Moving to a senior living community can be overwhelming. You may have questions about what type of community is right for you and your loved one, how much it will cost, and paying for senior living in Pennsylvania. To help alleviate some of that stress and anxiety, we’ve created this guide full of tips on paying for senior living in Pennsylvania with ease.
Think About Private Pay Options versus Public Assistance
The first thing you want to think about is the cost of living in a retirement community. Private pay options are more expensive than public assistance, but you may get better quality of life. Public offering comes at a less upfront cost, but it does not include all of the services and amenities you need or want.
Many people choose to have a mix of private pay and public assistance. This allows them to enjoy some luxuries while still being able to afford necessities like food and shelter without having any debt left over after paying bills each month.
Be Sure to Know What You’re Signing Up For
When looking at senior living, seeing the community in person is crucial. You’ll want to check out how well-maintained the grounds are, whether or not there are places for you to walk and exercise (or if there’s a gym), what types of activities are offered on-site, and so on.
You should also understand what your contract says. Ensure what the community provides aligns with what you want out of life as a resident. Do they offer housekeeping services? What about meals? Transportation? Activities? All these things will affect how much money goes into your pocket each month after paying rent or mortgage payments!
Know Your Budget and What You Can Afford
Before deciding on a senior living community, knowing how much money you have available is crucial. You need to consider all the expenses of paying for such an expensive move. This includes the following:
- Income (Social Security, pensions, etc.)
- Expenses (mortgage payments, car payments, and insurance)
- Assets (savings accounts and investments)
It’s also important to consider what kind of lifestyle you’re used to living in retirement and any goals that may motivate your decision. For example, are there family members who will visit often? Do they live far away from where you plan on moving, so it would be cheaper for them if they saw more often? Or do they live nearby, so visiting less often would make sense financially?
It’s also important to ask plenty of questions when looking at different communities. This will help ensure that you are getting the best value for your money and paying only what is necessary for services or amenities for you as an individual or family member.
Talk To A Financial Adviser
Talking to a financial adviser is an essential part of retirement planning. A financial adviser can help you find the best way to pay for senior living. These ways might include selling your house or downsizing so that you don’t need as much space (or paying off debt). They’ll also advise about investing in stocks or bonds so that your nest egg keeps growing as inflation increases.
We hope this article has helped you to understand the process of paying for senior living. It can be daunting, but it doesn’t have to be if you plan ahead and work with an experienced team of advisors.