Even if you’ve been diligently saving for retirement for decades, when the time comes to officially take that leap, it can still feel overwhelming. You might be worrying, “have I saved enough to live the life I want?” While there are a multitude of questions to ask yourself to get to the bottom of that question, two of the biggest are “where do I want to live?” and “who will help take care of me if I can no longer care for myself?” We’re here to help put answers to those questions in perspective.
How much does retirement cost?
Retirement costs will look different for every person. Regional costs of living and the type of lifestyle you are accustomed to both factor into a number you’ll feel comfortable with. The American Association of Retired Persons (AARP) offers these four questions to consider when planning for life in retirement:
- How much will you spend?
- How much will you earn on savings?
- How long will you live?
- How much can you withdraw from savings each year?
We recommend talking through these questions early so you can start working towards a plan with your financial advisor.
The Cost of Aging in Place
While things like travel, dining and memberships factor into how much you will spend in retirement, so does where you live and the type of long-term care you might need. For some older adults, aging in place in their family home is their preference — especially if the home is paid off and there are no more monthly mortgage payments to account for.
For those who choose to age in place, it’s likely you will require additional healthcare or support around the home eventually. According to the federal government, 7 out of 10 seniors will need long-term care at some point in their lives. For seniors aging in place, this often looks like paying for long-term care (LTC) insurance and the assistance of home health aides.
The average monthly LTC premiums for an individual can range from $200 to $500 depending on the age at which you secure coverage. And the average monthly cost of a home health aide is $4,576 according to data from Genworth.
The Cost of a Retirement Community
For some older adults, retirement looks like freedom from the burdens of homeownership and an active social life. If that’s the case, it’s worth evaluating senior living communities to find the perfect fit for you. Continuing Care Retirement Communities (CCRCs) are a popular choice among older adults who are still fiercely independent but planning ahead for long-term care options.
CCRCs like Claridge Court offer additional health services, like skilled nursing care, within the same community. This alleviates the stress of making a move under pressure or when you or a loved one has become seriously ill.
Most CCRCs require an entrance fee. This fee can vary dramatically depending on the location of the community and the types of amenities and services provided, from just under $100,000 to over $1 million. CCRC residents also pay an additional steady monthly fee of a few thousand dollars a month on average. Ask what a community’s fees are like when you schedule a tour to get a better feel for what is average in your region.
The Benefits of Living at Claridge Court
At Claridge Court in Prairie Village, Kansas, we offer our independent living residents a Type A Life Care contract. This means that, should you ever require them, additional levels of care are available to you within the walls of our community. Our residents pay an entrance fee which helps secure their independent living residence and stabilize monthly costs, so that if additional care is required it comes with little to no change in your monthly fee. Many of our residents and their families alike say this knowledge provides them with peace of mind that they will be taken care of as they age.
Plan Your Retirement at Claridge Court
Whether you’re looking for a luxury senior living community for yourself or someone you love, we invited you to come visit us at Claridge Court and experience our close-knit community firsthand. Ready to learn more? Contact us today!
