All You Need To Know About The Cost Of Retirement Living

Probably the first and the trickiest question, which turns up in the planning of retirement is how much it would take? There are numerous responses as there can be various ways to get retired, on the basis of the factors like where you are planning to retire, how long you would live and how much personal and health care services you would need during this period.

So, to help you out, this article presents a guide on the cost of living in various types of retirement living communities. The most vital variable in the cost of retirement living is how you prefer to live in. Here are the details you can consider in this regard:

  1. 55+ senior apartments: 55+ or age restricted senior living apartments are a type of master-planned area where the residents can own their homes. Here the accommodations run gamut from mobile homes to condos, high-rise residences to large vacation style homes and the costs of these apartments also vary accordingly. Like other types of property investments, here also the costs depend on the unit sized purchased, the location and the size of the unit.
  2. Independent living: At the first glance, the independent living communities are quite similar to the retirement communities in Fort Myers Florida with healthy and active residents taking the advantage of the amenities like yoga, tennis, golf or yoga. But some of the independent living communities also work more like the comprehensive resorts than the traditional real estate, which means just a single rental fee on a monthly basis doesn’t only include accommodation, but also include:
  • All or some meals
  • Landscaping
  • Light housekeeping, which includes linen service
  • Utilities
  • Transportation and activities
  • Interior and exterior maintenance
  • Security and live-in managers
  1. Continuing care retirement communities: The cost of living in the continuing care communities is the most complex one. Here financial agreements, fees and contracts may differ from one community to another, but there is one universally true fact and it is that joining a continuing care retirement community needs important financial obligation. The best retirement communities often require paying a substantial amount of entrance cost up front. This cost ensures that the resident will get access to “continuum of care” for the rest of life. The continuing care retirement communities have three diverse types of arrangements for living, namely: skilled nursing facilities, assisted living facilities and independent care facilities.