Financial Wellness for Senior Living
April 17, 2025 | General, Resources
April is Financial Literacy Month—an ideal time to explore how thoughtful planning and clear information can help families afford quality senior care. The average cost for 25 years of retirement is $835,453 and about 13% of that will be spent on healthcare. Navigating the financial side of senior living can feel overwhelming—especially during times of economic uncertainty. From shifts in the stock market to ongoing conversations about Social Security, many families are asking: How do we plan ahead with confidence?
We believe that financial wellness is just as important as physical, emotional, and spiritual wellness. With the right tools, guidance, and questions, families can make informed choices that support both quality of life and long-term financial stability.
Key considerations
Senior living isn’t one-size-fits-all—and neither are its costs. Monthly expenses vary based on lifestyle or care needed, ranging from independent living to memory support. When budgeting, it’s helpful to consider a wide number of variables, including care levels, services offered, and out-of-pocket costs. Whether you’re just beginning to explore options or actively comparing communities, ask:
- What type of care is needed now—and what might be needed later?
Understanding current and future needs can help you plan for a long-term solution rather than spend money on short-term fixes. These needs include daily activities support as well as medical care.
What is the move-in cost?
Some facilities may charge you for moving in. For example, continuing care retirement communities (CCRC) typically require a buy-in or entry fee. According to AARP, these costs can range up to more than $2 million. While the Mary Schwartz Summit is proud to keep its entry fee uncommonly low, it is important to inquire about this fee as it can be an important consideration in addition to monthly costs.
What is included in the monthly cost—and what’s extra?
Senior living providers may bundle services, charge à la carte, or have both. For example, meals and activities might be included while housekeeping and transportation are not. Knowing the full picture in detail helps prevent budget surprises.
What are funding sources, and how long can they sustain care?
To build a realistic financial plan, look at all sources of income: investments, retirement savings, pensions, Social Security, long-term care insurance, real estate, etc. If you have concerns about the stability of one (like stocks or Social Security), talk with a reputable financial planner who can provide possible scenarios and options.
Are there veterans’ benefits or Medicaid waivers that apply?
Many families overlook government programs they might qualify for. These programs usually help with housing, medical care, nutrition, or income. At USA.gov you can answer some basic questions to get a customized list of potential benefits.
How does the community support transitions as needs change?
Flexibility matters. A community that offers multiple levels of care can help you avoid multiple moves and costs. For instance, residents at The Summit have priority access to care at Kline Galland Home, including the transitional care in the Rehab/TCU unit for short-term care after an injury or surgery.
Resources to explore
Planning ahead is easier when you know where to turn. Here are a few trusted resources than can help evaluate options:
- Social Security Administration has benefit calculators and payment estimators
- Medicare.gov incudes coverage options and plan comparisons
- AARP has a number of tools for retirement on money, health, and caregiving
- The Administration for Community Living has a nationwide ElderCare Locator to connect to local services for older adults and their families
Many families also benefit from meeting with a financial advisor or elder law attorney, particularly for estate planning and navigating Medicaid eligibility.
Senior living should mean comfort, dignity, and support at every stage of life. Well-informed choices mean long-term financial stability—and retirement days can be full and fulfilling.
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Sources: CNBC; MoneyTalksNews; HumanGood; NCOA; Where You Live Matters; The Seattle Times; AARP
