How to Finance Your Stay at Resort Lifestyle Communities

Author

Bradford Square Retirement Community

Posted on

Nov 08, 2022

Book/Edition

Florida - Southwest

Share This

When you look at all the benefits of living at Resort Lifestyle Communities, it’s hard to imagine living anywhere else. Whether it’s luxurious accommodations, gourmet meals, 24/7 access to medical care, or all-inclusive services and amenities, there are so many reasons you’ll be thankful you decided to make the move. However, figuring out how you’ll finance your new lifestyle can be a concern for many. The good news is there are plenty of ways you can afford to make your ideal retirement lifestyle a reality. Here are just a few.  

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.

Pensions

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.  

Annuities 
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.  

Policy Repurposement
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.

Other Articles You May Like

Top 10 Inspiring Leaders of 2024 : Susan Nimnuan

A Guide to Helping Your Parents Navigate Aging

This comprehensive checklist helps families prepare for their parents' senior years, covering health, safety, legal, financial, and social aspects. Creating a senior life plan for aging parents is crucial for their wellbeing and peace of mind. It starts with early communication to discuss a seniors needs and preferences, considering a caregiving plan, health and medical care planning, safety and living arrangements that include developing an emergency plan. Financial discussions, managing finances without infringing on a seniors privacy. Legal documentation and insurance reviews ensure all legal matters are in order and insurance policies are adequate and current.Contact an Office in Your AreaWere so used to our parents living independently that we dont always notice when they begin to struggle with handling daily activities. Changes can begin gradually as they start to slow down, or they can happen quickly, when a parent has an unexpected diagnosis or accident. No matter if you live across town or across the country, proactively creating a senior life plan for your parents will give you peace of mind and allow them to continue to live their lives to the fullest.  Communication Approaching aging parents about planning their senior years can be a touchy subject for everyone involved. As a general rule, it is recommended to start having these conversations by the time youre in your forties, or theyre in their seventies (known as the 40-70 rule). Of course, you know your parents' habits and personalities best, so you are the best judge of their physical and mental health. Here are some factors that can determine the appropriate time to initiate this conversation:Start the conversation early, using the 40-70 rule, so you have time to make or change plans based on your parents' needsCreate a comfortable and open environment for the conversationPlan more than one conversation so you can cover all possible issuesTake notes so you remember what was discussed and can keep track of next stepsKeep a list of all their passwords for accounts such as computer, email, phone, and cable Create a Caregiving Plan A caregiving plan will ensure everyone is on the same page about the care needed and how it will be handled as your parents age. If they require additional care, consider how you can support their needs. This might involve coordinating with local caregivers, hiring professionals to assist with certain tasks, or, if you dont live nearby, planning regular visits to spend time with them.Have a caregiving plan ready in case your loved ones need in-home careDiscuss changes to your parents healthcare needs with their doctors Research different caregiving optionsFind out if your loved one has any specific needs to maintain their health and happiness  Health and Medical CareA senior life plan starts with understanding your parents health statuses and medical needs. When they are in excellent health, its essential that their care and treatment preferences are detailed in a living will or advanced directive and discussed with family members. Have this conversation now, during the planning stage, rather than during a medical emergency.Designate a healthcare proxy who can speak with doctors on your loved ones behalf and make healthcare decisions, especially if they are hospitalizedKeep a list of their medications up to date, including prescriptions, over-the-counter medications, supplements, and vitaminsKeep a list of your parent's doctors and specialists, including their contact information Ensure they are following their doctors advice and taking medications as prescribedMake a note of the closest urgent care facility and hospitalGet to know their primary care physicians Discuss your parents latest check-ups and help schedule upcoming appointments Encourage your parent to write a living will or advanced directive and keep a copy on file Safety and Living ArrangementsMost seniors want to remain in their homes as they age, connected to family, friends, and community. If your parents are able to continue living at home, consider home remodeling options to help them safely age in place. In addition, develop an emergency plan with your parents and make sure they know what to do in case of a natural disaster or other emergency.Evaluate the safety of their home and make modifications if necessaryReview any mortgage or financial concerns about the homeCheck in regularly, either in person, or by phone or video chatConsider long-term care insurance in case long-term care is ever requiredDevelop an emergency plan and list of emergency contacts Social and Support NetworkA strong social support network helps keep seniors healthy and active and gives them a sense of connection, belonging, and purpose. This support can include neighbors, friends, or other family members who can assist your loved one if needed. If possible, foster connections with their support network to have reliable contacts in case of emergencies.Encourage your parents to stay socially engaged