Cantissimo Senior Living Blog

When it comes to preparing for retirement, most consumers have only a vague idea about planning for potential long-term care expenses. Yet, as noted in another Cantissimo Senior Living blog post, well over half of Americans 65 or older will eventually require some form of long-term care.

Depending on the level of care needed, annual costs can range from around $19,000 for adult day care to over $100,000 per year for a private room in a skilled nursing facility. Medicare will pay for limited transitional care after a hospital stay, and older adults who meet specific low-income requirements can qualify for Medicaid. However, for most people, some or all these costs will be paid for from sources like retirement savings, a reverse mortgage, or selling a primary residence. Another option is long-term care insurance (LTCI).

"I am moving, and I need to downsize. Where can I sell or donate my old stuff?" This is a common question for people who are downsizing their homes. The process of downsizing a home can be overwhelming for anyone. The best way to do it is to take your time and plan ahead so that you don't make any mistakes or regret decisions later on. When downsizing, you will need to address what to do with all the "stuff" in your house - from clothes, books, furniture, kitchenware, collectibles, and everything else! If you have been looking on the internet, you might have found that there are many places where you can find help with your move.

In my recent blog on homeowners associations (Downsizing? Here's How to Evaluate a Homeowners Association), I mentioned that it makes sense to get a home inspection before buying a condo.

What Does a Home Inspection Cover?

Home inspections are a great way to spot problems before purchasing a home. Among the types of things covered are:

• Heating and cooling systems
• Condition of floors, walls, ceilings, stairs
• Condition of windows, doors, and door frames
• Interior plumbing systems
• Interior electrical systems
• Major appliances
• Exterior elements
• Attic and any visible insulation
• Foundation/basement and other structural features

Being retired is one of the great joys of life. You no longer have to put in hard hours, and you get to spend more time doing what you love. But this does not mean you cannot make more money. If you wish, you could leverage your lifetime of work experience into something you can do at your own pace. And this does not have to be getting another job. There are many ways retirees can stay at home and make some money. In this article, we will discuss five ways to make money from home in retirement. This is Part 2 - if you have not already, click here to read Part 1!

Try These Opportunities to Make Money From Home in Retirement!

Retirement is the light at the end of the tunnel. A lifetime of working hard, saving money, and enduring swings in the market has led us to that promised time of rest, relaxation, and enjoyment. However, not working means that we must rely on whatever money we have stashed away. A big part of that is managing — specifically, reducing — our spending. So how can we successfully reduce our spending in retirement?

Try These Tips to Keep More Money in Your Wallet

With the tragic collapse of the Champlain Towers South in Surfside, Florida, a startling fact emerged. The building's Homeowners Association (HOA) was aware of serious structural problems. Unfortunately, the association was not financially prepared to cover with existing funds raised over the years by HOA monthly dues. As a result, a special assessment was levied. Building residents were required to pay between $80,000 to $200,000 depending on unit size. The necessary building fixes were delayed in part because residents were reluctant to pay these high amounts.

Although it is is an extreme example, the Champlain Towers South disaster brings into sharp focus the impact of a competently run HOA on the well-being of its residents. As a result, those considering purchasing a condo or other "Common Interest Community" type housing will benefit from learning about its HOA and how well it is run.

Traveling and vacations can be expensive and complicated, especially with travel restrictions due to aging or health limitations. To enjoy a vacation with less expense and without leaving behind the comforts of home, try a staycation this year. You can enjoy time with friends and family exploring your city or learning about places around the world.

When travel is not suitable or possible, there is still an opportunity for a great staycation. Follow the tips below to make the very best of your staycation!

Top 10 Ways to Enjoy Your Next Staycation!

Retirement checklists abound across the internet. Most provide wisdom on planning for a secure financial future. Saving enough, choosing appropriate investments, and eliminating debt are common recommendations. However, there is more to retirement than pure pocketbook considerations. Listed below are some retirement planning ideas that most checklists don't mention.

Does Your Retirement Checklist Have These Items?

When it's time to make long-term care decisions for your senior parent or disabled loved one, you may be unsure as to whether they will be better off at home or in a facility-based care community. Unless your loved one has a long-term care insurance policy, you may also be wondering how you're going to pay for your loved one's long-term care expenses — as average annual costs range between $18,746 and $100,379. To learn more about long-term care planning and for some advice on paying for long-term care services, read on.

A common assumption persists that "senior living" means residing in a skilled nursing, assisted living, or memory care facility. In fact, the vast majority (96%) of adults 65 and older live in the community (homes or apartments). The motivation to "age in place" at home has a lot of appeal. An AARP study found that 90% of older U.S. adults want to stay in their homes as long as possible. The reasons for this are:

• More independence
• Familiar surroundings and routines
• Established relationships
• Lower living expense
• Avoid the cost of moving

However, as people age, the potential for needing assistance increases as the incidence of physical and mental problems grows. This threatens the ability to age in place because the older adult needs the support of caregivers.