Planning for Senior Housing Part II: Where to get started?
In my last post, I gave Cariloop readers some tips for staying at home as long as possible. Today, we’ll review some strategies for moving into a retirement community or playing it by ear.
Goal B: I want to make an Easy Transition to Senior Housing.
If you’d rather be in the company of others who are your age and share your interests, then a retirement community may be a good option for you. Here are a few things to keep in mind over the next few years:
– Remove clutter. When you move into senior housing, there’s a good chance that your new apartment will be much smaller than your current home. Plus, when you list your home, the real estate agent will want all of your extra junk removed as well. So, if you want to get a jump-start on the process, go ahead and start a donation pile today.
– Survey the local market for senior housing. You might not plan on moving for a long time, but it can’t hurt to look, right? Taking a short tour of retirement communities in your area can help you get a better idea of where you’d want to move, how much it will cost, and if there’s a wait list at the facility. Cariloop can help save some time here as you start this process.
– Meet with a real estate agent and financial planner. Since you know that you’ll be selling your home eventually, now is the time to get some opinions on the best price given the local market, the best way to stage your home for sale, and the cost of repairs that you’ll need to make prior to listing. Once you know more about your home and its value, your financial planner can help you craft a plan for paying for senior housing expenses. You’ll also learn more about how large of an apartment you can afford given your budget.
Goal C: I want to Play it by Ear.
If you’ve read through the above plans and still don’t really know what you want to do, then consider doing a little of both. In each of my plans, I recommend reducing clutter in your home, fixing broken doors, cabinets, and fraying carpet, and meeting with your financial planner. If you’re interested, check things out here on Cariloop for your area or drop by a few communities in your area and take a tour.
You don’t necessarily have to decide today. In fact, everyone’s plan will change as they age. So, be prepared, but try not to stress too much over your decision.
Virginia Traweek owns SeniorHousingMove.com, a website dedicated to helping seniors, their families and their advisors make the best decision regarding CCRCs. She has written several books for seniors, including: Continuing Care Retirement Communities: An Insider Tells All, The Financial & Estate Planner’s Guide to Retirement Communities, and UnSCAMable: How Seniors can Protect Themselves on the Internet.