It takes a lifetime to turn a bright future into the present day. Our golden years will be brighter if we work hard, save money, and—above all—plan ahead. Of course, older adults have responsibilities, too. Senior living will be more enjoyable if you’ve planned ahead, but there will be yet more planning to do—not just for your golden years, but for what comes next.
Where to Spend Your Golden Years
Throughout your life, you’ve been working hard to keep yourself and your family in a beautiful home. But not all seniors are able to safely stay in their homes throughout their lives. Like it or not, there are things about typical homes that can be dangerous to older adults. Whether you live in New Jersey, Texas, California, or any state or zip code in between, it’s likely that your home has hazards. Even if you don’t have stairs and steps, you likely have bathroom fixtures and other things in your home that could be perilous to you as a senior citizen.
This doesn’t necessarily mean that you can’t stay in your home as a senior, but it does mean that you should plan ahead. If you want to stay in your neighborhood, you should speak to local contractors about making improvements like stairlifts, ramps, and walk-in tubs. You should also consider a senior community or assisted living facility.
You may not need to move into an assisted living facility. But if you do find yourself in that situation, you may have to move fast. Ask experts who run superior senior spaces like the assisted living facility in Boonton Township, NJ, and they’ll tell you: It pays to examine your options ahead of time. Take time now to visit a senior community or two—or, better yet, three or four senior communities. Pick out the best assisted living community as well as the best independent senior housing community, and figure out how you might be able to move into such a space.
You may need financial assistance or help from your family members. Remember, you don’t know now what you might need later, so be sure to consider things like memory care services and other assisted living essentials. With a plan in place ahead of time, you’ll have a smoother transition to a superior senior community.
As a senior citizen, you’ll be living off of the money you saved during a lifetime of work. But it’s all too easy for even the best-laid financial plans to be derailed. The state of health coverage in this country is such that even a careful senior citizen can find him or herself in dire financial straits thanks to medical treatments and other health coverage essentials. A cancer diagnosis or another serious health issue can derail your long-term financial planning.
If you’re in need of financial assistance, it’s not too late to consider your options. Depending on your situation, you may be able to turn to different financial resources and strategies. Take viatical settlements, for example. A viatical settlement is a way to use your life insurance policy to generate cash right now. Organizations like the American Life Fund are in the business of brokering viatical settlements, which is essential in selling your life insurance policy.
A life insurance policy is a wonderful thing to have when you’re younger because it will help protect your family from the financial fallout that would occur if you were to pass away prematurely. But, for older Americans, life insurance policies don’t look quite as cost-effective. If you’re no longer earning an income, your family may not need this sort of financial safety net in the event of your passing. Meanwhile, you may be dealing with health coverage and treatment expenses—which could make it a lot more valuable for you to have cash in hand now than it would be to get a life insurance award after you pass away. A viatical settlement is an option for those suffering from serious illnesses like late-stage cancer.
Selling a life insurance policy will give you cash now, which can be a huge financial help to you. Another way to get cash when you need it is to use a reverse mortgage. As the name implies, this mortgage is one you get paid for rather than having to pay. You can continue to live in your home while drawing value from it, and your heirs will have the option to pay off the reverse mortgage when you pass away. If you have a nice home in an affluent area of New Jersey or some other desirable area of the United States, you may have a very valuable home! So why not continue to live in that affluent area while drawing value out of your home?
Ultimately, choosing to keep or sell your insurance policy or your home is a decision that you should make with a financial advisor. Turn to an advisor who works with senior citizens and make a plan for your golden years and for the years beyond. Care for each family member, and make the most of your time as a senior citizen.
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