There is little wonder that so many seniors are choosing Denver for their retirement. The mile high city has a lot of excitement and beauty to offer residents. On another note, there are costs to consider when it comes to retirement planning years in advance. You want to be sure that you have a retirement plan that meets your needs. Here are a few things to consider when it comes to retirement.
The cost of living in the greater Denver area has risen over the years. It is important to consider how much more it will rise over the course of your retirement. The current boom in real estate prices is expected to keep rising drastically.
Basic utilities are normally included in the rent you pay to a retirement community, but this may still mean you have to pay for your internet or television access. Many seniors choose to just have the internet so they can stream services such as Netflix.
One bedroom apartments in Denver rent for $1386 a month and two-bedroom apartments rent for an average of $1760. Cutting costs by having a roommate is one method that people use to help funds go further. This is especially true in Denver. Having a roommate means your share of rent would be $880 compared to the average of $1368 you would pay for a one-bedroom place.
The median home price in Denver is currently $344,400, which is 13.7% higher than it was last year! Prices are expected to rise 4.7% more over the next year. Rent prices and home prices vary a lot throughout Denver. The Golden Triangle area has the highest rents while Southwestern Denver has the lowest.
Transportation is not too difficult in Denver. You can use public transportation or maintain a car. A lot of seniors realize that once they reach retirement, it is not worth it to keep a private vehicle. You may have some transportation included in your rent, depending on which retirement community you are in. You may be able to arrange subsidized transportation at times through your community as well or take part in car pools.
Denver is a very environmentally friendly city so you can expect to see continued improvements in transportation. Seniors 65 and older qualify for an annual transit pass with unlimited rides for a mere $539 per year or $49 per month.
When it comes to retirement, you likely want to make the most of it. It is very easy to meet a lot of new and exciting people in the Denver area. There are numerous charitable groups that need volunteers on a regular basis as well.
The staff at your retirement community may already have trips that leave from your area to volunteer at local charities, or they can help you find opportunities such as volunteering at a local branch of the Denver Public Library System. The parks and recreation department also take on volunteers on a regular basis with some duties being seasonal.
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