Right around the time you’re ready to retire, you might start considering the cost. Most people want to make sure they have enough saved, so they don’t have to worry about not working anymore. Seniors in Las Vegas can rest easy knowing the cost of living here is right around the national average. Nevada is one of seven states that doesn’t have a state income tax and seniors 65 and older could be qualified for a property tax exemption. While Las Vegas might not be the first city that comes to mind when you retire, it’s cheaper than New York or Miami.
Here are some of the significant expenses you might face during retirement and what they cost here in Las Vegas.
Housing is obviously one of the top costs, and you have a few options here. If you’re ready to move out of your house and go to a senior living community, you can expect to pay around $34,200 per year. That cost could include meals, utilities, and things like housekeeping, but you’ll have to ask in each community.
The average house in Las Vegas costs around $201,400, and while that’s not as high as some cities, it can be a little costly. The good news is that home appreciation went up 7.9% and if you look around, you can find a home that fits your budget and lifestyle. Movoto listed Las Vegas suburbs Laughlin, Sandy Valley, and Searchlight amongst the best places for seniors to retire. Those suburbs are ranked based not only on their cost of living but the quality of life.
You can also rent in Las Vegas, which averages around $934. One-bedroom apartments cost about $782 per month, and two-bedroom apartments are $932 per month.
This is another expense that seniors need to consider and in Clark County, Medicare costs are higher than average. The national average cost per beneficiary is $9,500, and the average cost per beneficiary is $10,456. Budget your money for health costs wisely because you will also need to pay for deductibles and coinsurances.
You also need to make sure you save money for Medicare approved providers that don’t use fee-for-service rates. In that case, you will also need to pay the difference between the Medicare reimbursement and the charges for care.
Car insurance can get a little pricey in Las Vegas. The average is right around $2,012 with higher rates of $2,806 and lower rates at $1,260. You can shop around to find the lowest coverage and ask for safe driver discounts. Seniors that don’t drive frequently can consider getting insurance that charges per mile because that might be cheaper in the long run.
You also don’t have to drive if you don’t want to worry about insurance. Las Vegas public transportation or RTC offers seniors, veterans, the disabled, and Medicare card holders reduced rates on all transit.
Las Vegas might be famous for casinos, shows, and opulent restaurants, but you don’t have to spend money to entertain yourself. Ethel M Chocolate Factory offers free tours, and tastes, every day while the Circus Act at Circus Circus does free shows every half hour. If you want to spend time outside, take a hike at the Red Rock Canyon National Conservation Area.
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