Finances for People in 55+ Communities
As you near retirement age and look to downsize and find a new pace for your life, part of your considerations will inevitably be your finances. Planning for the future, setting yourself up well, and ensuring you have the funding you need to live a fulfilling life are all important aspects of your financial planning.
At Silverfern, our team understands the need for financial independence and supports it with our current floor plans and membership in The Silverfern Club and its amenities, which are included in the cost of your home in our 55+ community.
Retirement Finances
If you are 55 or older and haven’t already retired, you may be preparing to retire in the next few years. As such, you may be wondering how all your hard work will support you. Typically, your assets from previous employment, such as a 401K, pension, or other saving option, can help cover the cost of retirement, but there are some factors to consider, such as:
- How much money you need each month to cover your necessities, such as food, medication, housing, and utilities
- How much additional funding you need for other activities such as trips, dining out, and entertainment
- Whether you’re supporting just yourself or someone else, like a spouse, child, grandchild, or other dependent
Estate Planning
While many people can find estate planning a scary concept, the fact is that any adult can do estate planning to ensure their assets go to people they care about if they pass away. This is an especially important part of finances if you want very specific people to access your assets and have niche rules about when or how people can access your assets after you pass away. It doesn’t have to be scary since it’s simply insurance that your things go where and to who you want.
Frequently Asked Questions About Finances for People Over 55
What Is The Retirement Age?
If you were born from 1955 onward, the current full retirement age in the United States is 67, though some people can get lesser retirement benefits starting at age 62. If you were born from 1943 to 1954, your full retirement age is 66. Finally, if you were born before 1943, you can get full retirement benefits starting at age 65.
Does Silverfern Do Financial Planning?
The Silverfern Team does not offer financial planning for our community at this time, but we understand the need to prepare for various financial decisions. We recommend finding a financial planner near Cincinnati to help you with your various needs in financial management. If you’re already part of our community or looking to become part of it, ask our staff for their recommendations.
How Much Money Do I Need To Retire in 2025?
The amount of money you need to retire in 2025 can vary based on how you want to live. More extravagant lifestyles will take more money than simpler ones. The amount of funding you require is also based on what savings you already accumulated though various methods such as retirement plans, personal savings, and ongoing income.
Join Our 55+ Community near Cincinnati, Ohio
If you made it this far, we’re happy you took the time to read through our advice and learn about what it means to have a 55+ community near you. After all, maybe we’re the reason you can stop searching for “senior living near me” and join an excellent community of independent, like-minded people.
Contact us to learn more about our services.
