Retirement should be a time of relaxation and enjoyment, but the question of price often comes into play. Seattle does have a higher cost of living rate than some of the other cities in Washington, but it also has a lot to offer the seniors that live here. For example, Washington doesn’t have a state income tax, and there are tax exemptions for qualified seniors on property taxes. Because there is so much to do in Seattle, many seniors are willing to pay a little extra to live here, and it’s still cheaper than places like San Francisco and New York.
So you can get a better idea of what retirement might cost, let’s look at some of the expenses you might face here in Seattle.
There are a few options for senior living in Seattle. Senior living communities are popular because you don’t have to worry about taking care of your home and you get things like meals, housekeeping, and some utilities included in the cost. The annual cost of assisted living is about $54,000.
The housing market right now is facing some of its highest prices, which could make owning a house a little expensive. Single family homes have reached an average of about $660,000, and they appear to continue to climb. There are still some fantastic areas for seniors in Seattle that don’t have extremely high price tags. Movoto ranked Seattle suburbs Ballard, Queen Anne, West Seattle, and Madrona as some of the best neighborhoods for retirees and a few suburbs listed in Nerdwallet’s best Washington cities are near Seattle. These places look at the cost of living as well as the quality of living when making their lists.
If owning a home is too much for you, renting might be a better option. The average rent in Seattle is right around $2,141 with a one-bedroom costing $1,978 and a two-bedroom costing $2,746.
The average cost of Medicare spending per person in King County is around $8,353 which is well below the national average of $9,500 which can be helpful for seniors. Be careful to still budget for medical expenses because you will have to cover copays and deductibles. There are also a few Medicare approved providers that choose not to use fee-for-service rates. In that case, you will be in charge of paying the difference between the Medicare reimbursement and the allowed charge.
Drivers in Seattle pay about 60% more than the rest of the state for car insurance. The average cost is about $1,269, and you can expect to pay between $1,058 and $1,641. Make sure to shop around because you can find lower prices in some areas. There are also discounts for safe drivers and even companies that provide rates based on the number of miles you drive. This is an excellent option for seniors that don’t drive much.
In fact, you don’t have to drive at all if you use public transportation. The King County Metro has discounted fares for seniors 65 and older, those with disabilities, and those that use Medicare.
You don’t always have to do things that cost money. The Seattle Museum of Art has free admission on the first Thursday of every month, and bi-monthly on Monday’s, the Seattle Symphony hosts a free afternoon recital. You can wander Pike Place Market for free as well as Seattle Center, home of the Space Needle.
Find assisted living in Seattle near you.