Senior Retirement Planning
The current estimated average cost of senior assisted living care is $3,500 a month. And this amount doesn’t account for more expensive senior care services, such as memory and Alzheimer’s care, which can cost $5,000 to $7,000 a month. With the average life expectancy so much higher these days and with the record number of aging baby boomers reaching retirement age, the younger generations have to do more thinking about how to care for parents who have either exhausted or lost their savings. The aging workforce is also straining Social Security and Medicare benefits, according to the Congressional Budget Office, leaving more of the financial burden on the individual families. So planning for your family and being cognizant of elder care costs is crucial.
Here are some tips to help your family prepare:
1. Start planning now for aging parents. We can help you create a legal document designating someone as having “power of attorney” to grant decision-making authority in case illness or memory loss occurs.
2. Get advice on increasing savings. We are experts in financial and saving advice.
3. Get advice on appropriate insurance. Insurance goes a long way when it comes time to finance senior care and senior living. We can help you determine which insurance plan might be right for your family.
4. Do your own research! Public libraries and websites are great resources.
So begin your planning today. You’ll be glad you did. You have your own retirement planning to think of, let alone worrying about financing your parents’ care.
Burgos & Brein is the leading financial advisor and retirement planning firm in Apopka, Clermont, Kissimmee, Lake Mary, Maitland, Ocoee, Orlando, Oviedo, Windermere and Winter Park specializing in senior retirement planning.