There is nothing quite like the feeling of your first day of retirement. But it’s the days (and years) leading up to that day that make it all the more fulfilling, because of the work you put in to make retirement a reality for you. Part of that reality is knowing how much you need to save to live comfortably without a paycheck, and that means figuring out where you want to spend your retirement and securing proper care for yourself as you get older.
To help you develop a retirement plan that you can feel confident about, let’s explore the retirement options available to you and determine which of them best suits you.
How much do you need to retire?
The cost of retirement is different for everyone. It even varies from one region to another. But before you start planning your future and diving into the details of where and how you want to spend your retirement, three are four key questions to consider, courtesy of the American Association of Retired Persons (AARP):
- How much will you spend?
- How much will you earn on savings?
- How long will you live?
- How much can you withdraw from savings each year?
The cost of staying home for retirement
Not every retirement plan includes a retirement community. For many older adults, their preference is to remain in their home, especially if they’ve already paid off the mortgage. The cost of retirement will include expenses related to your lifestyle, from dining to travel. But don’t neglect to consider your own health and well-being. Consider that 7 out of 10 seniors will need long-term at some point in their lives according to the U.S. government. You may end up needing in-home care and you need to know that you can afford it.
That can mean footing the bill for in-home health aides. According to data from Genworth, the average monthly cost of a home health aide is approximately $4,576. Another possible expense of in-home care is long-term care (LTC) insurance. The AARP estimates that the average monthly premiums for LTC insurance can range from $200 to $500 depending on your age.
The cost of a retirement community
Then again, home is wherever you want it to be. When it comes time to retire, some older adults prefer to leave the responsibilities of home ownership behind. Moving to a Continuing Care Retirement Community (CCRC) allows them to downsize their living space while upgrading their social life, making a variety of luxury services and amenities available to them. A CCRC is an opportunity to maintain your independence while ensuring that you have long-term care options available to you when and if needed, from skilled nursing to memory care.
No discussion of a CCRC is complete without covering the associated costs. To begin with, a CCRC will require an entrance fee, which can vary depending on the types of amenities and services provided. Entrance fees can range anywhere from $100,000 to over $1 million. There is also a monthly fee that is generally a few thousand dollars on average. It’s important to explore your options and find the retirement that best suits your lifestyle and your financial means.
The benefits of retirement living at Querencia
Maintaining your independence is an essential element of living at Querencia, a CCRC in Austin, Texas. Our community is dedicated to keeping residents active and engaged. When you sign a Type A Life Care contract with Querencia, you are becoming part of a community where you’ll be surrounded by friends and neighbors and have a variety of amenities and services available to you. It’s about making your retirement years as fulfilling as possible.
Life Care at Querencia also means guaranteed priority access to a complete continuum of care, from rehabilitation to assisted living. If and when you need a higher level of care, the convenient and compassionate support you need is right here in the community where you live.
There is a one-time entrance fee for living in the CCRC at Querencia, in addition to monthly ongoing payments that cover the cost of the community’s services and amenities.
Plan your retirement at Querencia
Whether you are looking for a place to retire for yourself or someone you love, don’t miss out on all that Querencia has to offer. Contact us today to learn more about our community!
