Common Ways Older Adults Finance Their Move to Senior Living Communities

You’ve spent years carefully saving, investing, and planning for your future, and now you’re ready to finance your move to a senior living community. There are numerous ways to save for the future, and at The Club at Boynton Beach, our residents’ plans are as diverse as their life stories. Three of the most common ways older adults finance their move are with investments, Long-Term Care Insurance, and Home Equity Loans.

Savings and Investments

Saving for retirement is many people’s first experience in financial investing. Of the myriad ways to do so, the following are some of the most common options.

401(k)s

For years, it has been standard practice for companies to offer a 401(k). This likely means you’ve invested in one, yourself. Many seniors look to their 401(k) when preparing for the move to an Assisted Living or Memory Care community like The Club. After all, years of deferring portions of your paycheck were for this very purpose! With a 401(k), you have, essentially, provided for yourself in advance and won’t incur new debt by taking advantage of these hard-earned funds. It is for this reason that a 401(k) is one of the most utilized options.

Stocks, Bonds, and Securities

Whether you navigated the stock market yourself or employed the services of a financial advisor, investing in stocks, bonds, and securities was a wise decision. Experts state that the “return potential gives them the best chance to beat inflation over long periods .” In other words, your long-term commitment and savvy portfolio management may allow the marketplace to finance the move for you.

Long-Term Care Insurance

Many older adults have turned to Long-Term Care (LTC) Insurance for financing their move to an assisted living community. LTC Insurance covers extended care services, unlike your Medicare or employer-based health coverage. A bonus benefit to this option lies in its preservation of one’s assets. In other words, there’s no need to sell off your stocks or properties. The policy exists for the sake of carrying you on this new journey.

Home Equity Loans

A Home Equity Line of Credit (HELOC) is particularly helpful to those in need of funding long-term care when their finances are tied up in their primary residence. With flexible options, and the ability to borrow only what you need (when you need it), it is clear why this route is among the most common. As with LTC Insurance, a HELOC allows you to retain possession of your assets. Also, unlike a reverse mortgage, it does not require you to remain living in your home.

Financing Your New Life in South Florida

As you make your move to The Club at Boynton Beach, take time to consider the benefits of all available financial options. Whether you’ve invested in Wall Street, purchased a LTC Insurance policy, leveraged your residential assets, or availed yourself of another opportunity, the bottom line is that all of your preparation is finally paying off.

At The Club at Boynton Beach, we’re making the transition (and budgeting) even easier with our Priority Program. As one of our first residents, you can save up to $10,000 on rent and fees, have your choice of apartment views, and even have $500 off of your monthly service fee. Contact us today to schedule your tour and learn more!