Immanuel's Guide to
Understanding the Costs of Retirement Living
Explore the financial aspects of retirement living, including amenities, timeline considerations, and cost-offsetting benefits.
Section 1
Investing in your future
How to pay for retirement living is often one of the first questions families ask when exploring a move: “How much does it cost?” “It’s beautiful, but can we afford it?” On the surface, retirement living looks much more expensive than living independently, but it’s much more complex than dollars and cents. When the costs are broken down, it sheds light on how affordable it can be.
Mapping out what you spend to maintain your current lifestyle gives you the best baseline when starting the search for retirement living. But most people don’t know where to start and are nervous about putting numbers on paper. At Immanuel, many residents and their families have felt this way.
They want the retirement they’ve always dreamed about, but they’re worried about the costs of peace of mind. We’ve found that once the numbers are put on paper, what these families experience most is relief. Our Home Expense and Time Expense worksheets will help you gauge your current baseline living expenses.
View Our Home Expense Worksheet
View Our Time Expense Worksheet
Section 3
Who pays for retirement living?
This is a complex question and unique to each family. Explore your assets to plan for you or your loved one’s retirement. Your assets —the value of your house, retirement savings, long-term care insurance, pensions, and government program benefits like Social Security or VA — should be added to your financial baseline.
This may take a bit of research, so involving a financial planner can help you maximize and understand all the assets available. Don’t forget to research existing long-term care insurance benefits. Many plans cover retirement living but may not cover it at every level.
Understanding what’s covered and what’s not will help you decide.
Section 4
Retirement living options
This isn’t a decision you’ll make often in your life, and you want it to be right, with every box checked. We’re here to help. The experts at Immanuel have helped thousands of families understand the financials involved and make the right decision for them.
Immanuel offers the flexibility, safety, and support needed for a smooth transition – on your timeline. By planning, you can avoid last-minute decisions during a crisis and ensure that choices reflect your wishes and lifestyle.
