Guest Blogger: Robert C. Coleman, Senior Vice President – Wealth Management, Wealth Management Advisor, Merrill Lynch Wealth Management
As they consider the transition, affording senior living is often the first consideration and stressor for families. Cost and payment options vary wildly, as do perceptions of value.
Begin by taking stock of your needs, what's important to you, and what would make your life richer and more fulfilling. Next, consider the financials. You may be asking yourself, can I afford senior living? It is important to consider all of your current living expenses as well as future costs to determine your budget, including:
Many of these items may be covered in your monthly fee at a Traditions Management community, meaning senior living may be more affordable and convenient than you think.
Senior living communities may offer two ways to pay for living expenses: a Lump Sum Buy-In or a Monthly Payment. Determining which scenario works best for your circumstance can be challenging. Robert C. Coleman, Senior Vice President – Wealth Management/Wealth Management Advisor with Merrill Lynch Wealth Management lays out the pros and cons of each approach.
It is critical to make your plans with a complete understanding of everything that comes standard with your monthly fee at Traditions Management Communities. Begin by printing our Cost Comparison Worksheet and plugging in your living expenses. You'll get a better feel for your budget and see how your current (and future costs) are covered when you live in a Traditions community.
Moving is a life-changing transition, and there is a lot to consider. We are here to support you in person, over the phone, and online with resources that help you weigh the pros and cons of staying in your current home or finding a new one designed to meet your changing needs. You can even get some of the questions we hear most answered here.
