Assisted living for low income seniors or seniors on a fixed income will have to be greatly increased in the coming decade. The economy is still struggling and Baby Boomers are still retiring in record numbers. This deadly combination means more and more seniors will be dubbed “low income seniors” and require assisted living.
Today’s retiring seniors long to be active and if they can’t afford the active senior community of their dreams, then they may have to prepare ahead of time and opt for a the best low income assisted living facilities that they can afford. Fortunately, the Housing and Urban Development (HUD) offers vouchers or backing to lenders to help seniors meet the financial demands that their retirement calls for. From nursing homes, subsidized apartments, or inner city subsidized houses, HUD may help provide not only housing but the nursing staff and/or meal preparations that may be needed to maintain a decent quality of life during the Golden Years. Home health nurses are very expensive and almost no senior would be able to afford this health option if not for a voucher subsidy from a federal program. The same can be said for many other quality of life programs that make the retirement years worthwhile and productive.
The best plan is to start as early as possible and let time and the magic of compound interest ensure that a nest egg is in place for your retirement. 401K plans and pensions are uncertain for many people and Social Security is always threatened with failure. HUD should be used to the best advantage. Retirement does not mean the end of life and people may have decades of assisted living ahead of them. The concern over facilities and costs is not a burden that our senior citizens should face alone. Agencies exist to help on the local, state and federal level. Put them to use!