General Retirement Community Financial Information

November 15th, 2016 | By | Posted in Uncategorized

Whether you are 35 or 65, retirement should be a priority. With the cost of the golden years rising, it’s important to plan ahead. Understanding the costs of retirement makes it easier to choose a living situation once the time calls for it. There are many different types of retirement communities and the costs associated with each one differ greatly. To help you understand the basic costs of a Pebble Creek retirement community a little bit more, here is some general financial information.

Active Retirement Communities

Active retirement communities usually consist of apartments, townhomes, or single family houses. In some communities, you may be able to purchase the property that you want to live in. Usually these homes are priced at market value. Other active retirement communities may only provide leases or rental properties. Usually rent is moderately priced in an effort to keep tenants living a comfortable lifestyle. Along with rent or mortgage, you may also be required to pay an HOA fee. In most cases, this association cares for the common areas of your community and your yard. Depending on the community, additional recreation fees, clubhouse fees, or housekeeping fees may also be assessed. Many retired individuals choose an active retirement community in the beginning years of retirement and then change communities in the future if needed.

Independent Living Communities

Those who opt for independent living are fully capable of caring for themselves both mentally and physically. This type of community provides additional services for those who want to enjoy their lifestyle without the burden of certain chores or tasks. Independent living communities often provide housekeeping, medical, laundry, and meal delivery services for their residents. Because of this, premiums are a bit higher. With this type of community, you have the freedom to add more and more services as you need them. Usually, you’ll pay either your mortgage or rent along with an additional fee. Depending on the services you desire, that monthly fee may increase or decrease.

Assisted Living

If you find yourself unable to perform day-to-day tasks, an assisted living facility may be the best course of action. These types of facilities provide everything you need to live comfortably. Most of the time, you’ll be provided a comfortable, private living space that is similar to an apartment. Meals, medical care, social activities, laundry services, and on-site nursing are just a few of the things that you can expect from an assisted living facility. Medication is provided and administered daily by onsite medical professionals and an on-call doctor is always available. Because they will be caring for your every need, an assisted living center is often the most expensive type of retirement option. If memory care is also needed, your expected expense may increase.

The monthly expense for living in a retirement community can be as low as $900 per month and as high as $7,000 a month, depending on the area and type of care needed. Whether you are years away from retirement or currently looking for Pebble Creek Retirement homes, understanding and comparing costs is the best way to guarantee that you are able to maintain your lifestyle through the golden years.

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