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At some point, individuals nearing 60 or adult children looking out for their parents will start thinking about senior living arrangements. If this describes your situation, one crucial detail you need to consider is how staying in a retirement community will affect your finances.

Thinking about how you’ll be able to pay for these new living arrangements and services can be challenging. Read on to learn more about how to financially prepare for staying in a senior living community:

  • Talk to a Financial Advisor: The right financial advisor can work with you to develop a timeline and financial plan that will help you save or secure funds in preparation for senior living. An advisor can also assist you in finding the appropriate government programs that will help you in your retirement years.
  • senior livingHave an Annual Financial Review: Commit to going over your investments, savings, and other sources of income every year. Having a list of all these financial details will give you an overview of what you will have later on and show you how financially equipped (or not) you are in the event you have to make certain lifestyle changes in your elder years.
  • Go to Financial Seminars: Knowledge is power, so take advantage of all the free seminars on financial planning methods and practices that are being offered. Many libraries conduct events or host discussions for seniors and what they need to do regarding their finances.
  • Make Use of Tax Breaks Wisely: Seniors should take advantage of the numerous tax breaks open to them. Even if they have been filing their taxes regularly for decades, retirees might find changes in their returns because of new financial sources.
     

Are you looking for senior living options? Longhorn Village is a premier assisted living community where senior residents can enjoy top-of-the-line amenities, special perks, and living spaces. Located in Austin, Texas, this living community also offers its residents comfort and quality health care. You can call (512) 266-5600 or check out their website to learn more about their options.

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