As you contemplate the costs of a senior living community, it\u2019s natural to wonder, \u201cWouldn\u2019t it be cheaper to continue living in my home?\u201d The answer might surprise you.<\/p>\n\n\n\n
It\u2019s right to be thinking about the cost of senior living communities. Before you rush to judgment, however, it\u2019s important to get a general sense of what expenses you might encounter as well as the services you\u2019ll get in return.<\/p>\n\n\n\n
When you\u2019re crunching the numbers for senior housing, you must consider not only what expenses you will have, but also what expenses you won\u2019t have. Depending on what type of senior living community you select and what services it offers, you might be able to eliminate the following expenses from your monthly budget:<\/p>\n\n\n\n
You also will eliminate spending on home maintenance and repairs\u2014including expensive replacements of your roof, hot water heater, appliances, and HVAC equipment, all of which have expiration dates.<\/p>\n\n\n\n
There are home modifications to consider as well: If you age in place, you\u2019ll eventually have to spend money making your home safe for an older adult to live in (ramps, grab bars, etc.)<\/p>\n\n\n\n
If you move to a senior living community, however, safety upgrades like ramps and bathroom grab bars already will be installed at no expense to you. And don\u2019t forget about health care. If you age in place, you may eventually need in-home assistance and medical services, which don\u2019t come cheap.<\/p>\n\n\n\n
Seniors who do the math in order to compare what they\u2019ll spend with what they\u2019ll save often discover that a senior living community is just as affordable\u2014and sometimes even more so\u2014than aging in place.<\/p>\n\n\n\n
Whether to move into a senior living community is a decision that seniors and their loved ones often make with the heart. But a decision of such import can\u2019t be made on gut feelings alone. You also have to listen to the numbers.<\/p>\n\n\n\n
That requires facts. To get them, make a list of your current resources and expenses, then speak with the sales counselors at prospective communities to get a complete and accurate picture of the scenarios available to you, what they\u2019ll cost and what options exist for financing them.<\/p>\n\n\n\n
Finally, meet with your financial advisor to compare current resources and expenses with prospective needs and costs. From that, you should gain a good understanding of whether you can move into a senior living community, at which point you can finally consult your heart for an answer to the question you began with: Should<\/em> <\/em>you?<\/p>\n\n\n\nGet more information in our guide, \u201cRetirement ROI: Understanding the Cost of Senior Living.\u201d<\/a><\/h5>\n\n\n\n