Are Retirement Communities Worth the Cost?

By: Bob Haegele  GOBankingRates

As we age, we start to need more and more help with tasks we have always done on our own. At the same time, we may find ourselves a bit isolated as children move out of the house and we lose contact with old friends. Retirement communities are one way to get the help you need while having plenty of opportunities to socialize with your neighbors.

Typically, these are 55 and up communities that will have you living in a communal setting, such as in an apartment or a condo. These communities allow you to downsize your lifestyle, and in some cases, the costs may be lower.

But the choice to move into a retirement community isn’t necessarily a no-brainer. Like most life decisions, there are pros and cons, and there are costs to consider, too. Make sure to keep all of these things in mind before deciding what to do.

Affordability

While cost is not the only consideration when moving into a retirement community, it is often one of the first things that come to mind. Staying in a retirement community can be affordable, but it can also be expensive. The cost can vary widely based on factors such as the type of community and its location.

The costs at retirement communities can be lower than other living arrangements, but it depends on the type of community. For example, luxury retirement communities are typically more costly than your typical community. If you need to live at an assisted living facility, that will likely cost more than an independent living community.

Where you live can also make a big difference. Retirement communities are much cheaper, on average, in states like South Dakota and Minnesota than they are in states like Maryland and Massachusetts. That is according to data from SeniorHomes.com. The national average monthly cost is $2,432 based on that data.

Amenities

Retirement communities can have a variety of amenities, depending on the type of community. There are 55+ retirement communities, assisted living facilities, nursing homes, senior co-housing communities, and more.

However, some of the amenities you may find at your retirement community include: