A lot of you may be considering moving into a retirement community, in order to enjoy life and do the things that you have always wanted to do. This decision can be very huge on your part, and it requires weighing the pros and cons that come with it. At some point, you end up wanting to stay at home as well. Find value in aging while looking into this – senior living vs. at-home living.
Living at Home During Retirement: What to Expect
People think that living at home during retirement is the best option considering the price tag that is associated with settling in a retirement community. You have to remember that costs come with living at home as well.
Take for instance when you have to pay for the place you live in. Whether it is your own home or you are renting a property, cost definitely factors in. In the US, the average rental rate per month is $1,200. For those who have not paid the mortgage on their properties, the cost may be even more, plus property taxes to include in the computation.
On top of these, you also have utility bills to pay, including water, light, and telecommunications, among others. This costs $6,000 a year on average. Then you need to pay for transportation cost that pays $3,000 annually, and groceries that also hit the $3,000-mark in a year. Doing the math, the total cost you need to pay is about $27,000.
The Pros and Cons When Choosing to Live At Home
One of the advantages of living at home is that it can cost less, plus there is also no need for you to transition into a community. Familiarity is the topmost reason why older adults choose to stay where they are living in.
Not to forget, though, there are cons to the setup. There are no curated activities that will keep one healthy, plus there are no specialized services or exclusive living programs for you. You may not get support from the community as well.
Costs of Independent Living
Perfect for people who do not want the burden of working every single day just to get food on the table, or clean the house, independent living has been a popular choice for many. Averaging around $2,900 a month, this will cost about $34,800 a year. This includes utility, food, transportation, and all other services.
Retirement communities also have amenities that you will enjoy. There are events awaiting you every single day, and you get personalized assistance whenever performing workouts too. Concierge and transportation services are also included. That means you can relax at all times.
The Pros and Cons of Choosing to Move into a Retirement Community
You get plenty of support from the community, and you also have the chance to socialize with other people your age. We have mentioned the activities that you will enjoy as well. Delicious food awaits you every single time. You enjoy the independence that you have always wanted and live a vacation-like lifestyle too. It may take time for you to adjust, and the community may cost more for you according to your needs, but nothing beats the fact that you are stress-free.
Now that we have broken down all the points, it is time for you to make your decision! Go for what you think is best for your needs.