Fall 2022 In the recent Pittsburgh 55+ Magazine, Dr. Joseph Maroon and Jeff Bost PAC discuss the importance of early planning when looking for a senior living community. In the article entitled, How to Choose a Senior Living Community they discuss the financial concerns of seniors and how housing costs are often the greatest financial burden.
In a recent survey in 2022, 50 percent of seniors reported that their biggest financial fear was not having enough money saved for retirement. Despite ever increasing healthcare costs, housing remains the single greatest expense for most people as they age. The choices we make on how we spend money, especially as we age, becomes critical when it comes to where to spend our “golden years”.
They also review the types of senior living communities typical available and what services are offered.
Independent Living – Typically, an apartment or private home located within a Senior Care Community. Typically rented and utilities are paid for by the senior. The Community maintains the exterior of the home and often provides additional services, such as transportation, restaurant-like dining, community services and activities.
Assisted Living – Seniors in assisted living require greater amounts of medical and assistive support for daily activities. Assistive care often still allows access to enriching activities and social events. Seniors in assisted living may also need specialized support, like memory care or skilled care.