Local Info, Tips and Checklists
from The Peaks at Old Laramie Trail in Lafayette, Colorado
TIPS AND CHECKLISTS
How will I know when it’s time?
Before you say “I’m not ready for a retirement community,” you owe it to yourself to answer these questions:
- What is it I’m not ready for?
- How will I know when I’ll be ready?
- Why should I consider a move if I’m still healthy?
- Will I have to move again if my health fails?
- Isn’t a retirement community for “old people”?
Check out answers in these articles:
Making the Retirement Community Decision
11 Signs It Might Be Time for Assisted Living
Conversation Starters: How to discuss Tough Topics with your Parents
6 Ways to Prepare for “The Talk” about Moving to Senior Living
Know the 10 Signs of Alzheimer’s and Dementia
Lafayette, Colorado Facts and Information
Top 100 Places to Live
6th safest Colorado city with a population of 20,000+
Did you know?
Crunching the numbers:
Most costs are included in your monthly rent: housekeeping, maintenance, utilities (except for phone), transportation, meals, and entertainment.
You may be surprised to learn that senior living is much more comparable—and a lot more fun—than you may have originally thought! Regardless of your current financial situation, there are numerous options to fund your move to senior living.
Private pay comes in many methods:
- Income in the form of interest, capital gains or dividends can be generated by money in savings and investments, and can be used to pay for living expenses.
- Real estate assets, such as the sale of a home, can be a great source of equity when trying to fund a move to senior housing. For those not ready to sell their homes quite yet, a home equity loan could be a good option. These loans come in many different forms but generally allow homeowners to tap into the equity on their home and use it as collateral.
- A life settlement is a transaction in which a person sells the ownership of a life insurance policy for cash. Though not well known, this can be a good source of funds for those who qualify. These settlements can be done directly with an insurance company or through a third party. Long term care insurance is an option for paying for assisted living services.
- VA Benefits – For qualified veterans, the VA Aid and Attendance Benefit pays various amounts to veterans and surviving spouses.
Did you know that moving into a retirement community could offer big tax breaks?
Consult your financial advisor for more information.
4 Tax Advantages of Living in Retirement Community
Hidden tax benefits of continuing care retirement communities