Seniors are often left with worries about the cost of housing and how they will be able to afford to enjoy their retirement. Increasing housing costs in the UK have caused many to struggle.
However, there are now more options. A new range of options for accommodation is becoming available for seniors in the UK. With some research and knowing where to look, many seniors are able to find affordable housing without compromising their quality of life. Whether you are a senior yourself in need of housing or caring for an ageing loved one, it is useful to know how you can benefit from the affordable housing options available.
The costs of senior housing vary enormously, but it is generally not cheap. In fact, choosing to remain in their home can cost seniors £150,000 for a live-in caretaker and fees for a nursing home are upwards of £750 a week.
The costs will also vary depending on the standard of living you would like to maintain, and the level of care needed. The two most common housing options for seniors are Retirement Communities and Assisted Living. Retirement Communities are the most economical senior living option. According to the BBC, the average rent for a one-bedroom condominium in a retirement community is £580 per month. Assisted Living is useful for seniors who need the daily assistance of professionals. according to the UK Care Guide, in the UK the cost of assisted living facilities average between £2,000 and £4,000 per month. Most of these costs are for services and medical care, though it depends on the needs of the individual.
The good news is while costs of senior housing are high, they are becoming less expensive. There is also money to be saved by considering different living options, doing some research and comparing prices.
All seniors who may be concerned about the cost of housing should make sure they research the government aid and options that could be available to them. it is possible to reduce your housing costs by thousands of pounds simply by taking advantage of all the aid that the government can provide, including attendance allowance and personal independence payments. According to CitizensAdvice.org.uk, seniors who are aged 65 or older can qualify for an Attendance Allowance that provides a monthly sum of £246 to £368 to help with living costs. Those under the age of 65 may also qualify for an Attendance Allowance if they have a physical or mental disability.
For adults under the age of 64, the U.K. government offers Personal Independence Payments that can help you to cover your costs of living. Personal Independence Payments range from £97 to £624 per month depending on your financial situation and the gravity of your health issues. This aid is distributed on the basis of the extent to which your health problems affect your quality of life. Therefore, you can qualify for Personal Independence Payments if you suffer from issues such as mental health problems and chronic physical conditions.