How do we pay for independent living?

Many people start their search for independent living not really knowing what they can afford or how they will pay for it. Cost is an unavoidable consideration in choosing an independent living community. Remember to assess all of your assets, debts, and income sources before determining your independent living budget. And remember to calculate all of the costs of living at home including food, bills, care providers, taxes, and home upkeep before attempting to compare the cost of an independent living community to the cost of remaining at home.

Private Pay

This is where financial planning for retirement comes in handy. Independent living is paid for entirely out of pocket. Most seniors fund their independent living by selling a home, or obtaining a reverse mortgage, through savings, with retirement income and social security and/or with the assistance of family members.