What is the Cost of Living in Retirement?

There are many factors that play into an older adult’s decision about which independent living community to choose. One of the most influential, however, is the cost of housing. Depending on individual savings and retirement funds, people have different budgetary allowances and therefore varied possibilities for housing.

Do you know what the standard costs for retirement living are? Having a baseline understanding can help you determine what option is best for you, and whether you should investigate external funding.

Average costs vary depending on needs
At Elmcroft Senior Living Communities, assisted living and personal care options come with reasonable daily rates that vary depending on a resident’s care needs or preference for a private room. Memory care services are a bit more expensive, but again depend on how much assistance is required and the type of apartment chosen.

Seniors interested in independent living options can enjoy the freedom of having their own space combined with the peace of mind that comes with having people on hand to assist in case of emergencies.

After a fall or an accident, seniors may require rehabilitation services to help them heal quickly and properly.

As rates are flexible and variable, please review our payment options and contact a representative to further discuss costs and financing options.

Average cost of retirement living change with care need
Naturally, these prices may increase as a person makes unique requests, such as additional services or exceptions, such as having a live-in pet. Dietary needs that require special preparation or ingredients may also contribute to a higher end price. Speaking with management within a retirement community can help you and your loved one make decisions that are well-suited to their lifestyle and needs, and fit within their budget for cost of living in retirement.

Financial aid for retirement living may be available through both public and private programs, including Medicare, Medicaid, long term insurance or veteran’s assistance.