Nearly 70% of adults over 65 will need some form of long-term care, according to the U.S. Department of Health and Human Services. That reality has more families thinking ahead and wondering how paying for independent living will actually work.
Set just a short drive from New Orleans, Slidell offers a slower pace, local culture, and easy access to nature; all things that make retirement more enjoyable. But knowing how to budget for independent living is just as important as choosing the right community. This article breaks down practical, proven ways to plan smarter and make independent living an affordable, stress-free decision.
Use Personal Savings and Retirement Income
One of the most common ways people cover independent living costs is by using savings and income already in place. That might be from:
- Social Security
- A pension
- Withdrawals from retirement accounts like 401(k)s or IRAs
This method offers flexibility since the money is already yours, but it does take planning.
Sell a Home and Use the Proceeds
Many seniors fund their independent living expenses by selling their homes. It’s a smart move if the home has appreciated or no longer fits your lifestyle. You cut down on property taxes, upkeep, and insurance, plus, the cash from the sale can cover years of senior housing expenses.
In Slidell, the housing market tends to be steady, with modest home values and a strong demand for smaller properties. Homes close to Olde Towne or the waterfront areas often get attention quickly.
Some reasons why selling a home works well:
- Frees up home equity to use as cash
- Cuts monthly expenses like utilities and repairs
- Removes the stress of ongoing maintenance
Look Into Long-Term Care Insurance
Long-term care insurance isn’t just for nursing homes. Some plans may help cover services often included in independent living communities; especially if you need a little assistance with things like medication reminders or help with dressing.
The key is that policies vary a lot. You should review the fine print and talk to your insurance provider about whether benefits apply to independent living. If you’re already enrolled in a policy, ask how “home care” or “assisted services in a community” are defined.
This ties directly into financial planning for aging since adding this layer of protection can help cover care-related expenses later.
Convert or Sell a Life Insurance Policy
Life insurance isn’t always locked up for future use. You might be able to convert your policy into cash now. There are two main ways:
- A life settlement
- A viatical settlement
Each has different rules, but both involve giving up part or all of the policy in exchange for a lump sum or regular payments.
This can be helpful if your policy is no longer needed for its original purpose, like supporting dependents. It might also provide a better return than simply surrendering the policy.
Use Bridge Loans or Short-Term Financing
Timing doesn’t always work out. You might need to move into a community quickly while your house is still on the market or while waiting for VA benefits to get approved. In that case, short-term financing can fill the gap.
Bridge loans exist for these types of situations. You can often get approved quickly, and repayment usually comes from the eventual home sale or benefit approval.
This kind of financing doesn’t work for everyone, yet it tends to be helpful when the transition needs to happen fast.
Apply for Veterans Benefits
Veterans and surviving spouses might qualify for Aid and Attendance benefits. It’s a pension that adds monthly payments on top of your regular VA pension. These funds can help cover independent living costs, especially if you need help with daily activities like bathing, eating, or mobility.
You need to meet both medical and financial requirements. The process takes time, yet the extra income can make a real difference for those who qualify.
For example, it can help cover:
- Assistance with bathing, grooming, or dressing
- Personal care and mobility support
- Meal preparation and medication reminders
Paying for Independent Living With Family Help
Not every senior pays for retirement living alone. Sometimes, adult children or other family members step in to help. That can mean covering part of the monthly cost or helping with move-in expenses.
This arrangement is fairly common, especially in households where multiple siblings want to contribute. It’s one way to keep things predictable and fair while helping loved ones transition to a safer, more engaging lifestyle.
Some ways families split costs:
- One-time gifts for move-in or furnishing the apartment
- Monthly contributions toward rent or care services
- Managing bill payments directly for accountability
Budget and Pick the Right Community
Paying for independent living isn’t just about affording it; it’s about knowing exactly what you’re getting for the money. Some communities include everything from meals to housekeeping to scheduled activities. Others charge extra for certain services, so it pays to compare.
Choosing a home where more is included can lower unexpected costs. For instance, communities with on-site dining, wellness classes, and entertainment might reduce the need to pay separately for groceries, gyms, or going out.
Things to review when budgeting:
- Are meals, activities, and housekeeping included?
- What costs extra, and how often?
- Are utilities like cable and internet part of the rent?
At SummerHouse Park Provence, for instance, residents enjoy chef-prepared meals, daily social programs, and even a scenic lakefront walking path; all included in the monthly rate. That can make a big difference when comparing communities and aiming for retirement living affordability.
If you’re comparing affordable senior communities in Slidell, consider which features matter most and what extras you’re willing to pay for. That alone could make or break your monthly budget.
Your Next Step Toward Comfortable Living
Paying for independent living doesn’t have to feel overwhelming. With the right financial tools and early planning, it’s possible to enjoy the comfort, social connection, and services that come with community living.
At SummerHouse Park Provence, our Slidell location offers chef-prepared dining, scenic lakefront paths, and customizable one- or two-bedroom apartment homes, all designed for carefree, active living. Unlike others, we pair these amenities with a warm, family-like atmosphere and an unbeatable central location.
Schedule a tour today and see how well retirement living can fit into your lifestyle and your budget.
