When you retire, you want the freedom to enjoy what you want when you want. Learning about the cost of retirement in different areas can help you plan for a better retirement. Fortunately for seniors in Lubbock, they’re in a great spot to retire already. Texas has no state income tax, and they allow qualified seniors 65 and older a property tax exemption which can save a considerable amount of money. Lubbock also has a low cost of living compared to some other cities like Dallas, Austin, and Houston.
Below you can learn about a few of the costs in the area.
If you decide to move into a senior living community with an assisted living option, you can expect to pay around $39,030 in Lubbock. This cost will include your rent and utilities, and it could also include things like your meals, transportation around town, and housekeeping services.
Some seniors want to own their house and lucky for them, the average cost for a home in the area is $114,000. This is significantly lower than the US average of $185,000. Lubbock is also a fantastic city for retirees. Real estate site, Niche, listed Lubbock as the number 12 city to retire in Texas and it also made WalletHub’s list of best cities to retire in 2016.
Renting is also an option, and in Lubbock it is inexpensive. Average rental rates are around $774, but you can find a one-bedroom place for around $698. Two-bedroom apartments average about $811 per month.
Health care costs are a little higher in Lubbock. The estimate for Medicare spending per recipient in Lubbock County is about $10,391 which is higher than the national average of $9,500. But, this average is lower than the state average of $10,572.
It’s a smart idea to save a good portion of your budget for health care costs. Even with Medicare, you still need to pay coinsurance and deductibles. Some providers also don’t use fee-for-service rates which means you’re left to pay the difference between Medicare coverage and the allowed charges.
Be sure to plan for your transportation needs. If you have a car that will mean gas and car insurance and insurance rates have been on the rise lately. In Lubbock, the average rate is $1,236, but you could pay anywhere between $864 and $2,112. If you look around you should be able to find the lowest rate. You can also use safe driver discounts to save money or find insurance that charges per mile, if you aren’t a regular driver.
Public transportation is an excellent choice too. Citibus serves the Lubbock area and seniors 65 and older get discounted rates.
There are plenty of free activities in Lubbock. You can visit the National Ranching Heritage Center or explore Lubbock Lake Landmark for free. Prairie Dog Town was the first place to protect prairie dogs, and you can visit the area free of charge. Also, on the first Friday of every month, you can hop on the free trolley and tour the First Friday Art Trail.
Find assisted living in Lubbock near you.