Lifestyle

What Is The Cost Of Living In A Retirement Home?

One of the essential choices you’ll make while planning your retirement is where to reside. Moving to a retirement community such as Sorrento Retirement Home may provide benefits in terms of facilities, leisure, and the ability to network with other seniors. However, you should think about how much you’ll spend on senior housing and how it compares to alternative possibilities.

How Much do You Pay?

There is no hard and fast rule regarding how much you should spend to live in a retirement community. The price might vary depending on a variety of variables, including:

  • What features are included?
  • The kind of house available
  • The geographical location of the retirement community
  • Whether you must pay an entry charge, a monthly cost, or both
  • What are the fees for housing, utilities, and other services?

In general, the more facilities and services provided, the higher the cost of retirement living in a senior community. In addition, living in a high-demand region with few alternatives for senior living may further raise the ultimate price.

The Entrance Fees

New residents must pay an entry fee to relocate to certain retirement communities. They’re often used to help pay for the retirement community’s services and facilities, including medical care.

Entrance fees are often connected with continuing care retirement homes, which offer residents a range of care as they age. For example, you may begin in the community’s independent living section, then progress to assisted living, and, lastly, nursing home care as you become older. 

According to the  U.S. Government Accountability Office, the charge might vary from $1,800 to $600,000, depending on what is covered.

Monthly Payments

While there is no entry cost to reside in a retirement home, there is a monthly charge to consider. According to A Place for Mom’s National Senior Living Cost Index, the median monthly cost of independent living was $2,522 in 2018, the most recent year for which data was available. 

That equates to slightly more than $30,000 each year. However, depending on the neighborhood you choose to reside in, you may pay more or less.

Making The Decision

If you’re on the fence about moving to an independent living community, it might be useful to compare the expenditures to what you’re currently paying. When comparing retirement communities, ask comprehensive questions. For example, what facilities are included? Is your home price inclusive of all utilities? What degree of healthcare is provided? Are food, cleaning, and laundry service included in the monthly fee? 

Then, compare all of this to your existing budget and what you expect to spend in the future. What if, for example, you required a maid every week or several times a week if taking care of your home got more difficult? The more you look into the figures, the simpler it may be to determine if a retirement community makes financial sense.

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