Financial Realities of Moving to a Rhode Island Retirement Community
Are cost considerations preventing you from moving to a retirement community in Rhode Island? Many retirees on a fixed income have concerns about being able to afford senior housing. Retirement residence fees vary based on the type of service and amenities they provide. To avoid the “sticker shock”, explore your options before signing on the dotted line. This will help determine the best fit for your budget.
Key Cost Considerations of a Retirement Residence
Make it a point to ask for a breakdown of the charges as you tour various retirement residences in and around Rhode Island. This will help you understand what is included and how to budget for your golden years. Here are some important factors to consider in the decision making process.
- Paying for living expenses: Moving to a retirement home takes away many financial responsibilities associated with home ownership, including utilities, maintenance, HOA and property taxes. Your monthly fee covers a host of living expenses, including the cost of your apartment or room, utilities, specified amenities and some social activities. Security services and emergency aid are also included, which is an additional cost if you are living at home.
- Unexpected costs: From a leaking roof to a malfunctioning furnace and broken garage doors, unplanned expenses can take a toll on your retirement budget. With mobility issues caused by age and/or illness, many seniors also have to pay for adjustments that will make their homes more accessible. Designed for senior living, moving around is easier, safer and less stressful in a retirement residence. You do not have to worry about surprise home maintenance and repair expenses.
- Age-related expenses: As you get older, it is likely that you will have to hire someone for lawn care, snow clearing, home repairs and maintenance. These are additional expenses that are probably not part of your current household budget, but something to plan for in the future. Living in a retirement community allows you to enjoy beautiful landscaped gardens and snow-shoveled walkways that you do not have to manage on your own. Repairs and maintenance are typically the management’s responsibility and may not be an additional cost to you.
Ways to Pay for Your Retirement Home
Planning ahead will help you budget for a comfortable life in a retirement community. There are many ways to pay for senior housing, including an assisted living or nursing home facility. These include a government and workplace pension plan, personal investments, stocks, proceeds from the sale of your home, life and long term care insurance. Some seniors continue to work as long as possible which helps cover their living expenses. In some cases, older children may help out. It is also a good idea to determine if Medicaid or Medicare will cover any of the costs in your retirement years.
Planning for Unforeseen Retirement Expenses
A few overlooked but fairly common expenses can throw your retirement budget off course. These range from small vacations and travel to spend time with family, to adult children or grandchildren that may need financial assistance, to medical expenses not covered by your Medicare plan, and more. The death of a spouse that has been receiving a pension can also impact your retirement income. Being prepared and having a cushion for your retirement nest egg can save you a lot of financial stress.
At The Holiday retirement communities, our range of programs and activities help seniors live life to the fullest. From well-appointed accommodations with personalized care by a dedicated team, to nutritious and delicious meals, entertainment and outdoor excursions—we offer high quality services that will make you feel like you are on a permanent holiday. You or your elderly loved one can retire in style in the company of friends while still maintaining independence and privacy.
Give us a call at 860-233-8208 to learn more about the services and amenities we provide at our retirement communities in Rhode Island and West Hartford, Connecticut. Fill out this online form to book a tour.