In the old days, many people retired and then spent the following few years, up to a decade, living off of Social Security and whatever pension or retirement savings they had managed to accumulate. They knew that a stay in a nursing home might be needed at some point, due to illness or an injury, and they planned for that expense accordingly. But, generally speaking, a senior living center was a necessity, not an option.
These days, seniors are offered a much greater variety of living options. At some point, you might need a small amount of nursing care or help with daily activities, but not so much that you need an old-fashioned nursing home. You might also desire the security and social opportunities provided by a group living situation. And that’s why senior living centers have expanded to include more options than ever.
The old style of nursing home is quickly becoming a thing of the past, reserved for only the most dire of situations. Today’s seniors can enjoy group living homes with private rooms or suites, or even a small home in a village of their peers. You might tour various facilities that include swimming pools, exercise classes, social engagements, college courses, and free transportation to community events. You might still shop for your own groceries and cook in your own kitchen, with a minimal amount of help from an assistant, rather than subsisting on cafeteria meals.
This trend is encouraging, as the diverse needs of senior citizens are being addressed with safety and medical supervision in mind. But of course, the burden of paying for these living centers will fall on you. As you plan for retirement, start considering all of your future housing options, and create a budget with this expense in mind. You might not need a senior living center right away, but at some point it may become your preferred choice.
As you plan your retirement budget, schedule a meeting with us so we can help. We’ll review your plans and financial capabilities, and help you set up a stream of income that helps you meet your retirement goals. That way, you can feel free to choose the living options that best suit you.
