How much will retirement cost you? That is the question most seniors have as they start saving and budgeting for this time in their lives. Cost of living is different everywhere, and California tends to have a higher cost of living. Anaheim’s cost of living is 65% higher than the national average, but it is lower than places like San Francisco, Los Angeles, and New York City. Seniors here can also find a few ways to save money like through the various tax-break programs available in Orange County.
Let’s break down a few of the bigger costs during retirement and see where Anaheim expenses fall.
There are a few different options for seniors when it comes to housing options. Some seniors decide to move to a retirement community, so they don’t have to worry about things like house maintenance or chores. If you choose this option, you can expect to pay $48,000 per year. This cost will usually include things like utilities, amenities like housekeeping, and meal plans.
Houses are expensive in Anaheim with the average cost of a single-family home coming in at $533,600. While home appreciation has gone down over the past year, there are some great neighborhoods in Anaheim that can fit your budget. Both Movoto and Home Snacks looked at data like cost of living and quality of life to rank some of the best neighborhoods and named Anaheim Hills, The Colony, and Northwest Anaheim to the top spots.
Renting might be a way to save some money if that is what you would prefer. Average rents are around $1,829 per month with one-bedroom apartments at $1,637 and two-bedroom apartments at $1,980.
Medicare is a little costlier in Anaheim when compared to national averages, but not by much. The national average is at $9,500 per beneficiary while Anaheim’s average is at $10,880.
While you’re budgeting for medical expenses, make sure you include payments for deductibles and coinsurances. Some Medicare facilities will not use a fee-for-service rate which means you’re on the hook to pay the difference between the health charges and what Medicare will reimburse.
Drivers in Anaheim might be aware that gas prices can be high, but they might not realize how costly insurance can get. The average rate in Anaheim is $1,559 with a range of $1,157 to $2,058. You need to shop around for a price that fits your needs and budget and make sure to ask about safe driver discounts. If you want to keep your car but don’t often drive, look for a provider that charges per mile to save some money.
You can avoid car charges altogether by using public transportation. Orange County has a lot of options when it comes to transportation like numerous bus lines, cars, trains, and ride shares. Seniors 65 and older, as well as Medicare cardholders, can get reduced fares.
It might seem like everything comes at a cost in Anaheim, but there are still things you can do for free. Disney might be the main draw, but you can visit places like Yorba Regional Park for free. You can also wander places like the Anaheim Packing District and take in the sights and sounds of the area.
Find assisted living in Anaheim near you.