Can you afford a retirement community?

Probably, yes. Most people think that living in a retirement community is too expensive and they cannot afford it. And, the more services it offers, the more expensive it will be. But that is not necessarily true . . . many times living in a retirement community can cost less than staying in your own home. When you factor in all the costs of maintaining a home – utilities, taxes, housekeeping, repairs and maintenance – it often makes sense to make the move to a retirement community, where all those expenses are included in your monthly fee. And, add in the free activities, fitness classes, educational opportunities and transportation, and you may be getting a whole lot more than you currently are at home.

Let’s do the math:

Household Expenses	Your Cost at home:	Your cost in a retirement community:
Rent/Mortgage/Fees	$	$
Property Taxes	$	$ INCLUDED
Homeowner’s Insurance	$	$ INCLUDED
Electricity	$	$ INCLUDED***
Water/Trash/Sewer	$	$ INCLUDED
Major Home Repairs (roof/painting/AC)	$	$ INCLUDED
Lawn Care	$	$ INCLUDED
Seasonal Maintenance (leaves, shrubs, trees, gutters)	$	$ INCLUDED
Housekeeping	$	$ INCLUDED
Dining (grocery expense for main meal of each day)	$	$ INCLUDED
Health Club Membership	$	$ INCLUDED
Security Patrol	$	$ INCLUDED
Basic Cable TV	$	$ INCLUDED
Entertainment	$	$ INCLUDED
Local Transportation	$	$ INCLUDED
24-hour emergency services	$	$ INCLUDED
Monthly Total:	$	$

***Electricity is included in some, but not all communities, depending on your desired level of care.

When you take into account all your monthly expenses, does it add up for you? Don’t forget to consider the more free time you will have without home-related chores, the more fun you will have with activities and entertainment and the more socializing and relaxing you can have with friends and neighbors. It can add up to more of what you want out of retirement for less cost than you thought.