What will retirement cost me? That is the question on many senior’s minds as they start to think about leaving their jobs and starting the next phase of their life. There are a lot of costs to consider and the sooner you start saving, the better. Fortunately for seniors in Fort Wayne, the cost of many things is significantly lower. Senior can also enjoy things like property tax exemptions, if they qualify for things like the Over 65 Deduction for assessed value and the Over 65 Circuit Breaker Credit.
There are other areas Fort Wayne seniors can save, so let’s look at those below.
Some seniors decide they would rather have someone else take care of their home than do it themselves. Senior living communities that offer assisted living take that burden off a senior’s shoulders. In Fort Wayne, assisted living can cost about $35,640 per year which includes the cost of rent, utilities and things like meals, housekeeping, and transportation.
Seniors that want to own their home can expect to pay an average of $96,200 for a house. This average is lower than many states and combined with a low cost of living makes it easier for seniors to stay in their homes. Fort Wayne also happens to be one of the safer cities to live in, and it ranked number 30 on Sperling’s list for best cities for low-crime. Niche, which is a real estate website, listed it as the second-best city for retirees in Indiana.
Seniors can also choose to rent, and with an average rate of $792, it isn’t a bad option. A one-bedroom apartment can cost around $647 while a two-bedroom place can cost $855.
The cost of healthcare in Fort Wayne is another benefit for seniors in the area. Medicare estimates that it spends around $8,648 per recipient in Allen County. The state of Indiana averages about $9,213 per beneficiary, and the national average is $9,500, so Fort Wayne is lower than both.
Still, you should save some money for your health care needs. You still need to pay for deductibles and copays, and while Medicare will cover many services, not all providers use a fee-for-service rate. What that means is you will be in charge of paying for the difference between what Medicare covers and the allowed charge.
Another cost to keep in mind? Car insurance. While gas prices are falling, insurance rates are creeping up. In Fort Wayne, the average annual premium rate is around $1,189, but you could pay an annual rate of anywhere between $786 and $1,581. Look around for the best price in your area and take advantage of safe driver discounts. You could also choose a charge by the mile instead of a flat rate, which could be cheaper if you don’t drive frequently.
Public transportation is another option, and Citilink has a discounted fare for seniors that are 60 and older for all their ticket prices.
If you’re looking for fun things to do in Fort Wayne for little to no money, you’re in luck. Check out Old Historic Fort Wayne to watch reenactments and learn about the city for free. The Lakeside Park and Rose Garden is also a free adventure and offers plenty to do and see. You can also stop by the Botanical Conservatory for a discounted group rate or check out Science Central which offers a senior discount on admission.
Find assisted living in Fort Wayne near you.