Maybe you’re looking to spend your golden years in a tight-knit community of like-minded individuals, or you’re helping a loved one make this transition to independent living.
Either way, it’s common knowledge that successfully making the move from your home to an assisted orindependent living facility requires some financial planning.
How to Plan for Your Move to Independent Living in Bradenton, FL
Whether your loved one is already beginning the moving process to an independent living community or they’re simply considering it as a possibility for the future, it’s never too early to start planning out the financial details. Take a look at the four top tips for successful financial planning when it comes to retirement community living.
1. Be Transparent with Family About Finances
Though the overall costs of living in a retirement community can often average out to less than the costs of homeownership, making the shift to such a community still requires a good deal of inter-family planning and financial allocation.
If you are helping a loved one fund their transition to independent living or working with other family members to finance the move, all parties involved should be transparent about their own financial situations.
Discussing finances can be uncomfortable, especially between older parents and their adult children. However, maintaining a high level of honesty and open communication around the topic will help family members avoid conflicts or heightened emotions and make the process as smooth as possible.
2. Plan in Advance as Much as Possible
If your loved one wants or needs to move into an assisted living facility within a time frame of just a few months to a year, you may not be able to put away very much to help financially support the transition.
However, if you are able to plan your family member’s move to assisted living in advance, you’ll be better off monetarily as well as emotionally and logistically.
Your family will be able to create a fund dedicated to future assisted living costs, and you and your loved one will also be able to start planning the logistics of the moving process well before it begins. This extra time can ensure a smooth and stress-free transition.
3. Consult with a Financial Advisor
If you’re unsure how best to finance your loved one’s move to an independent living community, meeting with a financial advisor is always a good idea. A professional in the field will help you be realistic about what’s possible based on your resources and work alongside you to form a plan for financing independent living for your family member.
Though you may have to pay a bit upfront for a financial advisor’s services, the value you’ll gain from their expertise will be worth it in the long run.
Plus, a financial advisor can help you determine whether your family member qualifies for any public benefits such as veterans aid, private credit lines for seniors, or even tax-exempt monetary gifts from family that can help keep them comfortable in their golden years.
4. Make Sure You Understand All of the Costs
As you’re exploring your options for independent living in Bradenton, FL, it’s important to make sure you’re being as detailed as possible when you speak to representatives and learn more about the costs included.
Always ask for a detailed rundown of what your family member’s monthly bill at the independent living community would include and take the time to compare it side-by-side with their current living expenses as a homeowner or renter. This will allow both of you to be financially prepared for the years ahead.
