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How Much Does It Cost To Retire In Gilbert, AZ?

Trying to figure out when to retire? Already retired? Thinking of moving to Gilbert, AZ to retire? Your biggest question is probably how much does it cost. Arizona is a popular retirement destination because of the sunny weather and the cost friendliness to retirees. There is no tax on Social Security income, but you will be taxed on 401 or IRA type accounts. Property taxes are also relatively low. Let’s take a look at the cost of your major expenditures.

The cost of accommodations

If you want to skip the hassle of home maintenance, you can join the other seniors who choose assisted living. In the Phoenix area, the average cost is $3,250 a month, and this includes other expenses such as housekeeping, food, some utilities, and some activities.

The average home is selling for around $140 a square foot according to Zillow, which is up 2.3 percent from last year. Zillow lists Gilbert’s market as “cold,” so there are probably some good deals out there.

If you would rather skip the owning a home to upkeep and prefer to rent, the average apartment rents for $1,190 within the city. A one-bedroom apartment rents for around $951 a month, and a two-bedroom apartment rents for about $1,148.

The price of keeping yourself healthy

In Maricopa County, Medicare spent $2.73 billion, which is higher than the national average. With the dense population that equals spending at about $9,023 per beneficiary compared to $9,501 countrywide.

Health care is one of the biggest expenses that is hard to budget. One way to be sure you save is to choose providers who accept the Medicare fee, so you don’t have to pay higher out-of-pocket amounts. You can find a list of these providers on Medicare’s site.

The price to get somewhere

The price of gasoline is low, but auto insurance is pretty consistent. Arizona car owners will see annual premiums ranging from $900 - $2,300, depending on your driving record, credit score, type of vehicle, the amount of coverage, and more. There are ways to save money on your car insurance. First, you need to make sure you have the best rate by shopping multiple insurance agencies. Next, you can investigate discounts for bundling your home or renters insurance with your car insurance, and also increase your deductible for additional savings. As a retiree, you most likely drive less, so be sure to ask about low mileage rates.

You can also choose to be a passenger and leave the driving to someone else. Valley Metro provides reduced rates for seniors over the age of 65.

Free fun

You can find many fun activities in Gilbert, and some of these things won’t cost you a dime or are very inexpensive. Freestone Park features two lakes on 88 acres. Pack a picnic and enjoy the day. There are also parks for nature and animals lovers, including Discovery District Park and Riparian Preserve at Water Ranch. Take a walk down Heritage District or see The Big League Dreams Park. Here is a list of the must-do in Gilbert, and all are free or affordable.

Learn more about Gilbert Retirement Planning here:

What's the Cost of Living in Gilbert, AZ?

Gilbert Financial Advisors

Gilbert Elder Law Attorneys

Gilbert Senior Realtors

Gilbert Senior Movers and Downsizers

Gilbert Neighborhood Guide

Live Like a Local in Gilbert

Gilbert Demographics and Lifestyle

Find assisted living in Gilbert near you.