California is home to some of the cities with the highest cost of living such as San Francisco and Los Angeles. While Long Beach has a cost of living that is 55% higher than the national average, there are still some benefits to seniors who decide to make this place their home. There are numerous tax breaks and exemptions for seniors, veterans, and the disabled that make it a little easier to live in Long Beach. If you budget your money wisely, you can enjoy an excellent quality of life during retirement in Long Beach.
Here are a few of the big expenses you will face during retirement. It helps to see where Long Beach falls, so you know how much to save.
Depending on your needs and wants, you can choose to move to a retirement community. In most places like this, you won’t have to worry about taking care of your house, and the average cost is $48,000 per year. This price sometimes includes your meals, utilities, and housekeeping, so keep that in mind.
The housing market has seen house appreciation go up by 5.2% over the past year, but the average cost of a single-family home is around $520,800. Still, there are some great neighborhoods in Long Beach if you look around. For example, real estate sites like Home Snacks and Movoto list neighborhoods in Long Beach like Naples, Bixby Knolls, and Belmont Heights as some of the best places to live. They factor in things like cost and quality of living when choosing these neighborhoods.
Health care is another big expense, and per Medicare spending in Long Beach, it is higher than the national average. The national average cost per beneficiary is around $9,500 while the average cost in Long Beach is around $13,149.
You will need to save enough money to cover things like deductibles and coinsurances as well as Medicare providers that don’t offer fee-for-service rates. If you use one of these providers, you will need to pay the difference between the Medicare reimbursement and allowed charges.
If you choose to drive, you will need to think about gas and insurance money both of which are a little higher than average. Average insurance rates in Long Beach are $1,521 with a range from $1,984 to $1,073. You should shop around to find the lowest rate to fit your needs as well as ask for safe driver discounts. Another option is to pay for insurance based on how many miles you drive rather than a flat monthly fee.
You can skip a car altogether and use Long Beach Transit instead. Seniors that are 62 or older can get a reduced fare as well as those with disabilities or Medicare cardholders.
While there are many things in Long Beach that cost money, there are plenty of activities that are entirely free. Moonlight Movies on the Beach is a fun way to watch old favorites for free, or you can listen to a free concert by the Long Beach Symphony. Take a peaceful stroll through Earl Burns Japanese Garden or hit the Long Beach Museum of Art on a Friday for free admission.
Find assisted living in Long Beach near you.