What Baby Boomers Want
Retirement living has come a long way since the days when it meant downsizing to a condominium near the grandkids. Communities have sprung up across the United States and abroad.
What sets retirement communities apart is their focus on supporting seniors as they age. These communities meld services and amenities with independent living to aid retirees through all the stages of retirement. There are communities for everyone in any situation, from those seeking to socialize to retirees craving solitude.
But this way of retirement living doesn’t always come cheap. A retirement community can set you back anywhere from $1,500 to $6,500 a month on average, but with adjustments, there are a lot of possibilities. With retirement easily lasting more than twenty years, you could end up with a big shortfall if you overspend on your community.
The good news: with the help of a trusted financial advisor/planning firm, you won’t get stuck with a lifestyle you’re ill-equipped to afford. The right financial advisor/planner can help you find a retirement community that meets all your needs without draining your savings.
Prime Wealth Advisors is here to help retirees with their financial planning needs. We have locations in both Sun City and Scottsdale, AZ, although we are licensed in many states. Our collaborative approach includes a team of experts in Planning, Investing, Risk Management, Tax, and Legal to help you with the advice you need for a comfortable, secure retirement.
Budget Dictates the Type of Community
There are several factors to consider when determining where to live, but the cost drives a big portion of that decision. Affordability will dictate the type and location of the retirement community you set down roots in. Take Arizona and Florida, home to the largest retirement communities in the U.S.
There are numerous communities in Sun City offering different home types, amenities, and services at different price points. A home in Sun City West, Arizona for one example, will set you back more than a house in Sun City, Arizona. Florida home prices will tend to be higher.
It's important for pre-retirees and those already in retirement to sit down with a trusted financial advisor/planner to go over their finances before considering a retirement community. A financial advisor/planner firm that offers a holistic approach to wealth management can help you determine what you can afford now and into your future.
In the early years of retirement, a large percent of your money goes to housing and amenities. You're still young and your energy level remains high. During this stage, you're spending your money on hobbies whether that's golfing with other retirees, traveling, or any activity you take pleasure in.
But as you age and begin to slow down you may need more cash for healthcare and have less desire to lead an active life. The amenities that drew you to the retirement community will begin to lose their luster.
By working with a financial advisor/planner, you’ll receive a complete picture of what you can afford now and for the remainder of your life. Your financial advisor/planner can help you choose a retirement community that provides services and amenities that are helpful throughout your retirement journey.
Think About the Life You Want to Live
Once you know how much you can afford you can begin the search for a retirement community that meets your needs, or you may avoid the communities altogether opting for something independent and customized. There is a retirement community for everyone, but rules and restrictions exist with all of them. Some will allow pets while others prohibit them. One retirement community will have restrictions on who can live with you while others don't. There could be rules regarding the color you paint your home or the flowers you plant in the garden.
The amenities offered also run the gambit with the rent increasing based on what’s offered. A community with an aquatic center, salon, spa, and housekeeping will cost more than one that doesn’t offer that. Don’t get swept away with all the amenities when searching for your retirement community. Make sure you’re paying for perks you’ll use.
Medical Support Should Be Weighed
No matter where you choose to retire, access to medical care should be a top consideration. As we age the chance of unexpected illness and injuries increases. That’s even more pronounced the older we are. Retirees may want to settle down in a community that has access to the care they need today and into the future.
That means making sure the specialists you require are nearby or that the community offers care in one centralized location. You’re healthy today, but that may not be the case in the future. We offer support throughout the U.S. and its territories. Many retirement communities offer care on-site and care plans for the remainder of the senior’s life.
A financial advisor/planner firm can help you calculate your potential healthcare costs and choose investments to ensure your money continues to work for you. They can also help you plan for any potential stents in a long-care facility or if you need around the clock care at home. As you embark on your retirement journey you may not want to think about health problems and the impact it will have on your retirement budget, but the more you plan the better the odds your money will outlive you.
Peace of Mind
One of the reasons retirees are drawn to retirement communities is the peace of mind that comes with knowing they are safe and secure. Many retirees live on their own with their adult children in different towns, cities, and states. That’s why choosing a retirement community that has security top of mind is a must.
You want a community that has security features, including emergency call buttons and on-site security staff. The idea behind a retirement community is to provide a safe and comfortable place for retirees to live out their golden years. If you feel unsafe leaving your home, the community isn’t for you.
How A Financial Advisor/planner Can Help
Retirement planning should happen long before you decide you want to spend your final years in a retirement community. If you haven’t planned, don’t panic. We can still help you. Ideally, but not always, it begins with your first full-time job. There are ways to store up your savings so you can hopefully where you always dreamed of.
No matter where you want to settle down, you have to plan for your goals. A trusted financial advisor/planner plays a central role in that, devising a strategy to realize that dream. Settling down in a retirement community is more than choosing the location based on weather and amenities.
It requires planning to make sure you can afford it, considering taxes, healthcare, and estate planning. It's only with a complete picture of your finances that you can choose a Sun City or Scottsdale retirement community you’ll get to enjoy throughout your golden years.
At Prime Wealth Advisors our mission is to help our clients achieve a secure and comfortable retirement. We take the time to get to know our clients and their unique situations and then work with them on a financial plan. We are able to offer planning, investing, insurance, tax, and legal services to our clients-all under one roof. Contact us today for a complimentary consultation.