By 2050, it is predicted that there will be 1.5 billion people 65 years old and over in the world. So, it is important to consider senior living options as you age. What are your plans?
Gone are the days when a nursing home was the only option for senior living. Now there are many different options for seniors. After all, not everyone needs a high level of support, and if possible, it is important to maintain independence.
The good news is that living for seniors does not have to be expensive. There is affordable independent living for seniors, too. Read on to learn your options.
Integrated Living Communities
There are integrated senior living communities that provide comfortable spaces to live and extra support, such as home-cooked meals and housekeeping services. You get to maintain your independence but have everything you need nearby.
You can also make a continuing care retirement plan, where support can be adapted if your needs change over time.
Independent living for seniors can be affordable. Some providers are forming new independent living models, often referred to as integrated living. They provide on-site medical services and use technology to make savings on medicare costs.
Cooperative Housing for Seniors
Co-ops are senior living homes where you save money by helping out, such as maintaining the building. You may be given tasks such as cleaning the shared kitchen or answering the phone. It helps the company save on costs, making your living situation more affordable.
HUD Housing for Seniors
HUD senior housing is a low-income independent living option controlled by the government. There are different types of housing available, such as townhomes or apartments.
You have to meet a list of criteria, and there is often a long waiting list. Check at your local housing authority for more information.
Respite Care
If you do not usually need support and can afford your current home, you can consider respite care for temporary support. You spend a brief period of time at a retirement community when you need extra support, such as after medical treatment or during wintertime. It is a nice change of scenery and more affordable than other long-term senior living options.
Low-Income Senior Living Apartments
Usually, cities and states have low-income housing available for seniors and others in need. Housing is usually central, which also makes it convenient. The government may run these, a society such as Good Samaritan, or they are private and subsidized.
Find Affordable Independent Living for Seniors
There is no need to throw away your independence as you age. There are options for affordable independent living for seniors. It is important to start planning for your senior living years to get the best option for your needs and budget.
Work out your budgets, such as your monthly mandatory expenses, emergency expenses, and extra items. You can then determine what your senior living options are. You can also figure out ways to save more money each month in preparation.
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