Why Long Term Care Costs Surprise Most Of Us

The cost of retiring can greatly vary depending on the type of care you receive or the type of retirement community that you choose to live in. Unfortunately, no matter which option is chosen, many will find that they are not adequately prepared for the financial costs. Most continuing care facilities and independent living communities charge high fees for entry and other services such as meals, recreation and cleaning. A lot of seniors do not plan for these added expenses when they are saving their money for retirement.

Retirement Care Options For Seniors

1. Assisted Living Facilities- Residents of these facilities are provided both supportive health care services and residential housing. Whether you are looking at assisted senior living Atlanta or California based, these facilities are perfect for those that are no longer able to live alone and need minimal assistance with thing like meals, medication and bathing.
2. Independent Living Communities- These types of communities are options for those seniors who are healthy and independent and love to enjoy a lifestyle which revolves around education, social activities and recreation with those that are the same age group. These communities also offer no health care services to their residents.

3. Age Restricted Communities- These types of communities are for seniors of a certain age. Most of these communities are generally for those that are over that age of 55. In this type of community, there is no health care provided to the residents.

4. Nursing Homes- Nursing homes are for those that need around-the-clock care. They offer specialized care and housing that is tailored to each individual and their specific needs. Many residents of nursing homes are afflicted with problems such as Alzheimer's, dementia and other relatable diseases.
Reasons You May Retire Broke

In a perfect world, you will have set enough money aside so that when the day comes for you to retire, you will have nothing to worry about. You will be able to accomplish all of your goals and aspirations that you have set aside for your golden years. Unfortunately, many people will not have this luxury. Instead, they will come to find that they will either spend their later years unhappy and broke or still working. Below are some reasons why many will retire broke and miserable.

1. Not Saving Enough- This is the top reason why most will retire broke. To know how much money you need for retirement, you need to actively plan for it. You should figure out the lifestyle that you plan on living and try your best to calculate what you will need to retire. Regularly monitor your savings and see if you need to make adjustments.

2. Bad Investment Choices- This, unfortunately, cannot be completely controlled. You try your best to pick the best stocks and investments for your money and some do not pan out in the long run. What's even worse, your whole retirement can go down the drain right before you retire if the markets crash. This is why it is important to diversify your investments.

3. Retiring Too Early- Retiring years early can be very tempting for many seniors. The thought of getting started earlier while you are still younger and healthy seems like a good idea. Unfortunately, many fail to realize the huge financial costs involved for retiring even just a few years early.

No matter which type of care you need or which type of community that you choose to use during your retirement, it can be costly. It is very important to properly prepare for your retirement years as early as possible. Though it can seem almost futile to prepare for something so far away for most of us, it is better to prepare than not. No one knows how their life will be when it is time for retirement.

This article was written by Georgina Clatworthy, a freelance writer who writes regularly on topics relating to health and well-being.  She contributes this article on behalf of Dogwood Forest who provide assisted senior living Atlanta-based facilities.  Planning for retirement and our senior years can be difficult, however a good place to start is by choosing where you will live, ensuring you will have all the support, facilities and services you will need to continue living a comfortable life.