How much will it cost to retire is a common question among seniors. They want to know how much they need to save for this time in their life and when to start saving. It’s a valid question, and as you start to look at places to live once you retire, you should know about some of the expenses in the area. Luckily, Greensboro is a beautiful place to retire because they have a lower cost of living while also supporting their senior citizens. Greensboro offers three different property tax exemptions for qualified seniors and plenty of other perks.
Let’s look at a few of the costs you can expect in Greensboro.
First, you need to decide what type of lifestyle you want and where that would best be suited. You have a few choices. You can move to a senior community with an assisted living option and pay about $34,560 per year. Included in that cost are your rent, utilities, and other amenities such as transportation, meal plans, and housekeeping.
If you would prefer your own house, the average cost of a house in Greensboro is around $123,600. That price has held steady over the past year or so, so you should be able to find a place that fits both your budget and needs. Real estate site Movoto ranked Greensboro suburbs such as Fischer Park, Aycock, Irving Park, College Hill, and Sunset Hill as some of the best places for retirees. Niche and US News ranked Greensboro as one of the best places to live in the state of North Carolina.
Renting is also an option, and it’s inexpensive in Greensboro with the average rate at $810. One-bedroom apartments hover around $716 per month and two-bedroom apartments at $826.
The good news is that health care costs in Greensboro tend to be a little lower than national averages and only slightly higher than state averages. Medicare spending for Guilford County sits at $8,666 per beneficiary, and the state average is $8,633. The national average for Medicare spending is right around $9,500.
Even though health care costs are relatively low in Greensboro, you should still save some money for your care. It’s smart to have money in your budget to cover co-pays and deductibles, so you don’t have to worry about that. There are also some Medicare providers that don’t use fee-for-service rates, which mean you pay the difference out-of-pocket.
If you want to drive, you need to budget for things like gas and insurance. Unfortunately, while gas might be getting cheaper, insurance costs are rising. The average cost of insurance in Greensboro is around $804, but you could pay as much as $1,061. Shop around for the best quote and make sure to ask about safe driver discounts. You could also choose car insurance that charges per mile, if you aren’t a regular driver.
You can also rely on public transportation and not worry about car insurance. The Greensboro Transit Authority offers senior discounts for all fares if you have a valid ID and are 65 or older.
There is still plenty to do and see in Greensboro even if you don’t want to spend any money. You can check out the latest exhibit at the Weatherspoon Art Museum or stroll through the beautiful grounds of the Greensboro Arboretum. Learn more about Greensboro and Guilford County at the Greensboro History Museum or the Guilford Courthouse National Military Park. These spots are free and open to the public.
Find assisted living in Greensboro near you.