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How Much Does It Cost to Retire in Lincoln, NE?

When it comes to retiring, the cost is one of the biggest concerns for many seniors. You must plan for things like your housing and health care costs along with things like transportation and any other incidentals. Fortunately, Lincoln, Nebraska is an ideal place for many seniors because they have a lower cost of living than many cities in the country. Seniors can also benefit from their Homestead Exemption and save money on their property taxes if they qualify.

So, what are the other costs in Lincoln? Let’s look at a few of the various categories.

Lincoln Housing Costs

Some seniors decide they no longer want to maintain the upkeep of their house and move to a senior living community. You can find a community with an assisted living option and pay around $55,440 per year. Services that may be included in the cost are rent, utilities, meal plans, housekeeping, transportation, and other amenities.

For seniors that want to live on their own in a house, the average cost of homes in Lincoln is right around $154,200. This is lower than the mean price of homes in the country, and home appreciation has been on the rise for the past ten years. Lincoln has also earned its spot as one of the best places to retire. Financial website Kiplinger named it as a great place to retire due to its location in the Midwest and the cost of living. Real estate site Livability put it at number seven on its top ten list of best places to retire because of its outdoor activities, a strong economy, and affordability.

Renters in Lincoln also have it good because the average rent is around $860. You can find a one-bedroom place for $744 or a two-bedroom apartment for $912.

Lincoln Health Care Costs

Another great perk for Lincoln retirees is the cost of health care. Medicare estimates they spend around $7,902 per recipient in Lincoln, which is lower than both the state average of $8,547 and the national average of $9,500.

Even though health costs are way down in Lincoln, make sure to plan and save some money for your Medical care. You still need to cover things like copays and deductibles, and a few providers in the Medicare network don’t use fee-for-service rates. That means you need to pay for the difference between your coverage and the charge.

Lincoln Transportation Costs

Drivers in Nebraska might be thrilled with lower gas prices, but they might not be as excited about rising insurance rates. The average cost of insurance in the Lincoln area is $913, but rates can range from $1,161 to $638. You can shop around to find the best rate in your area and take advantage of discounts as a safe driver. There are also insurance companies that will charge you per mile, which could be a good option for seniors that don’t drive as much.

Perhaps you don’t drive or don’t have a car. In that case, you can use StarTran Bus Service. StarTran offers discounted rates for seniors 62 and over, and they have a special shuttle just for seniors that will take you just about anywhere in the city.

Lincoln Entertainment for Free

You don’t have to pay a lot of money to find something to do in Lincoln. Seniors can get a discount on admissions to the Museum of American Speed or the International Quilt Study Center & Museum. Visit the Sunken Gardens, Pioneers Park Nature Center, or the State Capitol all free of charge.  

Find assisted living in Lincoln near you.