or a serious illness. With many healthcare plans offering limited coverage, it’s essential to be proactive in understanding your options and what expenses are covered. It’s advisable to ask questions, seek assistance from professionals, and budget accordingly in case you end up having to spend more.

Stay Aware of Fraud

Seniors are often seen as desirable for scams and financial fraud due to their strong credit standing. To reduce the risk of falling victim to these types of crimes, seniors should take several precautions. If you come across a blank claim form, do not sign it. Also, avoid providing personal information over the phone and carefully review any requests for financial information. By being vigilant and taking these steps, seniors can help protect themselves from potential scams and financial fraud.

Be Mindful of Your Savings

Many older adults are inclined to be generous, often giving financial gifts to loved ones and family members. However, it is crucial to avoid overspending and ensure that a safe savings account is maintained to maintain financial security and comfort in later years. Estate planning is a useful tool for ensuring that your assets are distributed to your desired recipients after you pass away. By carefully managing your finances and planning for the future, you can ensure that your generosity extends well into your golden years and move into an independent senior living community that suits your needs best.

Allow Someone to Decide for You

Granting power of attorney to someone can provide a sense of relief for many older adults. The power of attorney is tasked with managing financial responsibilities and making necessary plans. When considering this decision, it is important to take the time to choose someone well-suited for the role and to have a conversation about your expectations and wishes. It is not necessary to make this choice quickly, so take the time to thoughtfully consider your options. This could be someone such as a family member, a spouse, a friend, or a lawyer.

Contact Our Leasing Counselors for Independent Senior Living

If you are thinking about planning for an independent senior living community, Balfour Senior Living’s leasing counselors can offer their assistance and provide you with information regarding costs and finances. Reach out to us today and book your tour.