Saving for Retirement Should Include Saving for Senior Living
Seniors today, or those approaching retirement age, have hopefully been saving money in a company sponsored 401K, individual IRA or other investment. Social Security benefits only go so far.
If you find yourself in your later years unable to care for yourself and unable to remain in your own home, it’s important that you have some savings and/or income that will allow you to move into an assisted living community. Assisted living communities are much better living situations than nursing homes. And it’s important to remember that Medicare does not pay for assisted living, and neither does Medicaid.
A recent report on the future of senior living says the industry and the government agencies on aging need to do a better job of educating people nearing retirement age and seniors about the financial implications of long term care. Americans are living longer and longer.
According to data compiled by the Social Security Administration:
- A man reaching age 65 today can expect to live, on average, until age 84.3.
- A woman turning age 65 today can expect to live, on average, until age 86.6.
And those are just averages. About one out of every four 65-year-olds today will live past age 90, and one out of 10 will live past age 95.
And many of us don’t realize the likelihood that we will need help at some point in the future. By 2020, there will be more than 77 million people over the age of 60, and as many as two-thirds of those will eventually need help with bathing, dressing, cooking and similar activities of daily living.
Have you given serious thought to where you will live if you become disabled or can’t care for yourself anymore? One option, if you qualify, is home health care through Medicare. Staying in your own home can be appealing, but it can be lonely, if your spouse has died.
Another option, increasingly appealing to many seniors, is an assisted living community like Hart Heritage Assisted Living. We have cozy apartments, tasty meals in the dining room, and a full calendar of activities to keep our residents active, entertained and healthy. You’re never too old to make new friends!
It’s never too early to start saving for retirement, and never too early for thinking about how and where you would like to spend your golden years.
If you’d like more information about Hart Heritage Assisted Living, or if you’d like to schedule a tour of one of our assisted living communities, call us at 410-638-6047. We’d love to welcome you or your loved one into our family!