As you become older, your expenses will start to increase. You’re not in great physical shape anymore. You also don’t have a stable source of income after retirement. Therefore, you need to budget your monthly income so that you can afford to pay for all the expenses. You might also have to consider a viatical settlement. The following are the priorities as you start budgeting your money.
Physical fitness
You need to have a rigid physical fitness regimen, especially when you’re older. You need to keep using your muscles and bones so they will remain strong. You might even have to hire a trainer to help you since you’re not capable of doing things the same way anymore. The hourly fees for trainers are quite high, so you need to allot money for them.
Groceries
You might also have special dietary requirements now that you’re getting older. You might get diagnosed with different illnesses that prevent you from eating whatever you want. Healthy eating might be somewhat expensive, so you also have to prepare for it. The good thing is that if you’re not capable of going to the local supermarket anymore, you can order online to receive the items you ordered.
Housekeeping services
It’s tough for you to clean your house and keep it in order because of your age. You don’t want to be in a messy house since you might end up acquiring more illnesses. Therefore, you need to hire people to come over and maintain your place. Apart from regular cleaning jobs, you can also hire people to do repair jobs if necessary.
Medications
You’re taking different medicines to keep you in shape or prevent severe illnesses from happening. These medications are quite costly. If you don’t have healthcare insurance to cover the entire cost, you will find it difficult to pay for medicines.
Entertainment costs
Just because you’re getting older doesn’t mean you can’t have fun anymore. You can still consider different entertainment options, like watching a movie or gambling. Besides, social interaction helps keep your brain sharp. You worked hard your entire life and now is your chance to do whatever you want. You don’t want to spend your retirement at home.
Paying for the expenses
These are only some of the costs you need to consider. The point is that you might have to think about where you’re going to get enough funds.
The good thing is if you have a life insurance policy, and you’re over 70 years old, you can consider selling it through a viatical settlement. You can find someone who would purchase the insurance and become the new policyholder.
The downside is that you won’t get the estimated value of your life insurance. Despite that, you will still receive a reasonable amount that won’t make you regret selling the policy. You’re also going to help someone else who has several more years to live to continue paying the premiums and reaping the benefits of being a policyholder. You can start by consulting with experts to determine how you can pay for your senior care costs.
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