In my 10 years as a senior expert , the two inquiries I keep running into most when I’m helping individuals explore lodging are, “What amount does it cost?” and, “Would i be able to manage the cost of it?” The most ideal approach to discover the response to those two inquiries is my basic brilliant administer: “Know Before You Go.”
If you go buying for a car, you need to know if you can shop at the Ford dealership, the Cadillac dealership or searching for a decent arrangement on an old vehicle. And it’s the same with senior housing.
There’s a wide range of housing and lifestyle options for all budgets, and you absolutely must know how much money your parents have to work with BEFORE you start looking at specific options. What you want to avoid is showing your parents options they fall in love with, only to find out afterwards that they are not financially viable.
To get you started, I’m going to tell you about two specific numbers that are critical focuses for the advertising experts you’ll be talking with, so having them helpful will accelerate the procedure and enable you to get more particular data from them.
The data you’ll need possesses two classes: Assets and Income. With Assets, the number you’re searching for is your folks’ aggregate Net Worth, likewise alluded to as Total Combined Capital Assets. This is the aggregate joined estimation of the considerable number of advantages they claim, for example, Cash, Saving Accounts, Checking Accounts, Money Market Accounts, Certificates of Deposit, Stocks and Bonds, IRAs, Annuities, Real Estate, Cash estimation of protection approaches.
What you should NOT include are things like the car, china and crystal, furniture, etc. These are considered commodities and don’t factor into the official financial picture. A good rule of thumb is to not include anything they use for daily living, the primary exception being their current home.