Top 3 tips for addressing senior living cost concerns
Holiday Retirement recently surveyed Baby Boomers across the country to assess their most pressing concerns and misconceptions about senior living. It’s no surprise that cost was on toward the top of the list. Nearly 3 out of 5 survey respondents were worried that a senior loved one does not have enough money saved to make the transition into senior living.
Here are three tips on how to address that concern:
- Read Holiday Retirement’s e-book, “7 unexpected financial benefits of living in a senior living community”, to better understand the tangible and intangible costs associated with aging at home versus in a community.
- Use the Retirement Cost of Living Calculator to compare the cost of living at home to the potential savings of an all-inclusive lifestyle in a senior living community.
- Be sure to consider costs that are associated with home ownership such as property taxes, utilities, and HOA fees.
The cost of senior living may be daunting, but, after some thoughtful research and planning, seniors and their loved ones may discover it to be more affordable than they originally imagined.
To learn more about common misconceptions about senior living, visit "Overcoming Misconceptions: 7 concerns about senior living to erase from your mind".