Think you can’t afford to live in a senior living community like Lake Gibson Village?
How do you know whether you can afford to move into a senior living community? For some senior adults, the decision can be complicated. You have to balance the rising costs of staying home against the monthly fees in the senior living community.
But for many senior adults, the positive benefits of living in a senior living community — including a staff of trained professionals who provide services that allow them to spend their time and energy on what matters most to them: achieving a pleasurable quality of life, participating in fun activities and hobbies, and improving their health and fitness — outweigh any costs.
Here is some advice for helping you decide whether you can afford the monthly fee at a senior living community.
• Make a budget. Figure out your monthly income, assets, and debts.
• If you will be selling a house, estimate the proceeds from the sale of your house and add that to your assets.
• Make sure to account for the costs of major home repairs, maintenance and purchases. If you have been living in your home for at least 10 years, add up any major repairs, such as a new roof, maintenance costs, such as a lawn-care service, and expenses, such as new kitchen appliances, and divide the total by 120, to get the average monthly expenditure for maintaining your home. You can use that monthly amount as an estimated figure for what you’ll pay over the next 10 years if you decide to “age in place.” This is money in your pocket if you sell your home.
• Factor in the cost of your grocery bill and restaurant expenditures. Your monthly fee at a senior living community will cover chef-prepared meals, so this represents additional savings to you.
• Find out what’s included in your monthly senior living community fees. For example, special excursions may be available for an extra fee — don’t figure to figure these extra costs into your budget.
You’ll have created an old-fashioned spread sheet once you’re finished, but it should give you a clearer picture as to whether you can afford a senior living community like Lake Gibson Village. We think you’ll be pleasantly surprised!