Heritage Financial North
  • Home
  • About us
  • Services
  • Blog
  • Contact
  • Free Review

Blog

Consider These Factors Before You Move into a Retirement Community

8/8/2018

0 Comments

 
Picture
Are you considering moving into a retirement community? That could be a smart move. Retirement communities are popular because they usually offer a wide range of activities, amenities and socialization opportunities. They also offer support for each phase of retirement, from independent living to assisted living to skilled nursing care.
 
You may find a retirement community helpful because it gives you the chance to enjoy your independence while also having support and medical providers nearby. You also may make a whole network of new friends, as all of your neighbors will be like-minded retirees. In fact, regular socialization with others could reduce your stress level and your risk of cognitive disorders like Alzheimer’s.
 
Before you sign the contract, though, it’s important to do your due diligence and ask tough questions. Every community will put its best face forward during the sales process. Not all communities are the same, however. Below are a few factors to think about as you consider your retirement community options:

Community Finances
 

Your retirement community is meant to be your final home. You may transition over time from independent living to assisted living or even skilled nursing care. However, the idea is that you’ll never have to move again after you move into the community. You could be there for several decades.
 
The only way to get the full benefit of the community’s services, though, is for the community to last for the duration of your retirement. If the community fails because of financial issues, you may not get a return of your deposit or other funds.
 
Don’t be afraid to ask about the community’s finances before you move in. The occupancy rate is an especially important point. If the community has a high level of vacancies, that could be a red flag. Ask why the vacancies exist and what’s being done to correct the issue. You may even ask to see the community’s balance sheet. Also, be sure to ask what happens to your deposit and payments if the community ever becomes financially insolvent.

Base Services and Extras
 
As you tour a retirement community, you will likely see flashy marketing materials that highlight fun activities and luxurious amenities. However, those items aren’t always included in your initial deposit and monthly payments. Many communities offer premium services and amenities for an extra cost.
 
For example, group outings could cost extra. While the community may have an association with a local golf or tennis club, you may have to pay membership dues to join. Also, it’s possible that your costs may change if you transition to assisted living or skilled nursing care. Ask plenty of questions to see how the costs will add up now and in the future.

Long-Term Care Insurance
 
If you’re in the early stages of retirement, you may not be thinking about long-term care. However, long-term care is an issue that many retirees will face at some point. It’s extended assistance with basic daily activities such as mobility, bathing and eating. Most communities offer some level of long-term care support, usually through an assisted living community.
 
If you already own long-term care insurance, check with your insurer to make sure it covers the community and its services. If you don’t have insurance, now may be the time to consider it. Your insurance policy could help cover some of your community payments should you ever need assisted living care or skilled nursing care. Your financial professional can help you determine which long-term care policy is right for you.
 
Ready to develop your retirement strategy? Let’s talk about it. Contact us today at Heritage Financial North. We can help you analyze your needs and implement a plan. Let’s connect soon and start the conversation.
 
Advisory Services Offered Through Change Path LLC, a Registered Investment Advisor. Heritage Financial North and Change Path LLC are not affiliated.
Licensed Insurance Professional. This information is designed to provide a general overview with regard to the subject matter covered and is not state specific. The authors, publisher and host are not providing legal, accounting or specific advice for your situation. By providing your information, you give consent to be contacted about the possible sale of an insurance or annuity product. This information has been provided by a Licensed Insurance Professional and does not necessarily represent the views of the presenting insurance professional. The statements and opinions expressed are those of the author and are subject to change at any time. All information is believed to be from reliable sources; however, presenting insurance professional makes no representation as to its completeness or accuracy. This material has been prepared for informational and educational purposes only. It is not intended to provide, and should not be relied upon for, accounting, legal, tax or investment advice. This information has been provided by a Licensed Insurance Professional and is not sponsored or endorsed by the Social Security Administration or any government agency.
17848 – 2018/7/30
0 Comments

Your comment will be posted after it is approved.


Leave a Reply.

    Archives

    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018

    Categories

    All
    2020
    Benefits
    COVId
    Economic Update
    Election
    Employer Plan
    Fed Chairman
    File For Social Security
    Financial Planning
    Fourth Quarter
    FRA
    Insruance
    Insurance
    Long-term Care Insurance
    Managing Healthcare Expenses
    Portfolio
    Retirement
    Retirement Community
    Retirement Income Planning
    Retirement Planning
    Risk
    Risk Tolerance
    Social Security
    Stock Market
    Tax Planning
    Tax Tips 2019
    Volatility

    RSS Feed

Call Us Toll Free 888 579 0429
​
433 Airport Blvd. Suite 228, Burlingame CA 94010

Heritage Financial North BBB Business Review
Picture
© 2020 Heritage Financial North | Advisory Services Offered Through Change Path, LLC  a Registered Investment Advisor.
​ Heritage Financial North, Heritage Financial North Insurance Services  and Change Path, LLC are not affiliated. |  CA Insurance License # 0E02803
  • Home
  • About us
  • Services
  • Blog
  • Contact
  • Free Review