Plano, Texas, isn’t the least expensive place to live in the United States, but the area has a lot to offer. Your retirement years are a time of drawing down the assets you’ve put away for your senior years, and you need to stretch those assets to last the rest of your life.
A good way to make your retirement funds last as long as possible is by moving to an area with a low cost of living. By researching the different regions of the U.S. and their respective costs of living, you can find the best place for preserving your wealth in your golden years.
Keep on reading to see the comparative advantages of living in the Plano area for your pension dollar, your eventual senior care needs, and general quality of life.
The median cost of nursing home care in the United States is $91,250 for a private room and $80,300 for a semi-private room. Here is where Plano shines as a retirement location; a private room in a nursing home is only $78,000 and a semi-private is an affordable $56,940 on average in the Plano area. If you want to plan for the inevitability of age-related debility, Plano is a cost-effective destination.
Assisted living facilities are priced much closer to the national average at an average of $45,000 per year, compared to a national average of only $43,000 per year.
Relative to the national average price for a gallon of gasoline, Plano is affordable for residents. You’ll pay between $1.40 and $2.20 per gallon for gas. Insurance costs track the national average as well but still vary widely depending on your specific circumstances and driving history.
As a retiree, the cost of transportation isn’t the greatest concern since you no longer have a daily commute or school run to make.
The cost of groceries in Plano isn’t going to make a big impact on your budget. Milk is well-priced at $0.78 per quart on average, and a dozen large eggs can be bought for about $2.50.
Eating out in Plano won’t break the bank; a fast-food meal at a chain restaurant is only $6 to $8 for one person. A decent pub meal is going to set you back between $10 and $15.
The cost to rent a one-bedroom in a decent area of Plano is on average $900 per month. A studio apartment in a decent neighborhood will cost $800 per month on average.
Home prices in Plano are somewhat higher than the national average at $355,000, or roughly $135 per square foot. This could affect retirees who have to sell their homes to relocate and wish to purchase another home in Plano.
There are many considerations when planning to move to a new locality. Make sure that the neighborhood, businesses, and local people are amenable to you. Don’t rely just on the lowest cost of living to make your choice.
Find assisted living in Plano near you.