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Costs of Senior Living: How Paying for a Retirement Community Can Be Easier Than You Think

If you’ve been following our progress at The Village at Providence Point–A National Lutheran Community, you may be excited by the idea of moving to a vibrant retirement community like ours. Perhaps you also have a nagging doubt: Can you really afford it?

Paying for a retirement community is a serious commitment, of course, and we recommend carefully comparing costs for retirement living before making a decision. However, the results of these calculations may surprise you. Aging in your current home is rarely as affordable as it seems, while moving to a retirement community is rarely as expensive. Here are four questions worth asking yourself when assessing the costs of senior living: 

What are my current living expenses?

Around 80% of Americans over 65 have paid off their mortgages, but other monthly expenses never go away. Taxes, upkeep, insurance, utilities, groceries, internet — they all add up. What’s more, the focus required to track and pay these bills takes a toll on your time and energy, as well as your bank balance. Those are just the regular expenses. Every so often, there’s a roof to repair, a sewer line to unblock, appliances to replace and HVAC to maintain. For a true picture of the affordability of aging in your current home, you need to consider all the costs of homeownership. 

Would paying for a retirement community increase those expenses?

The easiest mistake to make when assessing the monthly costs of a senior living community is to compare them with your mortgage or with average rents in the area. The roof over your head is only one of the expenses covered by a retirement community fee. Most, if not all, of the regular costs mentioned in the previous section will be rolled into one convenient monthly payment. As for incidental and emergency expenses, they’re covered too. If the roof of your cottage springs a leak or your A/C breaks down, that’s the retirement community’s problem, not yours. 

There’s more. In retirement communities like The Village at Providence Point, the monthly fee covers access to a range of leisure, health and dining amenities, from state-of-the-art gyms and health centers to restaurants and art workshops. In other words, moving to a retirement community allows you to take on new hobbies and pursuits without taking on new costs.

What are some of the costs I might face in the future if I decide to age in my current home?

When comparing costs for retirement living, consider future expenses as well as present ones. If you plan to age in your current home, think about the upgrades your house may need to keep you safe and independent. These can range from simple tweaks, like installing grab bars by the tub, to major investments such as widening doorways and remodeling the kitchen. Retirement community housing is purpose-built for older adults, so you’ll never need to worry about costly modifications.

What value should I place on peace of mind? 

This is a question for you and you alone. The Village at Providence Point is a Life Plan Community, which means expert care is available to you on campus whenever you need it. You can plan your financial obligations long into the future without worrying about the costs that sudden changes in circumstances can impose. 

Still not sure whether a retirement community is a good fit for you financially? Use our MoneyGauge tool to get a personalized assessment. Then if you’d like to talk in more detail about your future at The Village at Providence Point, don’t hesitate to contact us today.

The article above is a summary only; see the Residence and Services Agreement for the contractually-binding list of services to be provided.

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