Estate Planning & Senior Living: Financial Considerations for a Worry-Free Future
Savvy seniors embrace the need to plan for the future.
The retirement lifestyle you envision for yourself or someone you love may include senior living and care. Families choose senior living for many reasons. Some are based on lifestyle goals, while others are related to care needs.
Regardless, thoughtful estate planning is a key part of the process. Reconciling your finances with your senior lifestyle goals allows you to realize your ideal senior living situation. MorseLife is here to help you plan for a stress-free future with our estate planning tips.
Secure your future with thoughtful estate planning
Assessing your finances with an eye toward the future is vital to ensuring your preferred senior lifestyle is within your budget when the time comes.
Tips to promote comprehensive estate planning include:
1. The full financial picture
Clarity on your monthly expenditures is key to creating a budget that serves your needs and upholds your desired lifestyle. This is especially vital for retirees on a fixed income.
Start by tallying up your monthly income. This may include Social Security, veterans’ benefits, a pension, and investment returns. Then, subtract your necessary monthly expenses. Finally, allocate a portion of what remains for discretionary spending. After all, you deserve to enjoy retired life!
2. Strategize to maximize retirement income
Putting your money to work for you and wisely addressing debt can set you up to fund the retirement lifestyle you desire. Work with a trusted financial planner to craft a personalized strategy for your retirement goals.
Your financial advisor can ensure your investment portfolio is diversified and carries the right amount of risk and asset allocations to target your long- and short-term goals.
They may also support you in selecting a retirement benefits strategy. From deciding when to withdraw your retirement accounts and pension benefits to when to claim Social Security, it helps to have an expert on hand as you navigate these complex decisions.
Consider consolidating or refinancing outstanding loans to save on interest and prioritize paying down high-interest debt sources like credit cards.
3. Where there’s a will there’s a way
Ensure your estate plan is in order and reflects your current wishes. Review and update your will regularly to clearly define how you want assets to be distributed.
It’s also important to establish your financial and healthcare powers of attorney. This will avoid confusion, protect your wishes and assets, and provide your loved ones with peace of mind.
Collaborating with an attorney can help you craft a comprehensive estate plan that reflects your unique circumstances and goals.
Planning for care needs and senior living cost
A solid retirement plan must also account for the unexpected.
Some seniors require additional daily support and assistance to live in comfort, ease, and security. Others pursue senior living to access a lifestyle of greater freedom, connection, and opportunity.
Regardless of your reasons for choosing senior living and care, a thoughtful estate plan can account for many possibilities.
Change is a constant in life. Plan ahead by setting aside funds for unanticipated events. This includes creating an emergency fund to cover expenses related to medical care and caregiver services. Senior living provides easy access to the care and services residents need in a place that optimizes their security and quality of life.
MorseLife residents appreciate how our transparent rates, wealth of included services and amenities, and all-inclusive approach to senior living help maximize their budget and enhance their lifestyle.
MorseLife has your senior living needs covered and more
MorseLife caters to seniors with a variety of budgets and lifestyle preferences, offering a full continuum of care and a vibrant way of life for every stage of aging.
No matter what your retirement plan includes, our West Palm Beach community offers you the very best in innovative, exceptional senior living.
When planning your estate, remember to make space to imagine and dream about the life you want for yourself in retirement.
Luxury Independent Living offers many seniors the uncompromised lifestyle of freedom and enjoyment they seek in retirement.
Residents of our Levin Palace luxury Independent Living community enjoy world-class, all-inclusive services and amenities in a sophisticated, resort-like setting.
Does your ideal retirement lifestyle include exquisite dining, enriching cultural programming, and access to a dynamic wellness lifestyle? The Levin Palace offers all these and more.
Life at The Levin Palace also supports robust, forward-thinking estate planning. With our full continuum of care on one campus, our Independent Living residents savor the peace of mind that comes with knowing they can always access the exceptional care and superior services they need, even if their daily needs change.
MorseLife is more than a place to live. We offer a true sense of home, community, and belonging. With over 300 monthly activities, museum-quality art across campus, and lifelong learning lectures, MorseLife is where older adults experience More Life!
You’ve worked and planned to achieve the retirement you desire. It’s your time to realize your dynamic vision. The Levin Palace is ready to offer you the retirement lifestyle of elegance and ease you deserve.
