When one is looking to move into a care home, one must consider the financial implications of that decision. Although it may seem too expensive, there are several ways you can save enough money to pay the care home fees.
Put Money into a Savings Account
If you are thinking to the future but are not making any changes right now, a savings account can be a good way to accumulate money for the care home fees. Even a savings account with a low interest rate will, over time, add up to a significant amount.
Sell Your Home
One way to accumulate enough money for care home fees is to sell your home when the time comes to move. The money from the sale will be more than enough to pay for your care, and you will even have some money left over for the grandkids!
Open a Retirement Account
You can begin a retirement account at any age, but it goes without saying that you will accumulate more money if you do it sooner rather than later. You should work with an investment broker to get the best return on your money.
Invest in Stocks and Bonds
Work with a brokerage to find secure stocks and bonds that you can invest in. A good broker will be able to recommend investments that will slowly mature for a higher value.
Buy A Second Property
Many people buy a second home when they are working and can afford the mortgage, and then sell it when they need the money for retirement. They may also rent it out to tenants and use the income to pay off the mortgage. Once it is paid, that income will go into an account for their future care home fees. The benefit of this option is that the second house could be sold to pay for the care home bond, while the first can be kept for your children and grandchildren.
Care home fees can be quite expensive, and you must prepare for these expenses ahead of time. If you use one or more of the tips outlined in this article, you can afford quality care when you, or your family, can no longer take care of yourself.
For more information on affordable care homes, visit Cheselden Continuing Care.