Senior Living Secrets: Five Solutions for Funding Your Retirement

When it comes to healthy aging, quite honestly, there’s a lot to do. You’re supposed to make sure to keep your body active and your brain engaged all while maintaining your social connections as well. Sure, the benefits to your overall well-being are worth the effort, but retirement is supposed to be a time with less responsibility on your plate, right? Well, it turns out that in senior living you can have your cake and eat it too, so to speak. Here’s how programs like our Vivid Life make keeping active, engaged, and connected easy and fun! 

Benefits of Healthy Aging 

Good things happen when you focus on healthy aging. In addition to feeling better overall, which in and of itself is a win, other benefits of keeping active, engaged, and connected include:  

  • Improved ability to do everyday things ​ 
  • Reduced impact of illness and chronic disease​ 
  • Enhanced mobility, flexibility, and balance
  • Improved sleep
  • Increased energy level
  • Reduced feelings of depression and stress
  • Increased feelings of happiness and self-confidence
  • Reduced risk of cognitive decline 
  • Increased mental adaptability and cognitive reserve 
  • Improved memory recall and problem-solving skills 
  • Improved concentration and attention to detail  

How Senior Living Can Help 

At home, particularly when living alone, it can be hard to stay as active, engaged, and connected as you’d like. From lack of opportunity to lack of motivation to lack of transportation to mobility challenges, and more, it’s tough, we get it! That’s why we created the Vivid Life program in our senior living communities. It’s composed of three parts: Vibrant Body, Vibrant Brain, and Vibrant Connections. Here’s what each entails:  

Vibrant Body We offer amenities such as a state-of-the-art fitness center, a pool, walking trails, gardening opportunities, and even a dog park to help you stay active. A sample of activities includes:  

  • Walking club – Daily walks at different outdoor locations using pedometers to measure steps. 
  • Yoga – At least once per week for gentle yoga, and once per week for mindful breathing. 
  • Fitness classes – At least two times per week using a variety of hand weights, resistance bands, and circuit-type exercises. 
  • Tai Chi – At least once per week with a live instructor. 
  • Non-traditional exercise – Dancing, gardening, etc. at least two times per week. 
  • Physical games and sports – Golf, putting, bowling, croquet, bocce, and ping pong available daily with organized events one to two times per week. 

Vibrant Brain We offer monthly calendars filled with classes, events, creative arts, and enrichment opportunities to help keep you engaged. A sample of activities includes: 

  • Visiting lecture series – Twice per month with topics such as cultural, historical, local interest, career-oriented, etc. 
  • Creative art series – At least one per week with a theme that runs 3-6 weeks, such as poetry writing, storytelling, painting, digital photography, etc. 
  • Learning series – At least three times per month with an emphasis on learning something new such as foreign language, sign language, technology, hobbies, etc. 
  • Games – At least one time per week and may include poker, bridge, Scrabble, etc. 
  • Mindfulness – A meditation class once per week and gratitude discussion group twice monthly. 
  • Church service – At least once a week through visits by local churches. 
  • Stress reduction – At least once per month class that offers deep breathing exercises, nature walks, music appreciation, spa-type treatments, etc. 

 Vibrant Connections We offer resident-led clubs, social events, outings and volunteer opportunities for any interest to help you stay connected. A sample of activities includes: 

  • Outings – At least twice per month and may include going to concerts, art shows, museum visits, theatre productions, etc. 
  • Intergenerational programming – At least once per month and focuses on building relationships between young adults/children and residents. 
  • New resident welcome party – At least once per month to formally introduce all new residents, and includes ice breakers, social games, etc. to encourage connection. 
  • Philanthropic program – At least once per month provide residents the opportunity to give back to the community, such as volunteering for a local food bank or pet shelter. 
  • Resident-led clubs – May include game clubs, professional clubs, common interests, etc. that meet at least monthly.  

What’s more, it’s all right outside your door (or transportation is provided offsite) and all in a supportive environment with home maintenance, housekeeping, and restaurant-style dining freeing your time to make it even easier to stay active, engaged, and connected. 

Learn more about Vitality Living’s Vivid Life programs. Or find a Vitality Living community near you today to schedule a tour. 

blog-family-decision-guide

 

What does your dream retirement look like? If it includes relaxation, fun, amenities and peace of mind, you just described senior living. Yes, senior living. Don’t let old perceptions or the initial sticker shock deter you. Look closer and you’ll find a senior living community may just give you the active, engaging retirement you’ve always wanted. And here, we’ll give you the secrets to funding it.

Cost Concerns

It’s true, senior living doesn’t come cheap, but quite frankly, neither does aging in place at home. Unfortunately, many seniors take those costs at face value and automatically assume they can’t afford senior living. But, there are actually a number of ways to offset the cost, putting senior living well within reach.

Solution One:  Veterans Aid & Attendance Benefit 

Wartime veterans or a surviving spouse with limited income may be eligible to receive a non-service connected pension (above the basic pension) to assist in paying for assisted living, home health care, adult day care or skilled nursing if you meet certain conditions.

Solution Two: Long-Term Care (LTC) Insurance

LTC insurance can help you pay for the cost of home care, adult day care, assisted living, memory care, skilled nursing and hospice by covering services typically not covered by health insurance, Medicare or Medicaid. However, the older you are when you purchase the policy, the more expensive your premium might be. 

Solution Three: Life Insurance Conversion

If you have an in-force life insurance policy you may be able to convert it into a pre-funded financial account that disburses a monthly benefit to help pay for needs such as home care, assisted living, skilled nursing and hospice. Unlike life insurance, this account is a Medicaid qualified asset.

For more information on senior living, check out our Family Guide to Funding Senior Care & Housing!

New Call-to-action

Solution Four: Reverse Mortgage 

This is a type of home equity loan for homeowners 62 or older who want to access its equity to supplement retirement income. The lender makes payments to the borrower based on a percentage of accumulated equity and the loan must be repaid when the borrower dies, sells the home or permanently moves out.

Solution Five: Current Assets as Collateral

You may already have more funding sources available to you than you realize. Consider selling or renting your home, for example. What savings, stocks, bonds or annuities do you have? And don’t forget about income such as Social Security or a pension. Also, are you paid dividends from stocks? Any or all of these can help towards senior living costs.

Making the Retirement You Want Reality

Now that you know senior living is actually more affordable than you thought, let’s talk details on how it can bring that dream retirement of yours to life. For starters you’ll have freedom from chores and home maintenance. It’s a worry-free lifestyle with housekeeping, laundry services and restaurant-style dining. 

If that feels resort-like, wait until you see the campus with lush green landscaping, beautifully decorated interiors, spacious accommodations and amenities such as a pool, fitness centers and onsite beauty salon. Then there’s the monthly calendar that’s overflowing with clubs, classes, events and outings. You’ll never want for something to do or a friend to enjoy it with! But what’s invaluable is the peace of mind that comes with knowing you’ll always have care and support, if and when you need it.

It’s because of these benefits that more and more people are moving to senior living, even while perfectly healthy!

Vitality Living half Blossom
Skip to content