Three Ways To Keep Retirement Living Costs Lower

Moving into a retirement community is a major life move, and just like any other milestone, finances are important. This is especially the case when you consider the fact that many seniors are on a fixed income. If you fall into this category, finding a facility you like is important, but finding one you can afford is critical. There are a number of things you can do to assist with accomplishing this goal.

Research, Research…Research

Take time to thoroughly research the retirement home before committing. Generally, retirement communities require a non-refundable deposit in order to secure a residence before moving in. Should you fail to research appropriately and later find that you don't want to reside within the community, you're going to be out of a deposit. Don't make your decision in haste.

Should you discover that a facility isn't the right match after you move in, you could be looking at even more fees if you're under-contract or lease agreement. Take your time to ensure you choose correctly the first time to avoid this extra cost.

Consider A Roommate

If the community is designed with apartment style units, consider a roommate. Many residences designed in this fashion have units with multiple bedroom options, allowing you a shared, common space while also affording you the privacy of your own bedroom.

With a roommate, you can share the cost of the residence. You may be able to find a roommate on your own, or the facility might have someone in a similar situation that they can recommend; just make sure you're taking the time to ensure the person is the right fit.

Be Open With Your Advisor

Retirement communities are in the business of providing a safe, enjoyable, and comfortable home for seniors. Allow your advisor to provide you with these benefits by being honest. If you have fallen in love with a facility, but aren't quite sure you can afford it, tell your advisor.

As an expert, advisors are often privy to incentive offers or financial assistance programs that might make the facility more budget friendly. Advisors will also be able to review any long-term care, veterinarian or other program benefits you have access to that can assist with affordability.

Ensuring affordability has a lot to do with patience and proper planning. Start planning for your move in advance so that you don't feel like you have to make a decision in haste. Make sure you are taking your time to ensure you are making the right decision.

For a retirement home, contact a company such as Retirement Residences at Greenview Lodge.

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