Have your plans for retirement living changed because of the financial crisis?
In 2001, when I managed a high-end retirement and assisted living community, a resident couple in their early 70′s visited my office heartbroken. The high tech stock bubble had burst, and the investments they once thought would sustain them for the next 20 years was no longer going to last. This was a conservative couple who had planned everything before selling their home and moving in. Unfortunately, their son was a financial adviser and had overexposed in the market.
Given the financial mess the country is in today, my guess is that many seniors are reviewing their retirement plans and expectations. I know several couples who anticipate delaying the move to a retirement community either because they fear they they can’t sell their home for what they thought, or because their investment portfolio has nose dived.
How much do you need for retirement living?
Not an easy question, as variables such as medical and long term care cost can only be approximated. Your health and lifespan will play big role. AARP’s Retirement Shortfall Calculator is a good tool to check how long your current resources should last. Simply input your savings, income, and living expenses and it shoots out how long those savings will last. The results may be eye opening.
How much does Assisted Living Cost?
The cost of assisted living in Whatcom, Skagit, and Island counties can vary widely depending on care needs and desired lifestyle. For an independent senior with no care needs, a retirement apartment can range from $1500 up to $3200 per month depending on apartment size and amenities. For assisted living, I have seen everything from $2200 to $5500 per month based on the health care services being provided.
Free Senior Living Information and Referral -
Feel free to call or e-mail me if you want to talk more about senior living options in Whatcom, Skagit, or Island county. Even if it is just basic, preliminary information I would be glad to talk.
For more senior living information visit my web site: www.ElderServicesNW.com
Mark Robinson, Elder Care Adviser, Elder Services NW
Great Blog post. I am going to bookmark and read more often. I love the Blog template … if you need any assistance customizing it let me know!