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Financial Planning Advice for Active Adults and Their Families

Planning for the twilight years of your life may feel daunting, but it’s a life transition welcomed by most. After years of caring for the needs of others and paying for unexpected emergencies, one of the biggest adjustments to senior living is learning to live on a fixed budget. However, it’s not impossible to pay for active adult living options with successful financial planning. As one of the most respected active adult living communities in Lexington, SC, The Village at Southlake is proud to offer financial planning advice for active adults and their families. Read on for helpful tips to make financial planning for active adults seem less challenging as you and your loved ones look forward to the future. Feel free to reach out to us with additional questions.

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How Much Does Senior Living Cost on Average?

Senior living costs can vary by location, as well as depending on the level of care required and the type of floor plan selected within a community. Whether you’re looking for assisted or independent living at its finest, we aim to please at The Village at Southlake. We have over 50 floor plans available to offer the best retirement living in Lexington, SC. Our flexible floor plans start at $2,200, reflecting the overall reasonable cost of living in Lexington County. Our housing options are completely maintenance-free and include emergency call systems to ensure the safety of our residents.

From spacious apartments to custom-built cottages and beautiful garden homes, we offer a variety of unique layouts and amenities to give you the comforts of home in a tranquil setting. Our residents can relax and enjoy a carefree lifestyle among friends, with an engaging social calendar of activities, three delicious home-cooked meals a day, and many other perks. Our all-inclusive independent living includes the costs of rent, transportation, housekeeping, meals, and utilities (except telephone).

How Can I Pay for Senior Living at The Village at Southlake?

Many active adults want to live in a senior living community but are worried about covering the monthly expenses on a fixed income. However, you may have more options to help pay for active adult living than you realize. Some seniors use personal savings and benefit programs to pay for their care, while others may rely on family to help cover the costs. If you qualify for veterans’ benefits or the government healthcare program Medicare, these may also help you cover your healthcare and living expenses.

Four Financial Tips for Active Adults Budgeting for Retirement

If you’re saving and budgeting for your retirement as an active adult or that of a loved one, keep these four helpful tips in mind to protect your best interests:

  • Avoid Financial Fraud – If you’re a senior, be on the lookout for potential scams designed to steal your identity or wreck your near-perfect credit score. Seniors are often vulnerable to financial fraud. Never sign any blank claim forms or provide sensitive information to unverified sources over the telephone or the Internet.
  • Don’t Underestimate Healthcare Expenses – Medicare coverage for seniors doesn’t always cover soaring healthcare costs. Therefore, it pays to seek professional advice and budget your healthcare expenses accordingly to cover any gaps in coverage or long-term illnesses.
  • Protect Your Savings – While you might be tempted to splurge on yourself or your adorable grandchildren, try not to overspend during the holidays and other special occasions. It’s essential to maintain your personal savings to live comfortably and age gracefully in retirement.
  • Grant a Power of Attorney – Granting a power of attorney is important when making decisions that will impact your future. This person will be responsible for making financial and care-related decisions when you can no longer do so yourself. Be sure to choose someone right for the responsibility who will keep your best interests at heart now and in the future.

Understanding Your Medicare Coverage and Veterans’ Benefits

If you’re over the age of 65 or disabled, you might be eligible to receive Medicare benefits from the U.S. government. Medicare coverage for seniors doesn’t typically include long-term senior living care, but you might be able to use it toward short-term nursing or hospice care. Your Medicare plan may also cover outpatient care, medical supplies, preventive services, and prescription drugs. Sometimes having these healthcare items covered frees up other funds for your assisted or independent living costs.

If you or your spouse were a veteran, you might be able to use the Veterans Aid and Attendance program or the VA Pension program to help pay for senior living expenses. These government-funded pension benefit programs can be used to cover the costs of skilled nursing, assisted living, in-home care, and more. Veteran benefits for seniors have guidelines that must be met, including the following:

  • You must have served a minimum of 90 days of active duty with at least one day during wartime
  • You must be 65 or older or totally and permanently disabled
  • You must be a patient in a nursing home or receiving skilled nursing care
  • You must be receiving social security disability insurance or supplemental security income
  • You must have an annual family income less than the amount set by U.S. Congress

Reach Out to The Village at Southlake for Additional Advice

If you’re ready to begin the financial planning for active adults conversation, The Village at Southlake would be happy to help if you’re in the Lexington, SC area. We specialize in providing financial planning advice for active adults interested in joining our community. Please contact us for additional resources or to arrange a tour of our vibrant senior living community. You may also consult our frequently asked questions section to learn more about our many state-of-the-art amenities and luxurious floor plans.

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