The generation that survived World War II and the Great Depression definitely has some life wisdom that would be worth sharing. That is why they are referred to as the Greatest Generation, and rightfully so. We all could learn a lesson from them, about life, love, and money. We did just that, we sat down with some of our assisted living residents and asked them what financial advice they could give us after being faced with some of the most pressing economic times in American history.
At HarborChase we would love for you to be a part of one of our assisted living communities and we would love it even more if you did not have to worry about finances to live there. According to a Genworth’s Cost of Care Study the monthly average cost of assisted living in America is $3,628. This cost can vary greatly depending on which region you live in, community amenities, and individualized care needs. If you have relatively low care needs and a lifetime of savings you can pay for your cost of living out of pocket. If you have investment portfolios, you cash them out to cover costs, for example, IRAs. You can also turn to family to help share the burden of costs or share a room with a friend to split the costs. If you solely cannot afford private pay by itself, do not fret, you can combine it with other available resources.