You need to consider the cost of living carefully after retirement. Once you begin to draw down the funds you’ve put away over your working years for retirement, you need to stretch how long that money will last.
Without regular raises, bonuses, or switching jobs to increase your income, you need to consider your living expenses carefully. Moving to an area with a lower cost of living may be a practical way to ensure that your savings and retirement income maintain your customary standard of living.
Irving, Texas, has much to recommend for retirees trying to stretch their retirement funds and maintain a quality lifestyle.
Read on to see what the cost of living is in Irving and if it could be a good choice for you.
Gasoline is priced reasonably in the Irving area. A gallon of gasoline will cost between $1.40 and $2.10 per gallon. Insurance costs are variable. Depending on your driving history and the make and model of your car as well as other factors, you may pay a little more or less than in other parts of the country.
As a retiree, you will save money simply because you no longer have a daily commute, and insurance will be lower since your car is driven fewer miles per year.
Renting in Irving is not a budget buster. A furnished studio in an expensive area will cost about $840 on average and a one-bedroom apartment in a decent area will only be a little more expensive at $900 per month.
The average home price in Irving, Texas, is $174,000 and last year home prices appreciated approximately 20%. By the square foot, a home in Irving is on average $146 per square foot.
Inevitably, old age makes us more dependent on the help of others. The cost of nursing homes in Irving is lower than the national average, making Irving a good place to stay long-term. The national median cost of a private room in a nursing home is $91,300 and a semi-private room is $80,300. Residing in an Irving nursing home will only cost you $79,000 for a private room and $57,000 for a semi-private room.
The cost of groceries in Irving, Texas, is about the national average. A quart of milk can be bought for $0.75, and potatoes are sold for $0.95 per pound. You’ll buy boneless chicken breast for $3.00 per pound and a loaf of bread for approximately $2.00.
The cost of utilities (gas, heat, electric, etc.) in Irving is $110 for two people residing in a one-bedroom apartment and about $85 for one person living in a studio.
Take this information as a starting point. Compare the costs where you currently reside with the cost of living in Irving, Texas, or anywhere else that may seem attractive to you. With careful calculation, you’ll make a wise choice.
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