Seniors worry most about money and the cost to retire which stands to reason. You’re no longer working, but you want to make sure you have enough money to enjoy your quality of life. Thankfully, Maryland’s cost of living is 10% lower than national averages which make it a good place for a retired senior. If you’re 65 or older, you might also qualify for certain tax exemptions, and you can have a higher income before you have to pay taxes.
While Baltimore might have a lower cost of living than places like New York or San Francisco, you should still know what to expect from some of the bigger expenses in retirement.
If you decide to have someone else take care of household chores and maintenance by moving to a retirement community, you will pay around $40,440 per year. This cost can include things like your meals, housekeeping, utilities, and other special charges, but you will need to discuss that before you move.
Housing in Baltimore is on the lower side with median house costs sitting at $117,300. The market hasn’t increased much over the past few years, but the appreciation rate has dropped about .54%. There are some great neighborhoods in the area for seniors, and Movoto named Bel Air, Rosedale, and Hampstead as the top three based on their cost of living and the quality of life there.
Rent tends to be a little higher with the average sitting right around $1,513. You can find a one-bedroom place for $1,393 and a two-bedroom for $1,696.
Medicare costs in Baltimore are much higher than national averages. The cost per beneficiary in Baltimore is $12,075 compared to $9,500 nationally. When budgeting for medical expenses, you will also have to save money for coinsurances and deductibles.
Also, be aware that even if you choose a Medicare-approved provider, they might not offer their services at a fee-for-service rate. You must pay the amount of the Medicare reimbursement and the charge for care.
Gas prices in Baltimore might be right around average, but the cost of car insurance can vary widely. The average cost is around $1,780, but you could pay anywhere from $859 to $3,077. Do a little research and shop around for a rate that fits your budget. If you don’t have any accidents or tickets, you might be able to get a safe driver discount. You can also consider getting car insurance based on the number of miles you drive if you don’t use your car that often.
Baltimore also has a public transportation system that includes buses, trains, subways, and transportation for those with disabilities. Seniors, Medicare cardholders, veterans, and the disabled are eligible for a reduced fare card as well.
Not everything costs money in Baltimore, and you can easily find a whole list of things to do that are free. 33 Art Center regularly hosts free exhibits, and you can visit Edgar Allen Poe’s grave any day of the week free of charge. The Baltimore Museum of Art is free for all ages, and you can learn more about the beloved Orioles at Oriole Park at Camden Yards.
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