Paying for retirement and planning for the future can seem like a daunting task. Finances should not keep seniors from living how they want to live, whether that’s independently at home or in an Orlando, FL, assisted living community. Luckily, there are several programs and ways to leverage assets to help cover costs.
Here are 3 financial options all seniors and their families should know about.
1. Social Security Income
Most people have heard of Social Security, but few families know the specifics of how it can work for an elderly loved one.
Social Security was created to support the older population by paying retired workers a continual income (from a fund they’ve likely already paid into).
Seniors can apply for benefits online from the comfort of their homes. Eligible workers receive a monthly stipend that can be used to pay for everyday expenses like housing, utilities, and food.
While Social Security income payments can be helpful in covering expenses, most seniors find that the payments alone are not enough to cover all of their costs. Families should consider whether supplemental income will be needed.
As seniors age, health care can become a significant expense. Between routine visits, unexpected health issues, and managing long-term diagnoses, health care costs add up quickly. Seniors and their families should be familiar with the Medicare program.
Medicare is a federal health insurance program serving certain individuals, including those over 65. Medicare can cover most, if not all, of the costs associated with hospital visits, routine doctor appointments, and medications.
Medicare offers a number of different options that seniors must opt in to. Seniors and their families should work with a financial advisor or government official to determine what Medicare covers and which plan is best.
3. Leveraging the Family Home
Not all seniors have assets that they can leverage in retirement. But for those who own a home, it can provide meaningful income during retirement.
There are several ways seniors can use the family home to provide income, including:
- Renting part or all of it
- Getting a home equity loan
- Taking out a reverse mortgage
Decisions about real estate can have long-term impact, so it’s important to carefully consider the options and work with a professional who can offer honest advice.
Paying for Orlando, FL, Assisted Living
Many seniors miss out on the benefits of assisted living because they think they can’t afford it. However, with access to assistance programs and a variety of pricing options, even specialized services like memory care in Orlando can be affordable.