As you approach your golden years, there is an increased need for planning and financial budgeting. Since people are enjoying a longer life expectancy, it is vital to do all you can to ensure a level of security in your later years. Whether for financial security or lifestyle security, budgeting for senior independent living in Woodland Homes, SC, does not have to be intimidating or stressful. Budgeting helps you live the retirement years on your terms. This is a quick guide to budgeting if you are thinking of independent living in a retirement community.
Categorize Your Cost Of Living
Your cost of living are expenses that support your daily life. They include expenses like rent, utilities, food, transport, and phone, and also include expenditures for fun and other activities like shopping, toiletries, movies, etc. Knowing where and how you spend your money allows you to make informed decisions about the future.
- Rent: Whether for an apartment or house, this may take up a large portion of your cost of living unless you already own the house. Even then, there are other expenses to bear.
- Utilities: More than just power, water, gas, and internet, you pay utilities for services such as waste collection, maintenance, and gardening.
- Food: Thinking about what you eat and how you eat. Do you eat out or prepare your meals? If you prepare your meals, consider how much you spend on groceries.
- Transport: How do you get around? Do you drive or take public transportation? If you own a car, there are several other expenses to factor in. On top of gas and insurance, there are maintenance costs such as fixing a broken part, car washing and changing tires, and not forgetting the annual registration fee and smog check.
- Miscellaneous expenses: You need to socialize and have fun; these cost money too. List down the amount you spend on entertainment, movies, vacations, etc. Include expenses for toiletries, clothes, fitness activities, and other miscellaneous items.
Anticipating Future Healthcare Costs
The U.S. Department of Health and Human Services estimates that long-term care will be needed by 70% of people 65 and older at some point in their lives, with the average length being three years. With changes in healthcare costs, this is an expense that is hard to plan accurately for. However, in retirement communities, there is access to higher levels of healthcare which comes as part of your independent living in the community. If long-term care is needed, retirement communities could save you more money than traditional healthcare means.
Independent Living in Retirement Communities
Independent living in retirement communities is like living on your own, managing your daily activities, and going about your ways. The difference is that it is maintenance-free. The price plans include essential services like dining, housekeeping, maintenance, concierge, and even transportation. Independent living also means living in a community with other older adults. This means that you can make friends, socialize and do activities together.
Once you have calculated how your cost of living compares to the cost of independent living, contact us for a guided tour of TerraBella Greenville for active independent living.