We are 84 and 81. For my wife and I to safely consider going into Assisted Living from a financial standpoint, how many years of rental fees should our investments be able to cover – considering that dividends and interest are pretty close to zero on CDs and stocks right now? How much would we need above social security and pension income? Is there a formula we should be following?
First of all, thank you for visiting the Dear Maryellen blog. I do wish there was a magic formula for figuring out AL expenses, but each individual case is unique, so I suggest you speak with your accountant regarding specific financial matters. I can tell you this: The average rate at The Bristal is $5,000 per month for a 1-bedroom apartment, plus $1,000 for a second occupant. That apartment includes a bedroom, living room, private bath and kitchenette. We do have lower rates for studios, but couples who stay with us usually choose our 1-bedroom apartments. (more…)