Turning 60 years old is a huge milestone. However, this whole decade comes with a lot of changes and options. Among these changes includes your options for housing. Thanks to different programs and communities, you may find a lot of different independent housing options once you reach specific ages.
Learn about the housing options and financial options to consider once you reach your sixties. Knowing these details will ensure you don't miss out on key opportunities or a chance to change your lifestyle for the better.
Low-Income Housing Qualifications
If you seek out independent living options, then the general age for seniors is either 55 or 62 years old. Once you reach this age, you may become eligible to rent an apartment in many living communities. The age limits can also ensure you live around others around your age. When seniors support each other, you can enjoy an active social life and form new bonds.
The qualification process has a lot to do with the U.S. Department of Housing and Urban Development. The department developed several programs for seniors, and many of the requirements include the minimum age of 55 or 62.
Social Security Benefits
According to the Social Security Administration, the age of 62 is when social security benefits kick in. If you choose to retire and collect social security, then you can use the income you receive to pay for independent housing. If you choose to take social security income at age 62, then you will be eligible for 75% of your approved amount. The 75% of the payment will continue for the rest of your life.
If you wait until you turn 66, then this is the age where you will receive 100% of your benefits. The housing you apply for is not solely based on Social Security benefits. If you can afford to do so, you could still apply for senior housing and not fully retire until the age of 66.
Housing programs will work with you on an annual basis as your income levels change.
Retirement Accounts
If you have retirement accounts, then you can use those accounts to supplement your income once your reach your sixties. According to Charles Schwab, you can technically begin taking money from the accounts once you reach the age of 59 1/2. Once you reach that age, you can withdraw from IRAs without any penalties or extra costs.
As you move into new housing, you can rely on this IRA extra money to help pay for groceries, transportation, and other extras. Many rental prices will include utilities, so you can cut down on extra monthly costs and have a nice cushion with your retirement money.
Independent Housing Accommodations
Many changes occur when you reach senior years. You may not have the strength and mobility you used to. Independent living houses are designed with seniors in mind. Many of the homes have direct floor-level access so you do not need to take stairs or travel great lengths to get in and out of your home.
Laundry services in or near independent homes make it easy to do clothes and carry heavy loads. Garbage services also help reduce a lot of heavy lifting. The large community of other seniors can give you support and resources when you need help.
Some locations will have small stores or shops to purchase food, snacks, and essential items. Compare multiple places to see the options available. You know yourself better than anyone, and you can find specific features that will cater to your personal needs.
For more details on housing options, contact us at Robert Cottingham Property Management Co. We have numerous properties for you to consider, and we will find an apartment that meets your needs and lifestyle.
