Making the move to senior living can be a tough decision, not just emotionally, but financially. While it can add up to be worth your while after considering the financial obligations of homeownership, getting your finances sorted out can be a daunting step to take. In this guide, we share with you some ways you can leverage your finances to pay for senior living.
Selling or Renting Out Your Home
If you have made the decision to sell or rent out your home to pay for senior living, that’s a great choice. However, it can be highly emotional leaving behind the place you have made so many memories in. When you have made up your mind that it’s the best decision for you, you can start looking forward to your new life in your new home. On top of your retirement savings, the proceeds from selling or renting out your home will provide you with a sizable sum or regular flow of cash to fund your new life in senior living.
Selling Your Life Insurance Policy for Fair Market Value
As you get older, it is important to know the fair market value of your life insurance policy. As an older adult, this can prove to be one of your most valuable assets. If you are considering selling your policy to alleviate your retirement costs, keep in mind that you have a legal right to sell it for fair market value. Although this value will vary on a case-by-case basis, it always helps to speak with a trusted professional for more advice.
Long-Term Care Insurance
If you require assisted living and have a long-term care insurance, get in touch with your insurance provider to find out how much they can cover. Long-term care insurance often gets overlooked when it comes to planning for senior care – never underestimate the difference it can make to your being able to fund the type of retirement lifestyle you wish to lead.
Veterans’ benefits are available to all veterans and their spouses. Although there are certain qualifications you have to meet, such as being housebound or requiring daily assistance, you can receive a monthly allowance on top of your pension if you qualify.
Why Choose Aston Gardens At Tampa Bay’s Retirement Community?
Aston Gardens At Tampa Bay offers comfortable and stylish senior living in a convenient location. Whether independent living or assisted living best suits your needs, you will find that your every need will be taken care of when you move in with us. With exclusive senior living programs and a range of services to meet your needs, you will never have to worry about housekeeping, maintenance, meal preparation, or transport ever again. All you need to do is focus on living your best life socializing with neighbors and participating in the activities you love doing.