Financial Benefits of Senior Living

Seniors are exploring senior living communities as a way to cut down the high costs — and the hassles — of home ownership.

Talamore Sun Prairie began welcoming residents to its brand-new facility in August and offers a variety of amenities at no additional cost. Internet and cable, utilities and a state-of-the-art fitness center are included in rent, as are an in-unit washer/dryer for independent living residents and laundry services for memory care residents. A robust selection of exciting activities is also available to senior residents, such as bingo, movie matinees, happy hour, arts and crafts, fitness classes, shopping trips, outings and more.

Other popular on-site amenities are available for a reasonable fee, such as the five-star restaurant-style dining room managed by an in-house professional chef, spa/salon services and housekeeping services (for independent living residents).

“Our seniors no longer have to worry about lawn care, shoveling snow or paying for costly home repairs,” explains Marylouise Wallace, executive director of Talamore Sun Prairie. “We’re providing residents with comfort, convenience and peace of mind.”

Talamore welcomes seniors aged 55 and older and specializes in independent living, assisted living and memory care, along with enhanced care. This full continuum of care allows residents to age in place, knowing they’ll be taken care of should their needs change. Talamore offers bus transportation to off-site doctor’s appointments and select church services nearby. The facility also partners with visiting physicians and occupational therapy and rehabilitation services to offer health care without having to leave home.

Wallace praises her team for their commitment to high-quality care. “Our staff members are all compassionate and highly trained. We have an all-hands-on-deck approach to caregiving and do whatever it takes to ensure our residents are taken care of.”

“A big pleasure of working at UW Credit Union is the wide range of members we support with advice and planning. While no single piece of advice fits all situations, especially when it comes to planning for retirement, speaking to a specialist can help you avoid risk and take full advantage of every opportunity.”
– ​​Tim Schiefelbein, Financial Consultant for Investment Services at UW Credit Union

Home Planning For Retirement
Relying wholly on a pension plan and Social Security may not be enough to cover your costs during retirement. As a matter of fact, it has become increasingly common for people to continue working beyond retirement for some extra income. Planning for retirement, however, regardless of age, can be a daunting task.This guide is to provide you with some brief information on different retirement options so when you’re ready to speak to a specialist, you can be confident and efficient.

HOW DO YOU KNOW WHEN TO RETIRE?
Take a holistic financial planning approach to make sure that you’re ready to start the planning process by working through a series
of questions:
1. Estimate your future cost of living. What will you need to support the lifestyle you envision during retirement?
2. Are you considering long term care?
3. What’s the best approach for distributing your assets?

LIVING ARRANGEMENTS
One decision that significantly impacts your retirement planning is where you’re going to live – if you plan on moving or staying in your current residence.Depending on your situation, you may be interested in senior living and retirement communities. They provide a good range of options that adapt to one’s changing needs over time.

RETIREMENT PLANS
Individual Retirement Accounts (IRAs): The most common retirement plan. IRAs offer varying tax breaks (depending on type) and provide a broader range of investment options than a traditional workplace plan. The diffrece between a Roth and traditional IRA is their tax advantages: With a traditional IRA, contributions are given and you’ll pay taxes on the withdrawals; with a Roth IRA, you’re contributions are taxed, but get tax-free withdrawals in the future.

401(k)s: 401(k)s are employer-sponsored retirement plans that are typically managed by a plan administrator. Most employers offer automatic deposits into the plan, and in some cases, employers might match your contributions.

There are a lot of things that we don’t have control over. Having some flexibility in the planning process can give you some assurance when unexpected life events happen. It’s very important to be continually investing for the future by starting the planning process as early as possible – it’s not just about getting to the top of the financial mountain, but getting down the other side smoothly.

WHAT TO LOOK OUT FOR

BUILDING A SUPPORT TEAM
Planning for retirement can (and should) take a while, it’s not a one and done meeting. UW Credit Union has a range of tools to help members project and better understand what they’ll need to support their lifestyle, travel desires, and freedoms in retirement.
The team approach at UW Credit Union offers members a long-term partnership with specialists who have acquired years of knowledge, expertise, and resources.

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