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March 22, 2021
Most of us are going to need some extra support as we age. Cooking, cleaning, running errands and more are called “activities of daily living” and it can be nice to get help with these tasks as you age. Is retiring to a Holiday Inn the answer?
Living independently can be extremely difficult as we become a little more frail. But, getting help can be exorbitantly expensive.
Many people simply can’t afford to get help as they age. Whether you are looking at living in an assisted living facility or hoping to have help come into your home, these services are expensive.
Cost of an Assisted Living Facility: According to the Genworth Cost of Care Survey, the annual cost of a private one-unit in an assisted living community ranges from a high of $111,195 in the District of Colombia to a low of $34,128 in Missouri. The national average is $48,000.
Homemaker Services: Homemaker services for 44 hours per week for 52 weeks run at a national average of $48,048.
Home Health Aide: The national average annual cost for a home health aide (working 44 hours per week for 52 weeks) is $50,336.
Whether you are planning for your own life, or helping a loved one, if you are looking for ways to make assisted living more affordable, you may want to get creative.
Here are three unique solutions to handle aging when you need a little extra help!
In 2019, over 112,000 people shared Terry Robison’s wacky but perhaps brilliant idea to check into a Holiday Inn instead of a nursing home!
Robison wrote on his Facebook post: “I’ve already checked on reservations at the Holiday Inn. For a combined long term stay discount and senior discount, it’s $59.23 per night. Breakfast is included, and some have happy hours in the afternoon.”
According to his calculations, nursing home care for he and his wife in his area costs $188 a day. So, he figures that if he is staying at the Holiday Inn, he’ll have an extra $128.77 for lunch, dinner and other living expenses.
He thinks this is more than adequate and Robison cites the wide variety of perks that come with hotel living:
“What more could I ask for?”
Life aboard a cruise ship can be glamorous, exciting and extremely luxurious — assuming anyone will ever feel safe enough after the pandemic to set sail.
Cruising can also be a lot cheaper than living at home — especially if you need help maintaining your property.
Yard work, housecleaning and preparing meals can be a struggle and hiring help is beyond the budget for most retirees.
So, why not sell or rent out the home and set sail for a life on the high seas? Aboard a cruise ship, your meals and homemaking are all taken care of, you have a built in social life and can see the world!
Mario Salcedo has spent the last 20 years aboard cruise ships. According to Traveler Magazine, Salcedo budgets around $60-70,000 per year for his travels, paying for the voyages by credit card so that the miles earned will cover any flights in between sailings.
Cruiseweb lists 40 different benefits of living at sea compared to life in a retirement community or assisted living facility.
Naysayers point out that price comparisons between cruises and assisted living are flawed — particularly if you need medical assistance and not just help with activities of daily living.
Your friends are probably experiencing the same financial and health stresses that worry you.
There are various ways to use co housing as a method for addressing your shared concerns and create a community to meet your needs.
Explore more about co housing:
Getting creative is almost always a good idea, but a good plan and a good plan B is a better tactic. Besides, retiring to a Holiday Inn will really only get you so far.
How to fund a long life, especially one where you might need assistance is not easy to do.
However, creating a financial plan for growing old is one of the key objectives for retirement planning.
Some people have enough assets to pay for long term care out of pocket, the rest of us need to explore other possibilities. In the NewRetirement Retirement Planner you can model the following tactics for funding a long term care need:
Create an account and get started with the award winning NewRetirement Planner.
Do it yourself retirement planning: easy, comprehensive, reliable
Take financial wellness into your own hands and do it yourself retirement planning: easy,
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