As you prepare for retirement, you’re probably running through your budgets to see if you’re close to your goals. However, the amount that you need to save will largely depend on where you choose to retire.
If you are considering Milwaukee, Wisconsin as your retirement home, here is a brief overview of how much you could expect to spend in major categories like housing, health care and transportation.
Purchasing a house for retirement in Milwaukee can cost you about $130,000, making it a more expensive retirement option than other cities but doesn’t necessarily move it to be out of reach. With the proper budgeting skills, you can probably afford to purchase a permanent location in the Milwaukee area.
But if you’re not ready to make such a strong commitment to spending your retirement years in Milwaukee, renting is another option. Since the average cost for an apartment in the city is about $1280, it can be considered more expensive than other cities you’re considering.
The price of apartments or homes will vary dramatically from neighborhood to neighborhood. When shopping for a home in the Milwaukee area, keep in mind that the Northpoint, Kilbourn Town, and Historic Third Ward will be the most expensive neighborhoods while Concordia, Cold Spring Park, and Forest Home Hills will be the cheapest.
For beneficiaries in Milwaukee, Medicare paid steep amounts for health care coverage. With a per beneficiary amount of $9,957, Milwaukee County had significantly more cost than other counties in Wisconsin. The next highest county in Wisconsin had only $8,202 of cost per beneficiary.
With health care more expensive in the Milwaukee area, you will need to be smart about budgeting for all the care and treatment that you will need during your retirement. Talk about all your payment options and select Medicare-friendly options whenever they are available to you.
If you are looking to have a car in Milwaukee, you will need to pay for things like auto insurance, gas, and potentially parking. For the city of Milwaukee, car insurance tends to be on the higher side of the spectrum, with the lowest rate being $1,080 and the highest being $1,830 per year. How much you actually end up paying will depend on your past driving history and the coverage you’re looking to have.
Other transportation options include local transport, which costs $2.25 for a one-way ticket and $64 for a monthly pass.
If you’re looking for some free or budget entertainment options in Milwaukee, you can take a tour of the Miller Brewery or check out one of the many museums. You can also look out for special events that happen a few times a week or a couple times a month. For example, the Mitchell Park Domes are free every Monday morning and the Comet Café serves free bacon every Sunday.
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