While older adults appreciate the benefits of a senior community, many feel it’s out of their reach financially. But is that really true? How can you find out?

Begin by calculating your income, and be sure to include:

• Monthly pensions and retirement income
• Monthly annuities income
• Monthly Investment Income
• Monthly Social Security Income

If you’re unfamiliar with some of these assets, we invite you to check out our financial calculator at Montereau. Here is a quick primer on some of the key considerations.

Pension and other retirement income

Retirement income spans a wide range of products, including pensions, so let’s start there. A pension is employer sponsored, just like a 401(k), but there are significant differences. Pensions, which have grown rarer in recent years, are a defined-benefit plan, meaning the employer funds and guarantees a specific benefit and assumes the risk of the financial obligation. A 401(k) is a defined-contribution plan, allowing employees and employers  to contribute and invest funds to save for retirement, but without a guaranteed benefit. The employee may (or may not) match what you’re putting into your account, but they don’t guarantee any specific dollar amount at retirement. A 401(k) is more at the mercy of the markets with a less predictable payout.

Income annuity

An income annuity provides you with a fixed monthly income that is guaranteed for life, no matter how the markets perform. The total payout will be based on how long you live. Risks are low, as the company that sells the annuity guarantees its income.

Investment income

You monthly investment income can come from a variety of sources, including:  

• Dividend stocks
• Certificate of deposits
• Savings accounts
• Bond index funds
• Small business bonds
• Real estate
• Royalties

Social Security income

Your Social Security income depends on your average income over your working years, your spouse’s average income and the age at which you claim benefits. You can calculate this benefit through the AARP or create an online account with the Social Security Administration. 

Consider other assets

As well as income, consider your assets in determining what options you have for the future. Remember to include:

• Value of home
• Stocks
• Bonds
• Mutual funds
• IRA
• Trusts
• Other real estate

Once you know your total income and assets, you may be surprised by how affordable a Life Care Community such as Montereau is. Use our easy financial calculator to see what’s possible. 

How does a Life Care Community Work?

With a Life Care Community, you buy in at a certain rate, guaranteeing more care as you need it. With Montereau, we work together to create a plan for whatever your future holds. This approach provides real peace of mind. 

How does a Life Care Plan help secure your future?

• Highly refundable entrance fee helps protect your estate
• Predictable monthly fees
• Priority access to quality, on-site assisted living, memory care, skilled nursing, and rehabilitation services
• More affordable than the average costs of private nursing care
• Potential for significant tax benefits, as a prepaid medical expense
• Always having a residence, even if you outlive your resources

Learn more about Montereau and the benefits of a Life Plan community by contacting us today!