“Music City,” what better place to retire? Not only does Nashville have a thriving music and entertainment scene, it is also a home to countless natural attractions and other things to do that should be on everyone’s bucket list.
However, as people grow older, it is not entertainment that concerns them. Many are also wanting answers to questions such as, “where will I spend my Golden years,” and “what happens if I need help or extensive care in the future?”
With more than 10 percent of the population of Nashville, which is currently just shy of 650,000 being over the age of 65, more and more people are beginning to ask these all-important questions. Learn more about what to expect when it comes to senior living in the Nashville area, and what the right option is for you.
According to a recent study from Bankrate.com, Tennessee was named as the number one spot to retire. Data such as tax rates, climate, access to health care and cost of living were all factors that determined this. Consider the following when deciding whether or not Nashville, or the state of Tennessee in general, is right for your retirement years:
The cost of living is 9.6 percent lower than the national average (and lower than both South and North Carolina according to the Sperling’s Best Places list).
Residents do not have to pay income tax, except on dividends and interest.
Nashville is considered one of the friendliest places in the nation.
Determining where you want to live when you retire is a very important decision. Factors such as the cost of living, health care availability, and the climate are all important and impact this decision. The senior living experience a person has is going to be largely based on where they go and what type of services they need. Some of the most common types of senior living arrangement average costs can be found here:
Licensed homemaker services (hourly cost): Between $14 and $17; $38,621 annually on average. Adult day care services (hourly cost): $59 to $80; annual cost of $17,030. Assisted living (private room): $1,900 to $5,938 per month; annual cost of $41,148. Nursing home care (semi-private room): $140 to $230 per day; annual average cost of $67,160. Nursing home care (private room): $155 to $275; annually $75,555 on average.
For seniors who are still active and want to maintain a completely independent life, they have the option to move into senior apartments. These are over 55 communities that provide various activities and other things to do for their residents. In many cases, these communities base the cost for each resident on their income. For those who want to learn more, they can contact the U.S. Department of Housing and Urban Development, or HUD.
When it is time to choose a Nashville senior living location, there are a number of factors a senior needs to consider. Some of these include their medical need, what they want located near the facility, and their budget for their living costs. For example, a nursing home setting, such as Lakeshore The Meadows or Heartland Senior Community may be ideal. These facilities offer full-services for residents ensuring they have the care they need to provide help with day to day life.
However, for seniors who would like to remain more independent, they can choose from assisted living communities, such as Brookdale Belle Meade, or even one of the senior apartment locations, including Dandridge Tower.
One of the biggest challenges for seniors who are going to retire anywhere is how they will pay for their living arrangements. While some may have retirement or their 401(k) to use, others may have to find a way to pay by other means. One option is to work with HUD, as mentioned earlier. Other options include looking into selling a home, a reverse mortgage, or renting it out to someone they trust. All of these will provide a source of income to help cover their senior living arrangements.
Those who have time to plan should look into long-term care insurance, since this is one of the best ways to pay for long-term care and it will cover a number of different living arrangements, regardless of what option you have selected.
Find assisted living in Nashville near you.