Smart financial planning for senior care can make a world of difference in reducing stress. Find out how to pay for enhanced personal care and other senior care. Getting older is inevitable, but worrying about money doesn’t have to be. Being prepared for the financial burdens of senior care can make the process smoother.
According to the National Council on Aging, the average monthly cost of assisted living in the United States is $4,500 per month. Unfortunately, this is an expense for which many seniors and their families find themselves not fully prepared for. Enjoying your golden years in comfort shouldn’t have to be stressful. Here are some tips for smart financial planning for senior care so you can navigate the costs and budget with ease.
How to Plan Ahead for Senior Care
Planning ahead is the best way to ensure you can cover the costs of senior care. Start by setting clear financial goals and create a realistic budget that includes potential future expenses.
Even if you (or your loved one) don’t currently need any kind of in- or out-of-home care, that doesn’t mean you won’t five, ten, or fifteen years from now. Account for these expenses.
Smart financial planning for senior care can make a world of difference in reducing stress. Find out how to pay for assisted living and other senior care.
You should also try to make the most of your retirement savings by contributing to 401(k) plans, IRAs, and other retirement accounts. These savings can provide a significant cushion when it comes time to pay for senior care.
Most importantly, make sure you have your legal and estate plans in order, including wills, trusts, and power of attorney documents. Proper planning will make sure your wishes are followed and can save your family from financial complications down the road.
