How to Finance Your Stay at Resort Lifestyle Communities
Short-term Bridge Loans
Times are a-changin’, but not for the worse! With the number of people aged 65 and older on the rise, more and more companies are providing specialized services for seniors. Organizations such as Elderlife Financial Services can make it easier to afford, plan, and fund your housing needs. One such way they’re able to do this is through bridge loans. Bridge loans help you cover costs while you wait for your home to sell or for other benefits to kick in.
If you’re fortunate enough to have a pension, then this is a great option to fund your new lifestyle. That’s because they provide you with a steady stream of income every month once you reach a specific retirement age. Unfortunately, not all employers offer pensions—though most government organizations, and some large companies still do. If you find yourself without a pension, consider other retirement funds, like a 401(k), for example.
401(k) and Other Types of Retirement Savings Funds
Although pensions are becoming a thing of the past, most companies still offer some form of a contribution to a retirement fund, the most common being 401(k) and 403(b) plans. Individuals who are age 50 or over are able to make annual catch-up contributions. If you decide to supplement your retirement fund with a Roth IRA or traditional IRA, you’re entitled to make catch-up contributions under similar guidelines. For more information, click here.
According to Chime, an online banking company, 62 percent of Americans feel their savings are in a better place now than compared to 10 years ago. However, the Great Recession made an impact on many Americans’ retirement savings, making it difficult to recuperate these funds. For this reason, you might feel more secure with an annuity, which guarantees you won’t run out of money for the rest of your life.
Most commonly, annuities come in two forms: immediate and deferred, which vary depending on when you want access to your money. Although both can be expensive to buy into, there are many benefits to having an annuity, including that your payments will last as long as you live, even if the amount exceeds how much money you’ve invested into it.
Another lesser known financing option is the ability to repurpose your life insurance policy from an active policy to a pre-funded account that can help cover the expense of senior care. One reason this is a particularly attractive alternative for seniors is that there are no health requirements, waiting periods, care limits, or costs to apply. Talk to your insurance provider for more information about what this amount can cover.
We look forward to meeting you and hope your journey to RLC is an easy one! If you’re interested in finding a location near you, check out our community map. We’d be happy to meet with you and schedule a personal tour.
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