It’s never too early to start planning your retirement. In addition to savings and Social Security, you may also want to consider a budget for assisted living in Pittsburgh, PA. Senior living has numerous benefits and is an excellent choice for a retirement plan. Here are some things you can do to save for the future.
Estimate Your Expenses
Researching senior living ahead of time will give you some idea as to how much it will cost for you to live in these communities and what expenses will likely be covered when the time comes for you to make the move. You’ll also want to estimate your other costs, such as healthcare, taxes on senior income, and day-to-day expenses. Once you’ve planned for that, you’ll want to increase that number to account for inflation. Compare that to the savings you intend to have when the time comes to retire so you have a good idea of whether you’re on track to live comfortably in senior living communities in Pittsburgh, PA.
Commit to Saving
If you haven’t already set aside a dedicated amount of your paycheck to save, start immediately. Invest your money in your company’s 401k or open a ROTH IRA. These accounts help grow your savings more quickly than a traditional savings account.
Prepare for the Worst
It’s easy to believe that your current good health will last, but that’s usually not true. The greatest expense seniors pay is healthcare costs. Memory loss, a fall that limits your ability to move, and unexpected illnesses can quickly eat up your savings, so plan for the worst-case scenarios even if you have picture-perfect health currently. You should also consider your future medical needs when choosing assisted living in Pittsburgh, PA.
