If you worry about the affordability of retirement, you aren't alone. According to research, 61% of adults over 50 have concerns about whether they have enough savings to pay for their senior years.
However, you can take steps to alleviate these worries and help plan for the future. In this guide, we'll explore some of the key facts in paying for independent living: the costs, financing, and how to budget.
The first thing to understand about researching costs for independent living is that there is no single price you can expect to see when researching options.
That's because costs vary between community and provider, and what's included in one community might not be available in another, or it might be offered at an additional fee.
With that in mind, always take the time to think about what you need before you start researching because it's going to make it easier for you to compare like with like. Think about the details, such as location, apartment size, and services.
Taking that into account when comparing prices will help you find a destination that offers value for money rather than being the one with the lowest price.
When you examine prices, the first question you should ask is what is included in those fees. Most communities will typically offer a package of essential services. However, this isn't always the case; some will keep these as optional extras.
Costs for independent living typically include:
Some of these items may be optional extras at an additional cost, such as activity programs, fitness classes, and laundry services.
You may also see other items included or offered for an extra fee, such as:
You will probably scan this list and find some things you'll need and others you won't. It's best to consider this in advance because it might shape your decision about going for an "all-inclusive" price for independent living or an "essentials plus extras for an additional fee" cost model.
It's important when searching for community living that you limit your search to your chosen destination in Tulsa. That's because pricing for senior living varies significantly by state and whether the community is rural or urban.
In retirement homes in Tulsa, prices tend to be lower than the national average. However, since costs will vary based on amenities on offer as well as other factors like the apartment size, don't let price be your only factor when comparing different communities.
You should also think about the community and its proximity to local amenities. At our Country Club and Woodlands Hill community, you'll find many attractions and amenities nearby, including the Philbrook Museum of Art and Tulsa Botanic Gardens.
When you begin to look at funding sources for senior living in Tulsa, OK, there are probably three areas that you will examine. Those three areas are:
Pensions are the most common, and they are ideal for independent living because they provide a steady income stream. Your retirement savings add some financial flexibility. You may also be entitled to some social security benefits, although you'll need to investigate eligibility and coverage.
Some seniors may have an extra source of savings from equity after a house sale.
If you are concerned about whether your finances stretch to the costs of independent living, it may be the right time to look at other assistance programs available. If you are a veteran, consider whether you are eligible for the military veterans program.
You may also be able to access some nonprofit grants and local assistance programs in Tulsa. Exploring these options can help you cover some of the expenses and make an independent living community more affordable.
When searching for the best independent living community, take some time to examine whether they offer financing options or payment plans. These can help manage the ongoing costs of your new living arrangements and make it easier to budget.
It's never too early to start creating a budget for independent living. Understanding how your money will stretch will help you choose an affordable community.
Financial planning for seniors starts with an assessment of income sources. After that, examine what services are available in these communities and sort your must-haves from the nice-to-haves.
Check retirement community pricing structures and what's included to compare like for like. If extra expenses are on your must-have list, ensure they are accounted for in your budget.
Think about ways to cut back on costs without compromising your standard of living. For example, perhaps you can opt for a smaller apartment to help you stretch your budget to your dream community.
Keep a spreadsheet or app that will help you track your monthly expenses. Keeping an eye on your spending will help you avoid money worries. Don't forget to take advantage of senior discounts from retailers and services. You can often help cut your monthly budget on additional lifestyle expenses this way.
Taking the time to consider your budget and financing will make a significant difference in your search for the right independent living community in Tulsa. You may find that, with multiple sources of financing, paying for independent living in your dream location is within reach.
You'll also need to begin the search for the perfect community. At Country Club at Woodland Hills, we offer the best of both worlds: close to nature and beautiful outdoor spaces and within each reach of Tulsa. Schedule a tour to take a closer look at some of the fantastic amenities that help us stand out from other retirement communities.