Planning for Senior Living
As you enter your senior years, you may find yourself wondering about senior housing. Most people want to remain in their own homes for as long as possible, but there comes a point when the ease, convenience, and safety of living in a senior housing facility might add up to the best move. Here are some things to consider that may help you make your decision.
While your senior years can be lengthened with a healthy and active lifestyle, you may find that, as the years go on, the everyday activities become more difficult. When your safety is at stake, you may need to consider moving to a senior living facility.
To financially prepare yourself for your retirement and your move to senior housing, there are steps you can take now to boost your savings and your confidence in your future.
Set a financial goal for yourself and start planning. Determine how much you think you may need for the future. There are resources, such as the website www.choosetosave.org, that can help you come up with an estimate.
Define what you want in your retirement and what you look for in a senior living facility. What do you want to do for fun and leisure in the future? Be sure to set aside funds so you can still do what you like to do after you move into senior housing.
Take control of your debt now. As you plan for your future and your move into a senior living facility, you don’t want to be concerned about carrying your debt with you. Take steps to pay down any debt now.
Be prepared for emergencies. As you age, you likely will encounter more emergencies than you did in your younger years. Plan ahead by setting aside money that can come in handy when the unexpected occurs.
Chances are you’ll need to start looking into senior housing before you’re really ready to move. Getting the information you need in advance can help make the decision to move much easier when it’s time. Here are some helpful steps to take to prepare you for what to look for in your future senior living facility:
- Start researching in advance. Ask family, friends and trusted advisors, such as an estate attorney, for recommendations.
- Determine what type of facility will best meet your needs. Understand your needs and your options, including the fees and lifestyle involved.
- Tour the facilities. Get a feel for the culture of the facilities you are most interested in by taking a tour. Sample the food, attend a social event and speak with the residents.
- Allow yourself time. Choosing the right senior living facility is important, so take the necessary time to evaluate your options.
When it comes to selecting a senior living facility to move into, you want to be financially, emotionally, and physically prepared. Taking the necessary steps now to prepare for your future can make all the difference.
Need Help or have additional questions?
Call our Customer Solutions Center at (800) 475-2265 or email us today!
By accessing the noted link you will be leaving Washington Trust's website and entering a website hosted by another party. Washington Trust is not responsible for, nor do we control, endorse or guarantee the content of any external sites. Please be advised that you will no longer be subject to, or under the protection of, the privacy and security policies of Washington Trust's website. We encourage you to read and evaluate the privacy and security policies of the site you are entering, which may be different than those of Washington Trust.
Contact a Trusted Advisor
For more information or to speak with one of our trusted advisors about your unique financial needs, contact us at 800-465-2265 or submit an online form.