As you age, you may start thinking about the kind of lifestyle you want to have in your retirement years. Perhaps you picture yourself having a great time traveling, savoring good food, and taking up new hobbies. However, household chores may prevent you from freely pursuing these activities. Independent living in a retirement community is a good option if you want to stay active without the hassle of mundane chores. Moreover, you’ll get access to many activities and amenities including elderly-friendly fitness classes and quality meals. While you’re assessing if this is the right option for you, you might want to find out more about independent living cost. We’ve provided a guide to help you out.
The Location Matters
Independent living costs vary across different communities. The area you’re living in plays a role as well. A retirement community that provides a wide range of amenities and services will also cost more. Generally, independent living costs about 30-50% less than assisted living because residents don’t require additional personal care. Below are the average monthly costs of independent living in some states:
- California: $3,000
- Florida: $2,200
- Texas: $2,399
- Georgia: $2,100
- Alabama: $1,890
Some communities require you to pay additional food expenses and other fees, such as a one-time admission and apartment preparation fee.
What Are You Paying For?
Independent living offers you a carefree, resort-style living where you can do away with cleaning, cooking and running errands. You’re not just paying for a leisure-filled lifestyle but also access to amenities and services like:
- Health and fitness programs to help you maintain an active lifestyle and flex those muscles
- Scrumptious meals that tantalize your taste buds
- Fun activities and events that boost your social health
- A comfortable and secured living space that feels like home
- Assistance with errands so you have more time to do the things you love
- Housekeeping and maintenance so you don’t have to worry about taking care of your living space
- Emergency Assistance where help is available 24/7
- Transportation arrangements to bring you to area attractions, restaurants and more!
With so much ease and convenience, you’ll have much more time to pursue new hobbies, meet new friends or catch up with old ones. A community that doesn’t offer as many perks could be more friendly to your wallet.
Compare the Costs Before Making the Movie
Staying at home seems like the best “free” option but you may be surprised once you get the numbers. Do the math. Calculate your homeownership costs and monthly expenses before thinking that it’ll definitely be cheaper to stay at home. You might also be making renovations to make your home elderly-friendly as you age, so don’t forget to factor in these costs.
Likewise, find out the actual costs of independent living and see if it fits the budget you have in mind. As the costs of each retirement community vary, it’s best to speak with the relevant personnel at the places you’ve shortlisted to get the most accurate numbers.
Making the move to independent living is a major decision. Once you do the calculations, you can better decide if independent living is affordable for you.
