Few of us relish the idea of a move, but moving in your retirement can be nearly seamless.
Considering the cost of living in retirement communities should be among your first considerations when selecting a retirement community. If you or your loved one are in relatively good health, the cost of an independent living lifestyle might surprise you.
It’s also important that you factor in how much it costs to live in your own house and how valuable the community you’re trying to pick will be compared to that.
Here are three general questions to ask yourself when you or a loved one are thinking about the next step of life and care.
What Value Do Senior Living Communities Add to My Life?
Senior living communities combine your living and care costs, sometimes under one roof and sometimes in a neighborhood-like setting. They offer numerous amenities and services on site, such as maintenance, exciting dining options, a fitness center and beautiful grounds.
You can make new friends, explore new hobbies and open a new chapter in your life. But that’s when you’re in a senior living community. At the moment, you’re probably at home. But at a Continuing Care Retirement Community, also known as a CCRC, your monthly fee covers much of the associated costs of care.
Older adults often find their average cost of living reduced from month to month when entering a CCRC, also known as a Life Care Community.
How Much Do I Pay Now?
Owning a home comes with costs, even if you paid off your mortgage long ago. Off the top of your head, could you calculate a stable monthly cost to aging in place?
Without considering potential health concerns or obstacles to mobility in the home, there’s a variety of potential costs linked to owning a home into your twilight years.
Annual maintenance costs range between 1 and 3 percent of the home’s initial cost. For a $200,000 house, owners should budget $2,000–$6,000 annually for upkeep. So, whether you do it yourself or have it done by someone else, you’ll incur ongoing and exponentially rising expenses to maintain the value of your home.
Not to mention any of the myriad other costs associated with aging in place.
Future Costs: What Will I Pay Down the Road?
First, looking forward, try to account for any circumstance where you or your loved one might need higher levels of care. Think of your mental and spiritual wellness in addition to your physical health. Those combined care costs could be prohibitively expensive.
There’s also a good chance that you can expect major repairs for your home in the next year or two. And as you age, accommodations in your home can frequently change, making renovations costly.
Now imagine paying for any of those combined costs without the convenience of care services on site.
While considering the move, use this helpful checklist from Where You Live Matters.
Canterbury Woods Williamsville Is Charming, Scenic and Beautiful
At Canterbury Woods Williamsville, our goal is simple: provide seniors with the best possible living experience. We’re a Life Care Community offering a full continuum of care. This includes independent living, assisted living, memory care, skilled nursing and rehabilitation
