The Real Costs of Retirement Living

“Yeah, it’s great. But can we afford it?”

On the list of questions Immanuel’s senior living consultants get asked—”How much does it cost?” tops the list. And for good reason.

Seniors today are shopping around. They want the best but they’re budget conscious. Since Baby Boomers have reached retirement, living options have changed. And understanding the costs associated takes a bit of research. But luckily, the experts at Immanuel are here to end the confusion.

Understand the Options
The first distinction is understanding that retirement homes are different than traditional nursing homes. Senior living options vary from the amount of support provided to amenities to food. Some retirement communities are simply 55+ housing—your neighbors are in your season of life and amenities and home maintenance may or may not be included. We call this independent living and active retirement livingAssisted living communities provide limited health care support and traditional nursing homes, which we call skilled nursing or long-term care, offer the full gamut - 24-hour nursing assistance, meals, maintenance and amenities.

Assess your Needs
When you understand the types of retirement living available, you can assess the needs of you and your loved ones, and ultimately, the costs. Do you need day-to-day medical support with a health condition or chronic illness or are you just looking to retire the snow shovel?  The great benefit of retirement communities is their value is a whole lot more than a roof over your head. Amenities, like utilities, security features, social opportunities, maintenance, meals and more, mare driving seniors to make the move. Sometimes, these services and amenities are included in overall costs of retirement communities, sometimes, they’re not. So to determine affordability, you’ll need to run some comparisons.

Compare and Contrast
Mapping out what your currently spend on lifestyle will help you compare the cost of retirement living. For example, Immanuel’s Lakeside Village in Omaha offers amenities to residents like a fitness center and spa, dining options, entertainment and social groups all in addition to all home maintenance costs, home security, some utilities and more. Make sure you get a full list of what’s included in the costs of the communities you’re exploring. Most people only compare their mortgage or rent with the costs of senior living. But things like yard work, snow removal, transportation, health care support and navigation, dining, security and utilities are just a few of the offerings at retirement living choices that may be included in monthly costs.

Consult the Experts
At retirement living communities, the costs can be confusing and experts can provide just the answers you need. Staffed at every Immanuel communities, senior living consultants have helped thousands of families work through retirement living decisions to make a choice that’s right for them—whether it’s with us or with someone else. It’s what makes us different as a not-for-profit provider. We can help you sort through what’s important, compare amenities, research insurance coverage, manage moving logistics and more.  

It’s never too early or late to start planning your retirement. Let us help. Download our free retirement guide HERE.