There is no doubt that a lot of costs are rising. How much it cost for you to retire is dependent on how soon you are planning on doing so. This is where a financial planner can be very helpful.
Most assisted living and retirement communities include basic utilities, rent, maintenance, and housekeeping or meal services. Just how much assistance and convenience you want as well as the size of your living space, will have a major influence on what you pay. If you still like to take care of your meals, then you can save by not having someone else do it.
One bedroom apartments in Houston average $1238 a month on average, and two bedroom apartment rents average $1614. Costs can be as low as $700, but this depends on the neighborhood you choose to live in. Rice is going to be the most expensive place to rent whereas Northeast and Far North have the lowest rent prices in the area.
The median home cost to buy is $145,300. Purchasing or renting outside of the city center results in lower costs.
Health care costs are a concern for anyone planning for or entering retirement. It is important to be realistic about your health and needs. If you have special conditions, then you may want to retire closer to the facilities that can provide the care you need.
Medicare, private insurance, company health care plans, veterans benefits, and more can all help pay for or even cover all of your health care costs. It is important to assess what you are eligible for and apply for any benefits that take the time to be awarded.
If you are active and plan on taking part in a lot of things in the community you choose for retirement, then transportation may be more of a concern for you. Where many assisted living and retirement homes provide transportation to doctors appointments and for group trips, this may not be sufficient for active seniors.
Houston has an excellent public transportation system and many places allow for private cars to be kept. If you want to keep your car, it is important to inquire about parking arrangements. Keep in mind that the average auto insurance premium in the state of Texas is just under $900 per year. This may be more than you want to pay if you don't use your car very often.
Not everything has to cost a lot to be fun. Active seniors will find that Houston is home to a lot of parks and green spaces as well as recreation centers, libraries, and other public areas. Numerous theaters offer low-cost entertainment options. Volunteering for organizations can be another enjoyable way to have fun. Some volunteer positions have perks such as discounts on tickets to events.
Find assisted living in Houston near you.