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  • Melrose Meadows

The Financial Piece and Peace of Mind: Managing your assets when moving into senior living

It’s tax time, which means that most of us are reviewing our W-2s, sundry paperwork and figuring out where we’ve spent what and how to better prepare for tax season next year. If you’re a senior who’s been considering a move to a senior living community, this is a great time (since you have all your financial paperwork gathered) to start looking at how you can use your assets to the best advantage and make a move that will continue to benefit you for years to come.

Can you afford to move to a senior retirement community? Although it may seem like a big task, managing your finances through a move to senior living isn’t that much different than managing your finances when you were still working. It’s all about planning for your needs now and your needs in the future, and finding a plan that lets you do both without putting either of those goals at risk. Whether you’re getting ready to retire or are already enjoying your work-free freedom, here are some tips to help you finance your lifestyle through your move to senior living and beyond.

Meet with your financial advisor. If you have a financial advisor, now’s the time to visit and start making a timeline for moving into a senior living community. (And if you don’t have a financial planner, now’s the time to find one!) Together, you can look at your assets as they stand and determine a course of action for before, during and after your move.

Determine your sources of income. When you retire, your income stream doesn’t instantly shut off – with Social Security, investment dividends and even side businesses, you may have a nice flow of money coming in each month. Work with your advisor to understand your options and see if there are ways you can make that income work for you (for example, can some of it be conservatively invested, allowing it to grow until it’s needed?).

Create a budget. Understanding your expenses will help you have a better grasp of your money and help you make plans for the future. Before choosing a senior living community, make sure you get a detailed breakdown of their fee structure and charges so you can better compare your options apples-to-apples.

Look for and take advantage of tax breaks. Tax code is long and complicated, and there may be some options for you as a retiree that you didn’t qualify for previously. Your financial advisor can help you find and take advantage of everything you qualify for – after all, if you can save money, why wouldn’t you?

Understand your benefits and options for senior living financing. Yes, that’s right – there are a number of programs, both government and non-government, that you can use to help financially ease your transition into senior living. In fact, there are more than 2,500 federal, state and private programs that you may potentially qualify for. BenefitsCheckUp is a free service of the National Council of Aging, and allows you to easily scan programs to find benefits that you qualify for.

Commit to a yearly financial review. Every year, it’s a good idea to sit down and look over your financial assets and plan to make sure everything is working as hard as it should. This will allow you to course-correct, make adjustments as necessary and be sure you’re always ready for whatever life throws your way.

At Melrose Meadows, we want to make sure that transitioning into senior living is an exciting time of your life, not a stressful one. In fact, we can help you or your family member work through financial options and look for ways to plan ahead for this new stage of life. Give us a call at any time to chat!

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