According to a recent study by The Washington Economics Group, Memphis is the number two place to retire. Factors that go into this determination include tax rates, climate and things to do. Memphis has a very low cost of living, is adjacent to extremely fertile farmland, and has plenty of entertainment options including an NBA team, ballet, opera and a symphony. The city also has excellent hospitals, quality sanitation services, and several major universities.
However, in addition to finding a great place to live, the more than 65,000 residents who are over the age of 65 want to know about the living facilities that are available. Many are ready to rid themselves of large homes in the suburbs and enjoy a simpler, cared for life in an assisted living facility, nursing home, or even senior apartment in the area.
Understanding some of the aspects that will affect a senior’s life is the best way to know if this is the right community for you. Consider the following information from the Tennessee State Government website:
The tax burden in Memphis is one of the lowest in the entire nation. Tennessee does not have any income tax and those over the age of 65 who make less than (individual) $16,200 and (married) $27,000 are exempt from the tax on dividends and interest. Tennessee offers a program for property tax relief that veterans, the disabled and the elderly can utilize.
Retiring, or even just getting older, can be challenging for some. They are altering the life they have known for decades. Finding the right type of environment to retire in is a huge decision.
One of the most impactful features that will determine where a person lives as they grow older is how much it costs. The cost of senior care assisted living, in-home care, nursing homes and even senior apartments can vary greatly. Learning a bit more about these costs can be quite beneficial.
Licensed homemaker services (hourly cost): Between $15 and $20; $39,125 annually on average. Adult day care services (hourly cost): $60 to $92; annual cost of $17,124. Assisted living (private room): $1,000 to $7,128 per month; annual cost of $44,520. Nursing home care (semi-private room): $160 to $244 per day; annual average cost of $68,803. Nursing home care (private room): $175 to $261; annually $74,095 on average.
For seniors who are not ready for an assisted living facility or nursing home care, but still wish to be around others who are at the same stage of life they are, they should consider a senior apartment. These locations offer a community that only consists of those who are over the age of 55 and provide a safe, affordable place to enjoy independent living. Many of the Memphis senior apartments cost is determined by a person’s income. More information about this can be found by contacting the professionals from the U.S. Department of Housing and Urban Development, HUD.
The right place to live is going to be largely dependent on what type of life the senior is looking for. For example, if the senior is active, then a location such as Sterling Place may be ideal. However, for seniors who are in need of a higher level of care, a nursing home such as Trezevant Manor Retirement may be more of what is needed. Taking some time to evaluate a senior's needs and their way of life is the best way to find the best type of senior living location.
When paying for senior living, regardless of what type is needed, many find it can be challenging. There are some seniors, and their family, who encounter quite a bit of debt trying to pay for these arrangements. There are other options.
Long-term care insurance: Provides coverage for certain facilities when a medical need is met. Retirement plans Selling a home or the selling of other assets such as stocks and bonds. Reverse mortgages
Taking the time to find the best source of payment can take work, but the good news is there is help out there. For those who are interested in a senior apartment, speaking with HUD is going to be their best course of action.
Find assisted living in Memphis near you.