and participate in activities that bring them joyCheck if your parents have a support network in their local communityKeep the name and number of a neighbor who can regularly check on your loved onesCreate a schedule of friends and family who call or regularly video chatEnsure your parents have access to reliable transportation when needed, especially if they dont drive Review FinancesDiscussing finances can be tricky. Seniors sometimes want to keep their financial information private, even from family members. Reassure them that they can keep exact dollar amounts confidential, but make sure you have access to the information if you need it. Have them assign a Durable Power of Attorney (POA) to someone who can make financial decisions on their behalf. When going over how your parents would like their finances handled, topics to discuss include outstanding debts, homeownership, savings, and retirement funds.Find out what financial accounts are open and where they are held Make a list of advisors contact information Ensure they are making informed decisions about retirement, investments, and insuranceStay up to date on Social Security benefits Check that beneficiary designations are currentMake sure your loved ones have a POA representativeStreamline bill paying by setting up automatic payments Ensure they know how to avoid scams Gather Legal Documents Discussing and taking care of legal issues while your parents enjoy good health can ensure everything is planned and understood. Make sure you know where your parents keep their personal information and important documents in case you need them. Go over everything together and meet with their estate planner so you can ask questions about their wishes and how to ensure they are carried out.Discuss important documents and where they are storedFind out if your parents have a will and a living will, and where they are locatedMake sure their POA for finances and healthcare proxies are in orderRead through their estate plan/will to make sure beneficiaries and responsibilities are correct and up to date Review Insurance PlansRegularly review your parents insurance policies. Its essential to know if their policies are adequate, up to date, and where the accounts are located. This information can help avoid undue financial burdens during medical emergencies or accidents. Make a list of active insurance policies such as auto, home, health, long-term care, etc.Review homeowners, auto, and life insurance policies to ensure they are adequate and up to dateReview health insurance coverage for any policy changes that need to be made based on current or future needs Aging Parents Checklist Although caring for an aging parent often means taking on financial, legal, and other responsibilities, it can also be a time to reflect on happy memories and plan for a future that includes more joyful moments. The aging parent checklist below can help you ensure youve got all the bases covered when it comes to life planning and the next steps for your aging loved ones.  CommunicationHave the conversation early so you have time to make or change plans based on your parents' needsCreate a comfortable and open environment for the conversationTake notes so you remember what was discussed and keep track of your next stepsKeep a list of all their passwords for accounts such as computer, email, phone, and cableHealth and Medical Care Designate a healthcare proxy who can speak with your loved ones doctors and make decisionsKeep an up-to-date list of all their medications, including over-the-counter, supplements, and vitaminsKeep a list of their doctors and specialists, including their contact information Ensure they are taking medications as prescribedMake a note of the closest urgent care facility and hospitalGet to know their primary care physicians Help schedule upcoming appointments Encourage your parent to write a living will and keep a copy on fileEnsure Safe Living ArrangementsEvaluate the safety of their home and make modifications if necessaryReview any mortgage or financial concerns about the homeCheck in regularly, either in person, or by phone or video chatConsider buying long-term care insuranceDevelop an emergency plan and list of emergency contacts in case of a natural disaster or other emergencyCreate a Caregiving PlanHave a caregiving plan ready in case your loved ones need in-home careDiscuss changes to your parents healthcare needs with their doctors Research different caregiving optionsFind out if your loved ones have any specific needs to maintain their health and happiness Social and Support Network Encourage your parents to stay socially engaged and participate in activities that bring them joyCheck if your parents have a support network in their local communityKeep the name and number of a neighbor who can regularly check on your loved onesCreate a schedule of friends and family who call or regularly video chatEnsure your parents have access to reliable transportation when needed, especially if they dont driveReview FinancesFind out what financial accounts are open and where they are held Make a list of advisors contact information Ensure they are making informed decisions about retirement, investments, and insuranceStay up to date on Social Security benefits Check that beneficiary designations are currentMake sure your loved ones have a POA representativeStreamline bill paying by setting up automatic payments Ensure they know how to avoid scamsGather Legal Documents  Discuss important documents and where they are storedFind out if your parents have a will and living will, and where they are locatedMake sure their POA for finances and healthcare proxies are in orderRead through their estate plan/will to make sure beneficiaries and responsibilities are correct and up to dateReview Insurance PlansMake a list of active insurance policies such as auto, home, health, long-term care, etc. Review homeowners, auto, and life insurance policies to ensure they are adequate and up to dateReview health insurance coverage regularly for any policy changes that need to be made as needs change

