For folks researching independent senior living options, you would have come across many articles stating the benefits of it. Indeed, there are many social and emotional plus points to staying in a safe community like that. But one of the constituents many are worried about is the cost. If you’re wondering whether you will be able to afford to finance the monthly fees and extra services, you’ve come to the right article. Read on as we show you how affordable independent senior living is.
A Glance at Independent Senior Living
Before we jump into the costs, it’s good for us to be on the same page regarding the definition of independent senior living. In short, it is a residential area designed to allow healthy old folks to come together and mingle.
You can expect individual housing options and shared amenities and services such as recreation, healthcare, housekeeping, and more. Do note that to join an independent senior living community, one has to be capable of taking care of themselves. This is not to be confused with assisted living.
Actual Costs Involved in Such Communities
Now that we have an idea of what independent senior living communities mean, let’s dive into the actual costs involved to thrive in such communities. A couple of factors will affect the amount needed to pay for your stay.
They include the geographical region, the size of the community, the type of housing you choose, and the kinds of amenities and services provided. Whether it’s a rate or monthly fee, it can range from $1000 to $10,000. Some communities also charge a one-time entrance fee of $500 to $1,500 for potential residents to secure their spots.
Comparing Independent Senior Living and Living at Home
If you’re currently living at home comfortably, the idea of shifting to an independent senior living community may not be that enticing. However, cost-wise, it would make complete sense.
While you may be well enough to take care of your daily needs, there is no doubt the possibility of needing a home aide in the near future. Are you aware that it will cost you about $5,000 to engage a personal home health aide? That’s not to mention that you will still have to pay your utilities, insurance, property taxes, and home maintenance costs.
Is Your Retirement Budget Enough for Independent Senior Living?
As we come to a close, always look back at your retirement budget to see if it can last you for your entire journey after you leave the workforce. A good way to gauge how much you need is to use the 4% rule.
If you were to withdraw only 4% of your retirement lump sum to cover annual costs, will you still be able to afford to reside in your chosen independent senior living community? If not, you may have to look elsewhere or consider other alternatives.
There are many communities out there that are priced differently based on their locations, housing types, and amenities. When unsure, always request to see if you can be a guest for a day or two! By actually living in it, you would have a better idea of whether it’s going to be money well-spent.
