The cost of senior living: what can I afford?

You’ve been investing, saving, and making savvy decisions about money your whole life — so now what?

More choices await you as you plan your next chapter, and as you consider whether to move to a retirement community, financials will likely be an important piece of the equation. So take the time to gather the information and resources you need around the cost of senior living to make the right decision for you. 

Understanding the financial landscape

By this point in life, many seniors may have paid off their mortgages and other assets and are living comfortably.

As you’re starting your research on retirement communities, you may be venturing into some uncharted financial territory. What’s more, weighing the pros and cons of CCRCs, rental communities, aging-in-place scenarios, and more can often feel like an apples-to-oranges comparison. 

Investing in your future

As a first-time homeowner, you likely wouldn’t have purchased a one-bedroom condo if you knew you soon wanted to have children. You’d have invested in a home you and your family could grow into comfortably as your life progressed.

The same goes for senior living: It pays to weigh what you want and need today and anticipate what your future needs will look like.

In general, aging in place at home or moving into a rental community can be an affordable solution for your life now and in the immediate future. But in terms of future care, there are variables to consider. Should your needs change over time, you'll have to figure out solutions as you go and pay the current market rates.

Life Plan Communities take the big picture into account: where you are now as well as what care you’ll need as you continue to age. And because of this, they come with a higher up-front price tag.

No matter what you choose, each living situation comes with a different set of cost considerations.

A staff member points to a tablet while meeting with two people.

What's your bottom line?

It's invaluable to have a complete picture of what you’ll be paying for and why over the life of your senior-living investment — not just how much you’ll be paying out of pocket, but also how those investments will serve you in the future.

Yes, taken at face value, options like assisted living over aging in place with home care, or Life Plan Communities over rentals, can seem like disproportionately large investments.

But when you look at the big picture and take ongoing and long-term costs into account, an apples-to-oranges comparison can suddenly seem more apples to apples.

If you’re ready to explore your financial options at Vi, visit our pricing section.