If you’ve told others about your desire to move to a retirement community, they may have given you some incorrect advice, even though they are just trying to be helpful. One of the biggest misconceptions is that, compared to living in a retirement community, it’s cheaper to retire at home. Don’t be fooled by anyone who tells you that!
In households with a retirement age or older individual, expenses usually amount to roughly $50,220 annually. (This comes to us courtesy of the United States Bureau of Labor Statistics.) When you consider that $63,036 is spent on average in most United States households, the numbers gain staggering significance.
Quicker than one can imagine, expenses add up. On families and single-family members, financial strain occurs before they know it. So you can get a better idea of finances, you’re going to discuss how to calculate the cost of senior living vs. staying at home.
For a retirement age individual, one of the most significant expenses is housing. This can include maintenance fees, repair fees, property taxes, insurance, and rent/mortgage. Housing expenses can reach, on average, $1455 per month for retirees. As far as monthly expenditures go, this equates to about 35%.
To gain financial freedom, more and more older adults are choosing retirement community living. Here, a professional care team is available for assistance and, in one neat little package, all household expenses are covered. This is senior living the way it was meant to be, happy and stress-free.
Many older individuals have decided that driving is something better left to others. Some, on the other hand, still insist on driving. The thing about transportation is that it’s a pricey endeavor. Expenses can include repair fees, auto insurance, standard maintenance, gas, and more. Vehicle expenses amount to roughly $625 monthly for most households in which a retiree resides. Sadly, so that money will be available for transportation, some individuals choose to cut back on other expenses like food.
In a retirement community, transportation is provided and at The Trace, we also offer concierge services.
Food and Dining
In retiree households, the portion of regular monthly expenditures dedicated to food is approximately 40%. Even if you’re cooking at home, grocery bills add up. Tack on the times when a person prefers to eat out and food expenses rise even more.
In a retirement community, not only will your loved one no longer need to spend money on groceries, all meals are prepared by a chef and served in a fine dining atmosphere. The menus vary, sometimes offering themed cuisine and/or international selections.
What’s more, if your loved one has dietary restrictions, they are adhered to gladly. Meals are well-balanced, delicious, and nutritious, and always served in style by a friendly face.
General Quality of Life
Unfortunately, as people age, certain aspects of their life can suffer. Socialization may be minimized, which isn’t healthy for a person’s mind or body. Meals may not be made as frequently or as nutritious as they should be. Cleaning and home maintenance may fall to the wayside because it’s just too difficult and physically taxing. Even personal hygiene may suffer for a variety of reasons.
If an older adult has mobility problems, their quality of life suffers, even more, when there’s no one around to assist them. In fact, it can be dangerous for someone to live alone if they are prone to fainting, trips, falls, and more.
At no additional cost, retirement communities offer numerous opportunities for socialization, health and fitness classes, activities, entertainment, meals, and so much more.
Why Choose The Trace?
Whether you (or a loved one) are thinking about participating in an assisted living or a memory care program, consider our beautiful retirement community at The Trace. We offer numerous amenities including three chef-prepared meals a day (served in a fine dining atmosphere), transportation services, a concierge, health and exercise programs, numerous opportunities for socialization thanks to our activities and events, housekeeping and maintenance services, spacious living quarters, and more.
All of this plus 24-hour security and available medical assistance, as well.