Worrying about money during retirement is a common issue for many seniors because most have a limited budget. It’s helpful to start planning early and save as much as you can before you reach retirement age. It also helps to find cities and states that are suitable for seniors and Laredo, Texas is one of them. Not only does Texas not have a state income tax but seniors 65 and older could be eligible for property tax exemptions, both of which save money for older adults. Laredo also has a lower cost of living than other cities like New York or San Francisco and could be the perfect spot to retire.
Here is a breakdown of a few of the costs you might encounter in retirement for the city of Laredo.
Some seniors decide they would rather have someone else maintain their house than doing it on their own. Senior living communities offer older adults the chance to enjoy retirement without the upkeep of a home. In the Laredo area, this could cost anywhere from $54,385 to $60,590, and that cost would include things like rent, utilities, and amenities like meals, transportation, and housekeeping.
For seniors that want to keep their own house, housing costs in Laredo are below average. The median price of a house in the city is around $117,200, and appreciation has been up 5.2% in the last year, so it could be an appropriate time to buy. Financial and real estate websites like NerdWallet and Niche list Laredo as one of the best places to live during retirement. WalletHub also had Laredo on its list of best places to retire.
If you would prefer to rent, Laredo rental rates average about $941 per month. You can find a one-bedroom place for about $821 and a two-bedroom place for about $955.
Health care costs are another substantial chunk of many seniors’ retirement budgets, and in Webb County, the average cost per Medicare recipient is about $11,196. This is a lot higher than the national average of $9,500 and the state average of $10,572.
Consider saving money for your health care needs so you can pay for things like deductibles and coinsurance. Medicare will cover many of your charges, but some providers don’t use fee-for-service rates. You will be in charge of paying for the amount left after coverage and the allowed charges.
Don’t forget to budget for transportation costs. If you drive, that means gas and car insurance. Car insurance rates in Laredo are a little higher and average about $1,445 but could reach $2,146. You can search around for the best quotes in your area and use discounts like safe driver programs. For seniors that don’t often drive, consider getting car insurance that charges per mile.
You can also choose to use public transportation instead. El Metro Transit has a senior discount for adults 62 and older.
You don’t always have to pay money to find entertainment in Laredo. Many places have senior discounts or are free of charge. The San Agustin Plaza is full of historical sites and buildings like the San Agustin Cathedral, and it’s all free. You can get discounts on tickets to the Lamar Bruni Vergara Planetarium as well as tours of Fort McIntosh Historic District.
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