Retiring right requires some planning. When it comes to retiring to Cincinnati, there are a plethora of options and amenities you need to consider. You will want to plan for increased care and costs over the years as well. Here are a few things to consider when determining what it will realistically cost you to retire in Cincinnati.
If you don't have any major medical issues, then the proximity to major health care services may not be the most important factor to you. However, if you have need of major services then being close to them can make your life easier.
Assisted living and retirement communities usually offer some level of medical ranging from on-call nurses to full-time nursing care depending on what you need. Of course over the years, these needs may change. If you live in a community with a range of services, then you may not have to make much of a move.
The cost of rent and utilities is going to be one of your larger expenses. If you require many of your meals to be cooked for you, then this can increase the cost of your lease. Most retirement communities have easy to decipher lists of rates and what is included in the overall cost. You can usually change the level of services you purchase as your needs become greater.
One bedroom apartments in Cincinnati rent for $855 a month and two-bedroom apartments rent for an average of $1166. If you have a roommate, you can enjoy a low rent of just under $600 per month. Having a roommate saves about $300 per month over a one bedroom where you pay everything.
The median home price in Cincinnati is a very reasonable $110,900, which may cause active seniors to consider purchasing rather than renting. Home values are pretty steady at the moment.
Not maintaining a vehicle or at least downsizing to a smaller one can save you a lot over the course of your retirement. The cost of public transportation in Cincinnati is reduced for seniors, and you can get to almost any location.
Seniors 65 and older are eligible for half price transit fares or monthly passes with unlimited rides for $38.50. This is an incredible bargain that makes it easy to get out and have fun or maintain a part-time job.
Like any large city, there are entertainment options and hobbies that are going to range from free to very expensive to pursue. For everyday fun, there are parks and recreational centers that offer a lot of free or inexpensive classes and events. For a night on the town, you can choose from theaters and highly rated restaurants.
Cincinnati offers a lot of large city convenience and advantages without the associated costs. This means over the years you can expect it to be a very attractive spot for seniors to retire.
Find assisted living in Cincinnati near you.