When it comes to retirement, peace of mind starts with preparation. A strong financial plan can help you make the most of your later years—whether you’re traveling more, budgeting for future healthcare needs, or simply enjoying the benefits of a maintenance-free lifestyle in an independent living community like Buckner Villas.
Here’s how to start preparing:
Assess Your Current Expenses
The first step is understanding what you spend now. While future costs can be hard to predict, your current budget offers helpful clues. Focus on the five main categories that typically shape monthly expenses: Housing, utilities, food, transportation, and healthcare.
Once you’ve calculated your monthly totals, multiply by 12 to estimate your annual spending needs. Some of these expenses may shrink in retirement—like commuting costs or mortgage payments—while others, like healthcare, may grow. Overestimating a bit is your best bet, as inflation and other economic swings can significantly affect your bottom line. For many seniors, moving to an independent living community can simplify budgeting by combining multiple expenses into one predictable monthly fee.
Estimate Your Future Costs with Confidence
Get a clearer picture of what retirement living might actually cost with tools like our Affordability Calculator. It’s designed to help you compare your current expenses with those of a senior living community and plan accordingly based on your lifestyle and goals.
Understand the Real Cost of Care
When planning for retirement, it helps to have realistic expectations about what different living arrangements might cost. For example, the average monthly cost of an independent living community is around $3,500, while the average cost of a continuing care retirement community (CCRC) is closer to $6,000. These figures can vary by region and services offered, but they highlight the importance of building a plan that accounts for both current lifestyle preferences and potential future care needs. Thinking ahead now can help reduce decision-making stress down the road.
Team up with a Trusted Advisor
You don’t have to navigate retirement planning alone. A financial advisor can help assess your needs, identify insurance gaps, and create a tailored strategy that evolves as you do. They can also walk you through options like long-term care insurance, which may provide added security.
Review your Insurance Coverage
Take time to understand what your current insurance covers and where it may fall short. Some policies may partially cover skilled nursing or rehabilitation services, but not the broader lifestyle costs associated with senior living communities. Knowing what’s included (and what isn’t) can help prevent surprises later on.
Start Saving Now
The sooner you start saving for retirement, the more flexibility and freedom you’ll have. That said, it’s never too late to make smart financial decisions. “Right-sizing” your living situation, reducing debt, or moving into an independent living community are all ways to take control of your financial future.
Ready to plan for peace of mind?
Whether you’re just starting to explore your options or looking to take the next step, we’re here to help. Contact Buckner Villas today to schedule a tour, speak with a team member, or learn more about financial planning.