As you get ready to retire, there are many things you need to prepare for. One factor is the costs associated with retiring. Fortunately, Orlando is an affordable place to retire with the cost of living at about eight percent lower than the United States average. In addition, there are many other reasons why retiring in Orlando is a good idea, including the outdoor recreation, strong job growth, and entertainment options.
When it comes to the bigger expenses in life, how does Orlando compare to the rest of the nation? That is exactly what we will explore below.
Some of us prefer living in a senior living community that offers an assisted living alternative over living in our own house. This is because assisted living covers meals, some utilities, housing, and weekly housekeeping. In Orlando, you can expect to pay an average of $39,960 per year for these arrangements.
According to Sperling’s Best Places, the median price for a home in Orlando is about $117,800 based on the latest statistics. The home prices are increasing quickly in Central Florida, so you can count on your home appreciating in value. Niche, Movoto, and other real estate and personal finance sites rank Orlando suburbs highly for livability based on quality of living, housing costs, and crime rates. A few of the best suburbs are Winter Park, Doctor Philips, Maitland, Altamonte Springs, Fairview Shores, and Lockhart.
If renting is preferable to you, the average rent for a one-bedroom apartment or home in Orlando is $857. For two bedrooms, it is $1,022.
The Medicare spending per capita in Orange County, where Orlando is located, is among the highest in the country. In 2014, the average Orange County beneficiary tallied $11,029 in Medicare payments. That is over $1,500 more than the national average of $9,501.
With these costs, it is crucial that you budget for coinsurance and deductibles since you will need to pay for these out-of-pocket. This is particularly important if you pick doctors who do not accept Medicare at the fee-for-service rates. In these instances, you will need to pay the difference between the allowed amount and the Medicare reimbursement.
Costs for insurance, gas, and other transportation expenses in Orlando are right on par with those found around the rest of the country. Depending on where you live in Orlando, car owners can expect to pay between $788 and $2,014 with an average of $1,302 per year for car insurance.
Public transportation is also pretty good in Orlando. Lynx is the primary transit service in Orlando. Seniors 65 and over can receive a reduced fare by presenting proof of their age and securing an AdvantAge ID card.
You do not need to be rich to have fun in Orlando. There is plenty to do for free. The Charles Hosmer Morse Museum of American Art has an impressive collection and is free on Fridays. On the first Monday of each month, you can enjoy Harry P. Leu Gardens for free. Also, the grandchildren will love the free LEGO Imagination Center.
Find assisted living in Orlando near you.