Memphis 55+ Communities
One of the best things about retiring is that you get to focus on the things you love to do. For a lot of people, that means cutting out chores like housekeeping and lawn maintenance. Moving into a 55+ community means that you can avoid many of these chores while enjoying a wealth of amenities.
There are 18 retirement communities in Memphis, so you have several options to consider before making a commitment. Doing some research and thinking about your needs will help you choose a community that’s right for you.
How much do 55+ communities cost in Memphis?
In December 2015, the average price of an apartment rental was $817 per month. One-bedroom apartments during that month were $675 per month. Two-bedroom apartments were $746.
Your chosen 55+ community will charge higher prices than these since they usually include extra amenities. SeniorAdvisor has listings for all the top independent living communities in Memphis. By reading detailed amenity info and independent reviews on SeniorAdvisor, you can save a lot of time and money.
How to pay for 55+ living
If you’re like most people reaching retirement, then you probably have some concern about how you will pay for an apartment without a steady source of income. There are several funding options that you should consider to make your 55+ community more affordable.
Many people rely on savings, Social Security, and investments to fund life after retirement. If you have these financial resources, then consider how much you can expect to receive each month.
If you currently own a house, then you may want to sell it. Most people decide that it’s a good idea to downsize since they don’t have to worry about raising children anymore. In fact, a large home can become a nuisance that requires a lot of upkeep. Selling it gives you more freedom and money to enjoy retirement.
Some retirees decide to cut costs by splitting rent with a roommate. Before you pursue this option, you’ll want to talk to the facility manager to make sure it doesn’t violate any policies. You should also try living with your potential roommate for a few weeks before you sign a lease.
What to look for in a retirement community
Make a list of your priorities before you start visiting retirement communities. Having a written list will make it easier for you to compare your options and decide which one is the right fit for you. Some people decide that they want a low-cost option that helps them save money. Others are primarily concerned about living near their grandchildren.
Once you have your list, contact retirement communities in Memphis to see how they compare in these four categories:
Your retirement community rent should cover several basics. While these vary from place to place, some of the things you should expect to find include:
Group transportation to shopping and medical centers
Many retirement communities also offer meal plans. These plans can make it easy for you to enjoy three meals a day without thinking about the cost. In some cases, though, not everything is included in the meal plan, so you should ask to see the plan’s details.
Retirement communities may also include a lot of extras in the price of your rent. Some Memphis facilities offer swimming pools, fitness centers, and on-site salons. Other extras that you might see include:
On-site general stores
On-site massage therapy
Fitness and art classes
Covered parking or garages
After you enter retirement, you may not want to spend as much time driving. Many retirees prefer living in pedestrian-friendly neighborhoods where they can walk to local attractions like restaurants and stores. Plus, choosing a 55+ community in a walkable neighborhood can help you save money on gas and vehicle maintenance.
Some parts of Memphis that are highly walkable include neighborhoods in Hickory Hill, Berclair, and Uptown. You can read about more of Memphis’s neighborhoods here.
When choosing a retirement community, it’s important to think about what services you may need in the future. This is especially important if you dislike moving. Many people forget to think about medical services, for instance, because they don’t need them right now. Within ten years, though, this may become a priority. Consider how your interests and medical needs may change in the future to determine what amenities you will need.
Learn more about Memphis Senior Living here:
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