Your Affordable Retirement Living Guide

Financial planning for retirement is not a simple process. There’s a lot to consider and you want your finances to be ready. Budgeting for the home aspect of retirement is what we’re all about. Through decades of helping families discover the options right for them, we often hear concerns from retirees about the affordability of retirement living. Sure, it’s nice, but can we afford it? Wouldn’t it be more cost effective to continue living at home? 

Financial questions are some of the most common concerns we hear from families weighing their options. Consider this your guide to the most frequently asked questions about retirement living affordability. 

What’s included in monthly costs? 
Retirement living communities are not all created equal when it comes to cost and pricing structures. When you find a community you like, be sure to ask a lot of questions to fully understand what is and what isn’t included. Every community is different, but common amenities included in monthly costs range from home and ground maintenance, onsite activities, security, food plans and more. 

Hidden fees are not something you want to be surprised with after making a major life move. And sadly, many retirement homes do surprise their residents with things you thought were included in monthly fees, but weren’t. At Immanuel, there are never hidden fees. Our pricing structures are transparent and easy-to-understand. 

Here are some helpful questions to ask about monthly costs when exploring retirement living communities: 

  • What amenities are available onsite for residents? What is the cost of each of those amenities?
  • What’s included in home maintenance costs? If something breaks, what’s the process of getting it fixed? Would any repair costs be my responsibility? 
  • How are utilities paid for? 
  • How often are the grounds upkept? Are there fees associated with private patio or balcony area upkeep? 
  • Are there any hidden fees we should look out for? 

How do costs compare to living in my own home? 
There certainly is no place like home. Most retirees, at some point, ask the question: Would it be better to stay at home? Moving to a retirement home should not be done without proper comparisons. Quite simply, the benefits of the move need to outweigh the status quo. 

To discover the affordability of retirement living, start your cost analysis by first listing out all your current home expenses. Include the “usuals” like property insurance, taxes, mortgage, home association fees, security, utilities, etc. Since retirement communities are no-maintenance, you’ll also want to include any maintenance costs that would disappear by living in this environment. Things like snow and leaf removal, yard costs, cleaning expenses and any repairs. Do you think you’ll need a new roof, furnace or AC in the next ten years? Include all those as well. 

There’s also the costs of other amenities to consider. For example, many Immanuel communities have on-site wellness activities and gyms free for residents. Entertainment, transportation, onsite dining and meal programs are all amenities that factor into the comparison. 

We’ve helped thousands of families build their own cost comparisons and after the exercise, many seniors were surprised about how affordable senior living really is. 

When is the best time to move to retirement living? 
Sometimes it’s a leap of faith, sometimes, it’s a decision that’s been thought over and calculated for years. Everyone’s different in their choice of when to make the move to retirement living. At Immanuel, our senior living experts help you determine the factors that make the most sense. Sometimes, it’s the maintenance-free living that’s the most desirable. For these seniors, they’re ready to step away from home maintenance and toward a retirement where they have more free time. 

For other seniors, it’s the social aspect that makes the most sense. Yes, you can find maintenance services included in any general apartment living. But our retirement years are full of change, especially with our social structures and family dynamics. Residents of retirement living  say having neighbors in their season of life, a friend always around the corner, organized events to combat senior loneliness, and special activities help you make the most of retirement are all priceless benefits of retirement living.  
We know you want to be as intentional as possible about retirement financial planning. This is your hard-earned savings we’re talking about! At Immanuel, we’re here to help. Our pricing structures were created with simplicity in mind, with no hidden fees and services that make sense. And our communities were developed for a wide range of budgets, from low-income options to luxury living and everything in between. 

Looking for more answers? 
Download our full retirement planning guide for more in-depth discussion and exercises to start your retirement living planning. 
Or, chat with one of our senior living consultants. Our experts can help you walk through all the details, from initial planning to tours to logistics.. Contact us today for a free consultation.