How To Spend Without Worry in Retirement Through Lifecare

Apr 16, 2024

Middle aged senior old couple holding documents reading paper bills paying bank loan online, calculating pension fees, payments, taxes, planning family retirement money finances using laptop at home.


Inflation is rising at the highest rates in decades, and even for those who have a substantial nest egg, the threat of inflation can delay or curtail their retirement spending. 

One of the most worrisome aspects of watching your savings deplete is uncertainty about your future health care needs. Seniors spend a disproportionate amount of money on health services, and ongoing costs are unpredictable. 

“Health care costs typically rise faster than the inflation rate, but Lifecare protects your dollar against these increases,” says Katie O’Brien, Director of Sales & Marketing at The Admiral at the Lake. “Senior living also promotes a greater sense of purpose, decreased risk of chronic disease, and reduced cognitive decline. The investment you’re making directly impacts your quality of life and future care.”

Keep reading to learn more about how Lifecare could ease your financial stress and help you make the most of your retirement savings.

What Is Lifecare?

A Lifecare contract (also known as a Type A contract) is an agreement found at senior living communities that offer a continuum of care. With Lifecare, residents pay an entrance fee that ensures long- term care, services, amenities, and access to a fulfilling community lifestyle. Residents also pay a predictable monthly fee that will remain relatively stable throughout retirement. 

What Are the Benefits of Lifecare? 

The primary benefits of Lifecare are financial predictability, estate protection, and peace of mind as it relates to your future health care needs and costs. 

Residents of a Lifecare Community with a Type A contract are guaranteed access to care within the community’s range of services at predictable rates. A Lifecare Community like The Admiral at the Lake offers Assisted Living, Memory Support, Skilled Nursing and Rehabilitation

This allows seniors to move into Independent Living knowing that if their health needs change, they can access all levels of care without having to move to a new community or experience significant financial stress.

With Lifecare, you do not have to worry about your monthly fees increasing even if your level of care increases. Your monthly fees are protected from rising health care costs, which means there’s no “waiting for the other shoe to drop” when it comes to paying for your medical care needs. 

Quality of Life in Choosing Lifecare

You’ve been saving for retirement for a long time, and investing in a Lifecare community now will pay off in dividends.

Perhaps the most impactful benefit of a Lifecare contract is that it helps you predict future health care costs, which provides priceless peace of mind. This can ease stress, protect your nest egg, and free you up to live the retirement lifestyle you want. With this kind of assurance, you can feel free to use some of the money you’ve set aside to enjoy the things you love. 

And you’ll find plenty of things to love at The Admiral at the Lake because we offer countless opportunities for social, educational and recreational activities. Our community life is vibrant, engaging, and inclusive to all.   

Community amenities include:

  • Library
  • Woodworking shop
  • Creative arts studio
  • Meditation room
  • Indoor swimming pool
  • Wellness Center

Other Financial Strategies for Smart Retirement Spending

Each older adult’s retirement goals are different. It’s wise to consult a financial advisor for seniors who will consider your financial position alongside the current marketplace. They can help guide you in your decision-making.  

Here are some possibilities that could help you stretch your retirement savings: 

Discover Lifecare at The Admiral at the Lake

At The Admiral at the Lake, you’ll find comfortable, elevated senior living on Chicago’s lakefront. Our Life Plan Community offers Independent Living, Assisted Living, Memory Support, Skilled Nursing and Rehabilitation. Come visit us on the lakefront to learn more about the benefits of Lifecare and see how we can assist with your retirement planning.