If you are aging in place, you may find that it is getting more and more tedious to manage the bills year after year. It costs money to live alone, on top of the tiring task of maintenance and housekeeping.
However, there are several strategies to reduce your independent living costs. An option will be to consider moving into an independent living community. The misconception is that aging in a retirement community is expensive, but your present standard of living may be far more expensive than you believe. Calculating the current cost of living is the most effective method for learning this. The expenses of living in an independent living community can then be compared.
The expenditures of daily living may be broken down into 6 sections. Below is a comparison of independent living expenses incurred when you age in place versus living in an independent living community.
Utility expenses make up the initial cost. Gas, water, and electrical costs are included here. The typical cost of utilities might vary depending on where you live, and your household size.
In an independent living community, you will not have to worry about utility bills as it is already included in your monthly fees.
Groceries and Food
The US Department of Agriculture estimates that two persons can spend between $500 and $750 per month on food. This amount can vary depending on each individual’s choice of quality, brand, etc. as well. So depending on your household size and habit of spending, you can make the calculations accordingly to find out how much you spend on groceries.
Meals and snacks are included in a retirement community, so no extra expenditures there!
Owning an automobile entails expenses. You must properly maintain it. In addition, you must pay for gasoline and insurance.
You can make use of transportation services provided by the independent living community when residing in one. In this manner, you may save money by relying on expert services to bring you to your appointments and outings.
You have a lot of stuff to keep up with when you live on your own. Some examples include performing landscaping and grass care, housekeeping, and more. Additionally, you’ll need to maintain the house’s water pipes and roof.
All these expenses are not incurred when living in an independent living community. You have privacy in your own apartment, however, you don’t need to be concerned about them constantly. The housekeeping team will handle all necessary home maintenance for you.
Regular home help is referred to as in-home care. Depending on your needs, you can pay for these services. The services can include housework, food planning, other domestic duties, medical management, personal care, etc.
In a retirement community, personal care and assistance can be arranged depending on the evolution of your needs. You do not have to worry about sourcing for in-home care, as a dedicated team is available on-site.
You need to remain active when you live alone, and that isn’t inexpensive. Going to the cinema or going on excursions all require money and organization.
Most independent living communities offer scheduled programs and activities as part of their services, all included with no extra fees. All you have to do is to show up, so be sure to take advantage of those!