As you get older, you want to be able to enjoy those years, but you also need to face the reality that you may need a little assistance performing daily tasks. A continuing care retirement community (CCRC) may be a great solution. CCRC provides a continuum of care, beginning with independent living and providing tailored support all the way through end-of-life care. Many people assume that independent living communities are too expensive, but you may be surprised because you don’t know how much independent senior living costs. You may also be surprised by how affordable some facilities such as Montgomery Place can be.
Average Cost of Independent Living
Independent living facilities are all-inclusive, so instead of paying separate fees for different expenses, you can pay one lump sum every month. Costs vary widely depending upon how many services and amenities the community offers. While many independent living communities, like Montgomery Place, offer daily meals, housekeeping and laundry service, a wide variety of social activities, and staff members available 24/7, some offer even more amenities so you will pay more to live at those facilities.
If you’re wondering, “how much is senior living per month?” the answer may surprise you. Many communities offer base packages as low as $500 per month, and because these facilities are all-inclusive, the annual cost could be much cheaper than living on your own. However, you often have to pay an entrance fee to reserve your spot. This one-time cost varies drastically among senior living communities. If you choose to become a resident of a continuing care retirement community that will offer you different services as your needs become more extensive, this fee could be as much as $600,000. However, most facilities are more reasonably priced and have entrance started at as little as $1,800.
The Cost of Staying at Home or Moving to a Senior Community
At first, you may think that remaining in your traditional, family home throughout your retirement may be much more cost-efficient than moving to an independent living community like Montgomery Place. Many senior living facilities require a significant entrance fee, and staying at home allows you to avoid this cost. Montgomery Place offers leasing options, as well as partially refundable entrance fee-based leasing agreements. If you add up the costs of living on your own, you’ll find that the cost of senior livening is comparable. Expenses from the following categories add up quickly.
- Housing: Rent or mortgage is one of the most significant expenses of living on your own. The average cost of rent or mortgage payment varies widely across the nation, but you can expect to pay approximately $1,200 per month just to keep a roof over your head. If you’ve owned your home for many years, you may not have a mortgage payment, but you’ll still have to pay property and HOA fees.
- Transportation: If you own a vehicle, you may have monthly payments that could be expensive. Even if the vehicle is already paid off, you’ll still have to pay for gas, maintenance, and repairs as needed.
- Groceries: You have to eat. Cooking for yourself is more cost-efficient than eating out every day, but the cost of feeding yourself can be expensive. On average, it takes $250 per month to feed one person three meals a day. If you want to consume a healthy, nutritious diet full of whole foods and organic fruits and vegetables, you could end up spending even more.
- Utilities: It costs money to keep the water running in your house and keep the lights on. You may also have to pay for trash removal or lawn care services each month.
Whether you are looking into senior living options for yourself or a loved one, the independent living community at Montgomery Place is a great option for people looking for a place in Chicago, Illinois. We offer a wide variety of support services to help you live your best life while living as independently as possible. If you would like more information on all Montgomery Place has to offer to see if our community is right for you, contact us today to schedule a tour.
Featured Image: Shutterstock /Yakobchuk Viacheslav