Retirement costs are something that is on a lot of people's mind. With so many people reaching retirement age all at once, there is a lot of demand for services related to retirement. Some more popular communities and assisted living facilities may even have waiting lists for proper accommodation.
Planning your retirement out well is essential to a good quality of life in your golden years. Here are a few things to consider when you are planning out your retirement and determining costs.
The cost of housing and utilities is largely dependent on the level of luxury and service you want. If you can take care of a lot of your needs such as cooking and housekeeping, then you will have lower costs than if you require all of these services done for you.
Full-time nursing care and Alzheimer's care are much more expensive than the average cost of renting in an assisted living facility.
Over time, you may find that you need more medical services than in the past. This is typical for anyone as they age. Medicare, private insurance, pensions, and veterans benefits can either partially or fully cover your medical costs.
It is important to review plan information before retirement, so you know what type of help you can expect. If you are younger, then you might consider getting more extensive insurance coverage now so you can lock in a good lifetime premium rate.
The cost of transportation is going to depend on what type of lifestyle you want. If you maintain your car, you need to decide if it is worth hanging on to and maintaining. Many retirement communities and assisted living facilities provide some transportation, including special outings.
If you reside in a neighborhood where amenities and entertainment are close, you may not need more than a bus pass when you want to go out on your own. It is important to check with where you will be living and see what types of transportation are available. The City of Chicago offers reduced or free bus fares for many seniors.
There is a lot to do in Chicago that doesn't break the bank. The public library system is excellent and available to everyone. You may find that volunteering with a local nonprofit can be fun, and you will get to help others have a better life.
Projects such as volunteering at the park or recreation center closest to you could be an engaging activity. Some retirement communities have a lot of crafts and other projects available right where you are living for no additional fees. Theaters and live music are other popular low-cost entertainment options throughout the city.
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