Happy Wednesday! This week we are talking about alternative living arrangements. :)
A big concern for many of my clients is the rising cost of assisted living facilities. According to the 2018 Genworth Financial Cost of Care survey, the average cost of an assisted living facility in Massachusetts is $181.00/day, that’s $5,494/month, and $65,940/year! These figures are forcing people evaluate their retirement plan and decide where they would like to live during their “golden years.”
One Texas man has decided to get creative. Recently, Terry Robinson posted on Facebook that he intends on living at the Holiday Inn v. paying for an assisted living facility. Robinson’s plan, use a senior discount, save money on the extended stay option, and travel the world. Robinson estimates that he will be saving an approximately $128.77/day and can use that money on food and entertainment. With added features such as free breakfast, a swimming pool, gym, and complimentary toiletries, this option appears to be one you can’t beat.
Although I applaud Mr. Robinson’s creativity, this is by no means an excuse to ignore your own retirement planning. This is also an excellent time to remind you that your financial plan and your estate plan need to be created in conjunction with one another.
We pride ourselves on working with the greatest professionals in the financial services industry. If it’s time to have your financial plan reviewed, if you need to update your estate plan, or if you are just getting started, please contact our office today. We are happy to point you in the right direction and help you craft a roadmap to your retirement, no matter how creative it may be.
Until next time,