When moving to a retirement community, one of the most important factors you must consider is finance. You must be able to figure out the most comfortable and realistic way to meet up with the financial requirement.
While moving to an independent living apartment in Bartholomew County, IN could be a great idea, as you will now have access to a lot of amenities which allows you live an independent and maintenance-free lifestyle, you must also consider the financial commitment and how to meet up with its demand without stress. Are you planning on moving to an independent living apartment in Bartholomew County? Here are some ways you can explore to meet up with the financial demand for you to enjoy easy transitioning and stay over there.
Paying by Using Personal Funds
You can meet up with the financial demand of independent living by using your savings. This can include your pensions, retirement accounts, and investments. If you also have a source of income — such as Social Security payments or paychecks from a part-time job — you can put this money toward your rent in an independent living community as well.
Paying by Using Assets
If you are planning to move to an independent living community, you can sell your asset, like your house to fund the transition. Make sure you reach out to a real estate agent to discuss selling a home to pay for your independent living. Real estate specialists, most especially, agents who have experience working with older adults, can prove to be a trustworthy and knowledgeable partners in this process. You can this category of real estate specialist in your area through the National Association of Databases.
While the house often stands out as the most significant asset, there are other items that you can also sell to generate value. For example, if you are moving into an independent living community with your partner, you both may consider sharing a vehicle and selling your second car.
Seek Family Support
You can also access finance for your independent living apartment by gathering financial support from your family. Moving to an independent living community is your choice, but it’s a choice that will impact your adult children and grandchildren. When you carry your family members along in your decision to move to an independent living community, it can open a discussion about what is best for everyone. It might surprise you how ready your adult children are in supporting your decision and providing the financial assistance you need.
Also, if you had thought that your children will be sad if you sell the family home, do not just assume, try and hold a discussion around that. You might find out that they care much more about having you safely and securely provided for than about what happens to your real estate.
Maximize Social Security
Your monthly social security might be one of the ways to access funds in meeting up with your independent living financial demand. But there are ways to ensure that you get the most from the social security benefit you qualify for. Ensure you get every information needed around this by reading all the materials mailed to you from the social security office and researching the options described on the social security website.
You can also consider waiting until your full retirement age of 65, 66, or 67 (depending on the year you were born). This will entitle you to considerably more money than if you retire at the minimum age of 63. Which means making more funds available to meet your needs.
Some other social security benefits are also available primarily for surviving spouses — including divorced survivors — and for those who are caring for dependents. Make sure you get expert advice on the maximum social security benefits you can access.