Living in a Retirement Community May Be Cheaper Than You Think, Here’s Why
Are you considering the best options of where to live for your loved ones who may be approaching retirement age or are already retired? Are you at a fix because you’re pondering on the questions, “how much are retirement homes”?, and ”how good are they”?
Well, that’s why we’re here. You may be amazed to realize that aside from other benefits, there may be financial perks with living in a retirement community. Here’s how and why:
Older adults who live on their own and maintain their houses face the challenge of paying for monthly household utilities, maintenance and repairs, healthcare, and other bills. They also have to worry about their daily expenses from transportation, groceries, fitness membership, etc.
With these expenses, your loved ones may have less time to relax and spend more time worrying about paying their compiling bills. Undoubtedly, this could unbalance their retirement lifestyle. However, living in a retirement residence like Seasons Retirement will shield your loved ones from these daily hassles while providing care services at pocket-friendly rates.
Reasons living in a retirement community may be cheaper than you think
Retirement homes like Seasons Retirement offer options such as independent living, independent supportive living, assisted living, and memory care. Here are a few reasons why retirement home cost might be cheaper than living alone.
1. The demand is less
Living in a retirement community is relatively cheap because of the law of demand and supply. Price increases with an increase in demand. However, when there’s less demand but an increase in supply, the price will plummet. In this case, since retirement homes are for a specific age group, there’s less demand and more supply, making the cost of senior living affordable.
2. Location
Location is a significant factor in the price of retirement homes. Just like buying real estate homes, location plays an important part.
Thus, independent living communities in some areas are more affordable than others.
3. Government-subsidized retirement communities
There are government-subsidized independent living communities for older people who cannot afford retirement homes. With these, older adults from 55 years of age and beyond can approach the transitional phase to live in a retirement residence easily without putting a strain on their pockets.
Some government-subsidized retirement homes are non-profit, offering support and other care services.
4. Sizes of retirement homes
Most retirement communities offer different housing plans, including condos, single-family homes, duplexes, and apartments.
In most cases, retirement homes are relatively cheap because they are small-sized and are meant to house one or two senior people. However, more spacious homes are expensive because of their more usable space.
Not to worry, even if your loved one’s retirement residence has a smaller space than their former house, you can rest assured that the available area is just enough for their needs.
5. Types of services offered
Your loved ones can still enjoy social, recreational, and basic amenities in an affordable retirement residence. That said, some retirement home cost more to enjoy these services.
Services offered at retirement communities
Retirement homes want to ensure that your loved ones live whole, happy, and fun lives, offering some unique services to residents. These services include but are not limited to:
- On-site gyms and fitness centers.
- Cleaning, housekeeping, and laundry services.
- Transportation services.
- Recreational events such as swimming, golf, gardening, baking, etc.
- Salon and spa.
- Exercise and Fitness center.
- Outdoor space for events such as picnics, etc.
- Scheduled activities for retirement residents, including book clubs, outings, and seasonal parties.
- General maintenance, and more.
Benefits of living in a retirement community
1. Has several residential options
Your loved ones may live alone or with other older adults depending on their choice. This is possible since retirement communities offer different housing plans such as condos, duplexes, single-family homes, or apartments.
2. Provides affordable living cost
Older adults living in retirement homes do not have to worry about paying utility bills and taxes. As a result, they can have extras to save.
Indeed, you can save even more since most retirement communities provide entertainment, transportation, and other basic amenities.
Also, independent living enables your loved ones to free up any equity they have built-in their homes, thus providing them with additional financial freedom.
3. Creates friendship and support
Living in a retirement community creates interactions and connections among older adults who share the same interest. In addition, your loved ones can enjoy the friendship and support of other residents, which ensures an active social lifestyle.
4. Easy to maintain
Older people living in retirement homes can easily clean and maintain their space since they are usually small-sized.
5. Extra amenities are available
Some retirement homes provide additional amenities such as a gym, pool, clubhouse, etc., to ensure that older adults enjoy a fun-filled life after retirement.
6. Offers maximum security
Retirement homes allow older people to live amidst other residents. Thus, they share friendship, making it convenient to watch over one another. Some retirement residences are entirely gated. Also, they provide building guards, security systems, and firmly locked doors.
How do you pay for retirement residences?
There are several options through which you can pay for a retirement residence for your loved ones. The payment depends on the retirement community, and it could be a one-time entry payment, monthly fee, or both.
Some of the ways to raise money for retirement home cost include:
- Selling an investment or your loved one’s home.
- Paying through your loved one’s retirement savings.
- Long-term care insurance.
- Assistance from you and your family.
Locating a retirement community
Finding a good and affordable retirement home can be daunting. However, you can start by getting recommendations from directors of retirement communities. Following the advice, you would find a few places close by.
Here are some points to consider when checking a prospective retirement home for your loved ones:
- Security features are available to each unit.
- Ample parking space available to each housing unit.
- Accessibility of stairs, bathroom amenities, etc.
- Availability of spacious storage and closet space.
- Easy access to close-by public transportation.
- Proximity to city services such as libraries, museums, health centers, etc.
- Responsibility of the staff with regards to maintenance and services.
- Well-maintained buildings and firm grounds.
Bottom line
Now, we know why retirement communities are relatively cheap to live in. However, before you conclude whether your loved one should move, compare the cost of their current house with retirement home cost.
Conclusively, retirement homes are appropriate for older persons who desire to live and enjoy themselves freely among like-minded neighbors without the stress and chores of daily living.
