How to Financially Prepare for Assisted Living

July 23rd, 2019 by John Wilson

If you ask anyone what their biggest concern about their senior living arrangements is and you’re likely to get a mix of answers. However, at the top of that list is likely the cost of assisted living. In the eyes of many, affordable assisted living in OKC can’t possibly exist because of all the amenities they offer. The good news is this isn’t often the case. In fact, many people who choose to move into these facilities are pleasantly surprised by how low the monthly payments can actually be. This doesn’t mean you shouldn’t prepare. The following are just some of the ways you can get yourself financially ready for this move.

Talk to an Adviser

The earlier you can talk to a financial adviser, the better prepared you will be when the time comes to move to assisted living in Oklahoma City. This adviser can take a close look at your current assets, any retirement funds you have, and other methods of financing assisted living to help you develop a timeline and determine what you should set aside to ensure you can retire comfortably in a quality assisted living facility.

Review Your Finances Yearly

Even if you set up a solid plan with your financial adviser, things can change quickly. Perhaps you unexpectedly lost your job or had to change careers. Maybe you didn’t get the raise you normally get because the company struggled financially the past year. Regardless of what the change may be, you can easily make adjustments if you take a good look at your finances each year. Tax time is an excellent time to do this since you’ll already be looking at this information.

Learn how to prepare for the cost of assisted living.

There are many ways you can prepare for the cost of assisted living.

Attend Seminars

Many senior organizations, such as the AARP, hold financial seminars regularly across the country. Attending one can give you valuable insight into the topic of affordable assisted living in OKC. They may break down the cost of assisted living in Oklahoma City and the best ways to make it more affordable for you. There are plenty of resources available, depending on your life circumstances. Veterans benefits and other government benefits can be a great way to help bring down the costs.

Use Tax Breaks

Tax breaks aren’t always easy to find. While doing your own research may reveal some of them, if you’ve been doing your taxes on your own, it may be well worth it to hire someone to help. A certified accountant will be aware of all the tax breaks available to seniors and help you save money in new ways so you can make assisted living more affordable.

If you’re looking for affordable assisted living in OKC, contact us. Our team can help you determine which benefits you qualify for so you can live your senior years more comfortably without concern over affordability.

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