Sunday, October 15, 2023

How to save $56,000 a year--don't move!

 Recently we've been discussing costs of retirement communities with various friends who have made the move, or are anticipating one.  The costs have ranged from $12,225/month to $6,500/month. All those figures are for less space than we have now, with no garage and little storage.  Huge difference--we have a lot of stuff and freedom to come and go.  And there's no guarantee those prices won't go up. All the facilities are nice, but some are downright luxurious! 

Most offer the traditional amenities within these ranges. (The Cost of Living in a Retirement Community (

"Retirement communities, also called “senior living communities” or “independent living communities,” are designed for people in their mid-50s and beyond who are desirous and capable of living independently and don’t require specialized medical care. These communities can offer different types of housing, including single-family homes, duplexes, condos, and apartments.

In terms of amenities, retirement communities can provide things such as:
On-site gyms and fitness centers
Cleaning and laundry services
Transportation services
swimming pool in house or access
Community recreational events
On-site dining [one meal a day is included in some of the prices]

Assisted living facilities and nursing homes, on the other hand, are for seniors who need some level of help managing daily life. That can range from assistance with basic chores, such as laundry or cleaning, to round-the-clock medical care.

A third type of community, called continuing care, offers a full range of services from independent living through assisted living, memory care and nursing home care. This allows residents to age in place regardless of their health needs going forward and can also accommodate couples in which one partner needs a higher level of care than the other."

So, I did some number crunching to determine how much it costs to live in our 2,600 sq. ft. condo

Condo fee and insurance, lawn care, snow removal  $422/mo

AEP electricity $300

Water $40

Spectrum--wifi, cable, phone--$250

Real estate taxes $675

Cleaning $140

Estimated monthly cost $1,829

Opportunity cost--What the market value of our condo would earn if invested--unknown--perhaps $2,000/month--I'm not factoring this in, although my father would.

So even taking the bottom figure of $6,500/month or $78,000/year, we save about $56,000 a year by staying here as long as we can.  That means, staying healthy.                                           

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