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MAKING THE RIGHT SENIOR HOUSING CHOICE
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SUMMER 2021
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here are about 22,000 senior housing properties in the U.S. so figuring out which one to choose can feel a bit daunting. Asking yourself the following questions will help you narrow your range of choices so you can find the best fit for your loved one’s lifestyle and budget: How much can they afford and what level of services do they need? You may think senior living is expensive. But a lot of people are surprised at how favorably costs compare to home ownership. First, figure out how much it costs them to stay in their home. Even if they’ve paid off their mortgage, they still have homeowner’s expenses such as ongoing home maintenance issues, as well as expenses for utilities, taxes, groceries, dining out, entertainment, etc. Next, take all their financial resources into account. In addition to income and assets, this includes, retirement investments or other pension benefits. Once you collect this information, you can establish a budget and an amenities wish list. Once you do, you’ll be much closer to finding the senior living lifestyle that’s best for your loved one.
