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Unlocking Financial Freedom: The Power of Life Plan Communities for Seniors

unlocking financial freedom

Imagine a place where you can live independently while accessing various health services that evolve with your needs as you age. Somewhere surrounded by like-minded older adults who engage in the community and take pride in where they live. A community where you can secure your wealth, enjoy stable monthly expenses and safeguard your financial future. That’s precisely what a Life Plan Community like Casa de las Campanas offers.

“One of the more significant financial and life decisions a person may make is deciding when to move to senior living and choosing the right retirement community. Housing, lifestyle, health care and financial decisions are often rolled up into one,” said Brad Breeding, a certified financial planner and president of myLifeSite. “Therefore, proper planning requires gathering adequate and accurate information on the options, understanding the financial and contractual implications, and weighing the pros and cons.”

When considering senior living transitions, many older adults are discovering the numerous benefits of moving to a Life Plan Community, also known as a Continuing Care Retirement Community. It’s a proactive choice for building a more secure future for yourself and your loved ones and one of the best ways to ensure you live your retirement years to the fullest.

“As with planning at any stage of life, it’s important to ask what peace of mind looks like today and in the future, and what’s required to give you the best chance of achieving it,” said Breeding, an expert in retirement planning and estate maximization who’s provided senior living tips for the last two decades. “Cost and affordability are a big part of this, but it also requires consideration of your circumstances, preferences and needs. There’s no single option that’s right for everyone.”

Transitions for Senior Living: Financial Advantages of a Life Plan Community

Moving to a Life Plan Community allows you to preserve your assets and provides a higher quality of life, access to health care and a supportive community as you age. Here are five ways it can be a strategic financial move for seniors.

  1. 1. You’ll preserve your assets. One of the primary advantages of Life Plan Communities is their financial predictability. When you move into one, you typically pay entrance and monthly service fees. This fee structure can help protect your assets by covering future health care and long-term care needs, reducing the risk of depleting your savings or selling your home to cover medical expenses.
  1. 2. You can leverage your home’s equity: If you own a home, you can often use the equity in your current property to help fund your entrance fee at a Life Plan Community. This means you can maintain your home’s financial value while gaining access to a vibrant, supportive community.
  1. 3. Your monthly costs will be predictable: Life Plan Communities offer residents a sense of financial security by providing predictable monthly costs that encompass various services and amenities, such as maintenance, health services, dining and more. Knowing your expenses in advance allows you to budget effectively and avoid unexpected financial burdens.
  1. 4. You can protect your assets for your loved ones: Moving to a Life Plan Community can also provide peace of mind to your family. They won’t need to worry about your future care needs or the financial strain it may place on them. By securing your own financial well-being, you’re also looking out for the financial stability of your loved ones.
  2. 5. It makes estate planning easier: Life Plan Communities often simplify estate planning. You can rest assured your assets are being managed efficiently and used for your benefit while living in the community. This can make it easier to plan your legacy and allocate your resources as you see fit.

Financial Freedom Awaits at Casa de las Campanas

The path to retirement living is paved with questions and uncertainties — from finances and contracts to estate planning and tax liabilities. While we can’t predict the future, a Life Plan Community like Casa de las Campanas keeps seniors pointed in the right direction.

MoneyGauge is our free online cost calculator tool that assesses which of Casa’s residential options aligns best with your budget and needs. Answering a few simple and secure questions about your age, income and assets is all it takes to discover the perfect financial match for your retirement lifestyle.

We encourage you to also RSVP for our Financial Lunch and Learn event on Tuesday, Feb. 6, from 11 AM to 12:30 PM. Breeding has advised seniors on making better-informed financial decisions for the last two decades, and he will answer your questions about financial matters related to moving to a Life Plan Community.

Casa de las Campanas is here to help you make knowledgeable financial decisions and keep your eyes on the road to a successful, happy retirement. Explore our resources for senior living transitions and financial fit finder.

Featured Image: Fizkes/Shutterstock