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How Much Does It Cost To Retire In Plano, TX?

If you are looking to retire or have already retired, you know that you are on a fixed income. Because of this, you want to know how much does retirement cost? First, you need to examine all your larger expenses like housing, health care, and transportation. Luckily, Texas offers some cost savings. For example, residents do not pay state income tax. Also, if you are over the age of 65, you may qualify for a $10,000 property exemption. Let’s examine all your other costs in Plano and consider some savings.

The cost for housing

Several seniors opt for assisting living in retirement. You pay almost all your living expenses in one monthly payment (you may have to a pay a few additional utilities such as cable). The average cost of assisted living in the Dallas/Fort Worth area runs about $4,000 - $4,500 a month, which includes most expenses like housing, food, housekeeping, and some utilities.

Owning a home in Plano can be expensive. According to Zillow, the median home value in Plano is $308,600, which is an increase of 12.3 percent from last year. The median price per square foot in Plano is $135, which is higher than the Dallas-Fort Worth average of $122. There are still deals available because this is the median – meaning there are some lower than this.

If renting is more your style, the average apartment rents for $1,195 in Plano. A one-bedroom apartment rents around $996 a month, and a two-bedroom apartment rents around $1,336 a month.

The cost for health care

Health care is expensive in Dallas County. In 2014, Medicare spent $2.25 billion in Dallas County alone. When looking how that averages per person, Dallas County is higher than the national average and Texas in general. Medicare paid $11,663 per Dallas County beneficiary, compared to $ $9,500 per person countrywide and $10,572 per person in Texas.

With the health care market being more costly in Dallas County, you will have to budget your out-of-pocket expenses. To save money, you should choose providers who accept Medicare assignment fees because you will be charged the difference between the two costs if they don’t.

The cost for transportation

To get anywhere, you need some form of transportation. gasoline prices are now low, but insurance is not. In the Dallas area, the annual rates for car insurance policy fall between $1,395 and $1,806. Of course, these numbers vary based on your driving record, location, and other factors. There are ways to lower your premium including having both your homeowners or renters insurance through the same insurance company as your auto. Another way to save is to increase your deductible, and since you don’t commute to work, be sure you are only paying for the actual miles you drive.

Take a ride on public transportation. DART offers discounts to adults over the age of 65. You can also buy an annual regional senior transportation pass for $480.

The cost of fun – free?

Plano is filled with parks for you to explore, including Bob Woodruff Park, Russell Creek Park, and Arbor Hill Nature Preserve. You can also stroll through Historic Downtown Plano. Browse through the many shops and people watch from a bench. The atmosphere alone is fun. Here is a list of other free things to do in the Dallas Metroplex area.

Learn more about Plano Retirement Planning here:

What's the Cost of Living in Plano, TX?

Plano Financial Advisors

Plano Elder Law Attorneys

Plano Senior Realtors

Plano Senior Movers and Downsizers

Plano Neighborhood Guide

Live Like a Local in Plano

Plano Demographics and Lifestyle

Find assisted living in Plano near you.