When preparing to move into an independent living community, how much this will cost you is usually something that you can’t ignore. If not keenly thought out, financing your life post-retirement may become difficult. Fortunately, there are multiple ways of covering the cost of independent living in Tulsa, OK. All you have to do is to identify the sources of income available to you, some of which may not be so obvious. Once you have identified all the sources of cash, you can then figure out how much you can afford to pay regularly for apartment rental and medical services, as well as factoring in other expenses that you may incur as and when required.
Below are some of the ways of paying for independent living that you can try out.
Using Personal Funds
This is the most common way of paying for independent living. It involves using cash that is in savings, money which you had set aside for independent living, or cash that is readily available to you from other sources such as your pension. Most people prefer paying for their independent living using personal funds since it makes it more flexible for them to make decisions. If you depend on family to pay for independent living, for instance, you may find that they don’t consider all your requests especially if they are deemed unnecessary.
Using Your Social Security Benefits or Pension
Once you get to retirement age, your Social Security benefits and pension will be available to you. You may need to be careful about how you allocate your spending so that you don’t run out of cash too early on. The best practice is to have a financial advisor go over your finances and then advise you accordingly. This may cost you a little money but will ensure that you end up spending your pension and Social Security benefits in a sustainable way. They will also advise you on how to take advantage of some tax breaks that you may not have known of. This gives you a clearer picture of details such as which floor plan to rent.
Supplemental Security Income
In the United States, retirees aged 65 and over or who have disabilities and limited income can receive Supplemental Security Income benefits to help them cover the cost of basic needs. Living in a retirement community is considered one of the basic needs. Money from this scheme can therefore be used to pay for an apartment rental in an independent living community. In order to understand how these payments work, one can head over to the SSI website to find information about how to apply for this scheme and how to use it.
Housing Assistance
The United States Department of Housing and Urban Development offers a range of programs aimed at assisting low-income retirees to find affordable and safe living arrangements. To benefit from this, one would need to apply for the program. The HUD website provides a lot of information about all the different programs available, their eligibility criteria, and how to apply for them.
