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How Much Does It Cost to Retire in Philadelphia, PA?

Philadelphia is a great choice for retirement in the Northeastern United States. There are many great neighborhoods out there that offer accommodations and amenities that will suit your needs. At the same time, it is important to consider the long-term implications of the choices you make as far as accommodations go.

Picking Out Your Location

The closer you are to a popular location the more you are going to pay overall. There is something to be said for being in the thick of things if you are someone that enjoys the company of others and desire many entertainment and activities at your fingertips.

If you can deal with having a roommate, you can cut your retirement costs substantially and possibly afford the neighborhood you want to live in but could not afford to live in on your own. A roommate can also help with household duties, so you don't have to hire someone else to take care of this. Sharing cooking duties can mean that you both don't have to purchase a full meal plan at your retirement community.

One bedroom apartments in Philadelphia average $1443 and two bedroom apartment rents average $1862. This means the cost of an apartment would equal rent of around $930 per person.

Buying a home in Philadelphia can vary a lot in cost. It is important to be sure of the condition of a home before investing your retirement fund in it. The median cost for a home is $121,800, but is expected to rise significantly.

Amenities And Transportation

If you are living within many communities, you will be able to take advantage of public transportation. There are private taxis, if you need to get somewhere at a specific time or during inclement weather. Some assisted living, and retirement communities offer some transportation and will provide special transportation if you request it. Seniors 65 and older can ride public transit for free and only pay $1 for regional rail fairs in Pennsylvania.

With all the fantastic shopping and amenities in Philadelphia, it will not be hard for you to find what you need. Of course, this may not be as important to those that do a lot of shopping online. Great shopping is easy to do using public transportation.

Involving Yourself In Your Community

There are a lot of things to do in Philadelphia. The problem is finding which ones you want to spend your time on. Volunteering at a local nonprofit is an enjoyable activity for many seniors. A branch of the public library is a good volunteer position for those that love books.

If you have a hobby that you did not have much time for as you would have liked or there is a class you always wanted to take, then why not go for it? Better yet, find a friend and do it together!

Some seniors enjoy having part-time jobs that are either seasonal or year round. This can be a great way to supplement your retirement income while staying active.

Learn more about Philadelphia Retirement Planning here:

What's the Cost of Living in Philadelphia, PA?

Philadelphia Financial Advisors

Philadelphia Elder Law Attorneys

Philadelphia Senior Realtors

Philadelphia Senior Movers and Downsizers

Philadelphia Neighborhood Guide

Live Like a Local in Philadelphia

Philadelphia Demographics and Lifestyle

Find assisted living in Philadelphia near you.