Some of the main concerns that may arise when you enter your senior years revolve around your retirement finances. You may wonder if you have enough money to retire and where you can afford to live during retirement. Not knowing whether you will have enough money to support yourself throughout your senior years can be worrisome. After all, you want to be able to enjoy your well-deserved retirement without worrying about running out of money.
At SeniorSmart, we understand that planning your retirement finances can be confusing and overwhelming. We are here to help you navigate senior living costs so you can enjoy the peace of mind that comes with a solid financial plan. To learn more about the benefits of a SeniorSmart membership, call us today at 205.460.1124.
How Can You Estimate Your Senior Living Costs?
When you first begin researching senior living communities, you may be concerned by the costs. However, you need to factor in the amenities covered by each community to make an accurate comparison. You also need to consider any additional costs for optional amenities that may be worthwhile to you.
The best way to narrow down your options is to compare the cost of aging in place, or staying in your home, to that of moving to a senior living community. First, estimate the possible costs of remaining in your home:
- Mortgage payment or rent
- Property taxes
- Homeowners’ association fees
- Home repairs or maintenance costs
- Social activities
- Housekeeping or cleaning services
Some of the above costs may not apply to your situation, so do an estimate using only what you will need to pay for when you retire. Once you have that figure, it is time to look at the costs of different senior living communities. Here are some things to consider when estimating the cost of a particular community:
- Mortgage payment or rent
- Entry fee, if applicable – This is a one-time cost but important to consider when looking for affordable senior living options since you will likely need to have the money upfront.
- Monthly maintenance fees – Are there any?
- Utilities – Which are included?
- Dining services – Are they included in the cost? Without dining services, you would need to budget for groceries.
- Transportation services – If provided, you have the option of going without a vehicle and avoiding the costs associated with ownership.
- Housekeeping services – Are they included in the cost?
- Social activities – If available at no extra cost, you will not need to spend as much on entertainment.
Using the above, you should estimate your senior living costs and determine which senior living communities may fit your budget. And SeniorSmart is here to help.
How Can You Find Affordable Senior Living Communities?
When searching for affordable senior living options, where you choose to live makes a big difference in your cost of living. For example, if you were looking for a senior living community in the Montgomery, Alabama area, the average cost is just over $2100 per month, making it more affordable than the nationwide median of approximately $2500 per month.
If your budget is tight, you can make senior living more affordable by:
- Choosing to live in an area with a lower cost of living
- Looking for communities with fewer amenities
- Refraining from optional amenities that cost extra
- Checking eligibility for financial assistance
It is also a good idea to speak with a financial advisor. Choose one experienced with retirement planning to help you make the most of your retirement budget.
SeniorSmart: The Guidance You Need for Your Retirement Finances
For assistance finding the best affordable senior living options in your area, reach out to SeniorSmart. Our members enjoy the guidance they receive to help make their retirement finances work for them. If you have questions about how to keep your senior living costs within your budget, give us a call today at 205.460.1124.