Kitchen Gadgets for Seniors: Making Cooking Easier and Safer

In this article, we explore a range of innovative kitchen gadgets that can make cooking easier, safer, and more accessible for seniors, empowering them to continue preparing their favorite meals at home with joy and confidence. By embracing these innovative tools, our senior loved ones can maintain their independence and bring joy to each day, continuing to prepare delicious meals with ease.Contact an Office in Your AreaAs we age, simple tasks like cooking can become more challenging. However, with the advancements in technology and the availability of kitchen gadgets designed specifically for seniors, cooking can continue to be enjoyable and hassle-free. Cooking at home allows seniors to control the ingredients and portion sizes, which can positively impact their health and nutrition. Additionally, seniors often have specific dietary requirements or restrictions, and preparing meals at home allows them to choose healthier options, control the amount of salt, sugar, and fat in their meals, and incorporate various nutritious ingredients.In this article, we explore a range of innovative kitchen gadgets that can make cooking easier, safer, and more accessible for seniors, empowering them to continue preparing their favorite meals at home with joy and confidence.Ergonomic UtensilsFor seniors with arthritis or reduced dexterity, traditional kitchen utensils can become difficult to handle. Ergonomic utensils are designed with user-friendly features such as comfortable grips, larger handles, and lightweight materials, making them easier to hold and maneuver. These utensils can include knives, peelers, spatulas, and ladles, all tailored to minimize strain on the hands and joints. Ergonomic utensils are practical and help reduce the risk of accidents in one of our favorite rooms in the home, the kitchen. Automatic Can OpenersOpening cans can be challenging at any age, especially for seniors with weakened grip strength or limited hand mobility. Automatic can openers are simple to operate and require minimal effort. These devices can safely and efficiently open cans, eliminating manual twisting or gripping. Some models even feature hands-free operation, where the can opener attaches to the lid and does all the work with the push of a button. Automatic can openers are easy to find and valuable to any senior's kitchen, providing convenience and helping senior loved ones stay independent. Easy-to-Read Digital ScalesAccurate measuring is crucial in cooking and specialty baking, but reading small print on traditional measuring scales can be challenging for seniors. Easy-to-read digital scales feature large, high-contrast displays with clear numerical values, making it easier for seniors to measure ingredients accurately. These scales often come with additional features such as tare function (resetting to zero after placing a container), unit conversion, and weight-locking capabilities. With digital scales, seniors can follow recipes with precision and achieve consistent results in their culinary endeavors. Best of all, Grandma's favorite cookies will continue to be the delicious treat we all remember! Safety Induction CooktopsTraditional stovetops can pose safety risks for seniors, including burns and accidental fires. Safety induction cooktops offer a solution by utilizing electromagnetic fields to generate heat directly in the cookware rather than on the surface. These cooktops remain cool to the touch, reducing the risk of burns. Additionally, they have built-in safety features such as automatic shut-off timers, temperature controls, and pan detection, ensuring that the cooktop turns off when the cookware is removed. Safety induction cooktops provide seniors a safer cooking alternative without compromising performance or versatility. Incorporating kitchen gadgets tailored for seniors can significantly enhance their cooking experience, making it safer, more convenient, and more enjoyable. From ergonomic utensils to automatic can openers, easy-to-read digital scales, and safety induction cooktops, these gadgets are designed to address seniors' specific challenges in the kitchen. By embracing these innovative tools, our senior loved ones can maintain their independence and bring joy to each day, continuing to prepare delicious meals with ease. Comfort Keepers Can HelpOur caregivers, who we call Comfort Keepers, can help seniors prepare meals, stick to an exercise plan, and provide transportation to preventive care and other doctors visits. Friendly, consistent support can help seniors make healthy changes in their livesand make it fun at the same time. Our Comfort Keepers give seniors the encouragement they need to remain healthy, happy, and engaged in activities they love every day. 

Local Services By This Author

Bradford Square Retirement Community

Independent Living 3255 Vanderbilt Beach Rd., Naples, Florida, 34109

Designed for your comfort, our community will feature studios, 1-, 2-, and 3-bedroom senior living apartments with a variety of floor plans and smart details to complement your lifestyle. Each apartment is unfurnished but includes window coverings, a climate-controlled thermostat, carpeting, ceiling fans, and ample storage. Enjoy the freedom to decorate your new home to your individual taste. The kitchens are fully equipped with a dishwasher, range, microwave, refrigerator with ice maker, and a garbage disposal. Our bathrooms are well lit with a vanity sink and storage cabinet, plus high toilet seating and a walk-in shower with handrails. Washer/dryer hook-ups are located in a separate laundry closet within the apartment. We also offer residents the option to use our community laundry room on-site. Our professional staff provides as-needed maintenance repairs and light housekeeping on a weekly basis.