When evaluating care and retirement options for aged adults, there are several influential factors to consider, including lifestyle choices, transportation, socialization, mobility constraints, and daily routines. Considerations concerning retirement housing may ultimately come down to price. You cannot stay a place you cannot afford. However, even if cost is not an issue, if other options revolving your personal preferences are compromised, it may not be worth it. The process is a complicated one, but there are some things to consider.
The Costs of Staying At Home
A common assumption is that living at home is free once the mortgage has been paid off. Unfortunately, the costs of utilities, taxes, food, insurance, upkeep, repairs, transportation, and emergency response systems still add up. Aging in place can be nearly twice as expensive as staying in a retirement living community, especially with medical support or daily assistance. Although the cost of one’s mortgage is nearly always less expensive as compared to the cost of a retirement living community, that is exclusive of costs such as house upkeep and living expenses, as well as potential in-home care.
For example, if an aged adult owns a $150,000 house and requires only four hours of in-home care per day, they might expect to pay $4,800 per month, which do not include the costs of more intensive demands. Aged adults who are willing to explore retirement living pay less at every level of need. Memory care costs about $6,700 monthly, assisted living costs $5,400, while aged adults in independent living pay around $3,700 per month.
Another Cost To Consider
Although cost might be a constraint, it should never be the primary factor. Many aged adults are prepared to pay more to live independent and fulfilling lives, due to the cons of aging in place. If you have to leave the house to socialize and engage with the community, driving may not be a viable option as it becomes more challenging with age, increasing the risk of isolation and overreliance on others. Living in your home may also become increasingly unsuitable and pose a danger to you. Intangible costs of aging in place include loss of independence, greater danger risks, and reduced opportunities for engagement. You may not be able to place a monetary value on these factors, but your quality of life is of greater importance.
Potential Hidden Costs
As you make the comparison between retirement living communities and aging in place, hidden costs can emerge. Here are some questions to consider if you are thinking of remaining at home.
- How can I socialize and engage in activities if I am no longer able to drive?
- Will my home require any major repairs in the next 10-20 years?
- What other recurring expenses do I need to pay regularly?
- How safe is my home? If injuries occur, what are the potential financial and medical repercussions?
- Will I need to increase my budget for in-home care and by how much?
- What level of in-home care, if any, will be covered by insurance?
- Are there any additional costs I need not pay if I opt for a retirement living community?
Embark On Your Retirement with Conservatory At Plano
Here at Conservatory At Plano, our living programs have no hidden fees or long-term buy-ins. If you want to find out more about the cost of living, contact us, and our team will be more than happy to answer any questions you might have.