Preparing for retirement mostly means checking your bank accounts, retirement funds, and savings accounts to see how they match up with the budget you’ve created for the days when you’re no longer working. However, even with all this planning, if you don’t consider the cost of living in the city you hope to move to for retirement, you could find yourself struggling to make ends meet.
If you’re considering Colorado Springs as your home for retirement, the following information can help you determine if your budget is realistic.
Housing costs can look very different from situation to situation and the amount of money you need to budget for housing will be reflective of the lifestyle you would like to live when you make your retirement move.
If owning your own home is important to you, you will need to be prepared to spend around $240,000 for a home in the Colorado Springs area. As the median price for home sales in Colorado Springs, you may need to pay more or less depending on the size of the home you’re looking for and its location in the city.
For seniors that may believe their time in Colorado Springs is temporary or they’re just not looking for all the commitment of being a homeowner, apartments can make for a more affordable option in Colorado Springs. The average price for a one-bedroom in the area is about $900 a month and a two-bedroom averages at $1100.
The Northgate and Briargate neighborhoods are the most expensive Colorado Springs areas by far. If you’re looking for a more budget-friendly option, consider looking in Northeast Colorado Springs or Southeast Colorado Springs.
Medicare costs in El Paso County are high in total cost but relatively low when looking at the cost per beneficiary. The average cost for each beneficiary of Medicare in El Paso County comes out to about $7,684. Keep in mind that this number is not accurate for everyone. Each individual’s actual cost will depend on the care and attention that they need.
Check with all health providers that you see to ensure they accept Medicare. Asking beforehand can help you avoid expensive medical bills you probably can’t afford.
Car insurance for the area can fall into a pretty large range, although prices tend to be on the higher side compared to the rest of the state and country. At the lowest, you can expect to pay about $700 a year for your car insurance. If you end up in the high range, you could be looking at a payment of $1556 a year.
Other transportation options in Colorado Springs include local transportation, which averages to $1.80 per one-way ticket and $61.50 for a monthly pass.
To help stay on budget, Colorado Springs offers a few free deals around the city. You can check out the Colorado Springs Pioneers Museum, the Dr. Lester L. Williams Fire Museum, or even visit the Peterson Air & Space Museum.
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