Retirement often brings up images of relaxing with friends and family or free time spent traveling and enjoying hobbies. It also brings up the question of money because most seniors want to make sure they have enough to do the things they want during retirement. If New Orleans has been your home for many years or you’re thinking about moving here after you retire, you’ll be pleased to know the cost of living is 3% lower than the national average. Seniors can also take advantage of things like the Homestead Exemption and Age Freeze on their taxes and save money. There are plenty of other things that New Orleans can offer their seniors to boost their quality of life.
You will encounter some significant expenses during retirement, so here is a look at some of those costs in New Orleans.
Because you’re ready to leave work, you might decide a retirement community is the best option for you. These communities often include things like housekeeping, a few utilities, meals, and a host of other amenities which cater towards seniors. The average annual cost for assisted living in New Orleans is $45,450.
The housing market in New Orleans has rebounded tremendously over the past few years, and the median cost of a house here is around $166,800. Home appreciation has grown 30% over the last year which means if you want to sell your house and move to another, now is a good time to do it. The suburbs of New Orleans are a great place for seniors to retire and real estate site Movoto named Lafitte, Edgard, and Westwego as the top three neighborhoods for seniors. Movoto looked at things like housing costs, crime rates, and overall quality of life to determine their rankings.
If you would prefer to rent, the average rent in New Orleans is $1,494. You can get a one-bedroom apartment for around $1,268 or a two-bedroom apartment for $1,819.
Another large part of your budget during retirement will probably go to health care costs. Medicare spending in New Orleans is a little higher than national averages. Beneficiaries in New Orleans pay around $10,271 while national averages sit at $9,500.
You should budget for medical costs as well as things like deductibles and coinsurances. Also, be aware that a few Medicare facilities don’t use fee-for-service rates, which means you will need to pay the difference between allowed charges and Medicare reimbursements.
You have to get around somehow, and if you choose to use your car, you need to budget for things like gas and maintenance. Car insurance in New Orleans is also high, so keep that in mind. Average rates are around $2,542 with some of the higher rates reaching $3,654. You should shop around for the best rate available and if you have minimal accidents or tickets, ask about a safe driver discount. If you aren’t a regular driver, consider getting insurance that charges per mile.
If driving costs are too high or you don’t want to drive, you can use New Orleans public transportation. You can use buses, streetcars, or ferries to get around town and seniors 65 and older ride at a reduced rate.
You don’t always have to pay money to have a good time in New Orleans. During the spring and fall in Armstrong Park, you can listen to free jazz concerts and swing dance every Sunday with NOLA Jitterbugs Dance School. You can tour the Saint Louis Cathedral or just wander through the French Quarter taking in the sights.
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