Published On: Sat, May 25th, 2019

Senior Retirement Living Often More Affordable Than Thought

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When is too soon to begin thinking about senior retirement living? Never according to a new study conducted by Interest.com. In fact, the results of the survey revealed that senior citizens in all but two states are coming up on the short end of the stick in regards to paying for their golden years.

Indeed, only the elderly in Nevada and Hawaii are making the grade when it comes to senior retirement living. In all of the other 48 states, households of those 65 and over are earning less than “70% of the income earned by households between 45 and 64 years of age,” Business Insider recently reported.

In terms of actual dollar amounts, senior citizen households are attempting to get by on just $35,107 per year. That figure equates to a mere 57.41% of what the average pre-retirement household earns, where the annual income is approximately $61,150.

Does that mean that the safety and security of senior retirement living is out of the question for individuals who have already reached retirement age? Not necessarily. In reality, a senior retirement living facility may offer retirees ways to actually get more out of the money they do have at their disposal.

For example, as the Business Insider article explains, “Consumers may spend less on commuting and supporting children as they age and leave the workforce, but some expenses (notably, health care) only get costlier with time.” At most senior retirement living facilities, residents gain access to a community of people who are committed to making their concerns the number one priority.

The decades of experience in the long-term and senior care field these professionals bring to the table, coupled with their tireless commitment to residents’ well-being, can actually cut seniors’ health care spending over the long run. That’s because the elderly in senior retirement living homes are more likely to keep up with routine doctor appointments. As a result, medical issues are often caught early when they are still affordably treatable.

For those individuals who haven’t yet reached retirement age, planning and foresight are the keys to unlocking their senior retirement living dreams. U.S. News & World Report recently broke down a game plan in an article titled “The Ideal Retirement Age.” Key points to consider according to the magazine are: 1) working longer; 2) Medicare eligibility; and 3) higher Social Security retirement age.

Although at first glance numbers 1 and 3 might appear to say the same thing, they’re not exactly. If the idea of working past the age of 65 does not appeal to you and your IRA, 401k, etc. are in pretty good shape, you can start drawing on those types of savings to cover your current living expenses. You can then hold off on collecting Social Security benefits until a later time when the payout will be greater.

Affording the senior retirement living environment you desire is a unique combination of pre-planning, crunching the numbers and deciding what else in life is and is not important to you. Maybe you enjoy your job and would not mind working a few extra years. Perhaps you’re willing to give up a few vacations or a new car instead. Regardless, the earlier you start thinking about your senior retirement living game plan the better.

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