Planning for Retirement in Dallas, Texas
For many older adults, the prospect of life in retirement without a steady paycheck can seem daunting, even if you’ve been saving for your golden years for decades. That’s probably why the question every retiree asks at least once is, “how much do I need to retire?” The actual dollar amount will vary from person to person based on things like the regional cost of living and lifestyle preferences. Where you want to live and your long-term care preferences are two of the biggest factors to consider. We’ve outlined what some of those options look like below.
When it comes to retirement planning, our best advice is to start envisioning what you want life to look like and talk over your options with loved ones and a financial advisor to get your plan in place.
How Much Does Retirement Cost?
The American Association of Retired Persons (AARP) suggests evaluating four primary factors when planning for life in retirement:
- How much will you spend?
- How much will you earn on savings?
- How long will you live?
- How much can you withdraw from savings each year?
The Cost of Aging in Place
An important follow-up to the question of how much you will spend is where you choose to live in retirement. If your desire is to remain in your family home because it is paid off, you might not have a monthly mortgage payment, but you might need to factor in the cost of home health care and monthly long-term care (LTC) insurance payments.
Depending on the age at which you secure LTC coverage, the monthly premium for an individual could range from $200 to $500 according to data from AARP. If additional support is required in the home — and according to the federal government, 7 out of 10 seniors will require long-term care in their lifetimes — you’re looking at an average of $4,576 a month.
Other considerations include lifestyle preferences like social clubs, memberships, travel and dining expenses.
The Cost of a Retirement Community
If your idea of retirement looks like freedom from home maintenance and a rich social life, a luxury senior living community is worth looking into. A Continuing Care Retirement Community, or CCRC, is an especially popular choice among older adults looking into senior living options. CCRCs, like Edgemere, offer independent living residences for active seniors but have additional care options available on site that allow residents to remain in the comfort of their community as they age.
The costs of a CCRC typically include a one-time entrance fee and then an additional monthly fee. The entrance fee covers the down payment on your new home in the community as well as the cost of care. Entrance fees range widely based on a community’s location and the services and amenities included. After a one-time entrance fee, residents of a CCRC pay a monthly fee of a few thousand dollars on average.
The Benefits of Living at Edgemere
Edgemere is a CCRC in Dallas, Texas, proudly offering a Type A Life Care contract. This means that our residents have a full continuum of care available to them, including assisted living and memory care, all within our community. This continuum of care is available to all independent living residents. We find that our residents and their families alike take significant peace of mind in knowing that future care is planned for.
Upon moving into independent living at Edgemere, there is a predictable monthly fee that covers living expenses like dining, housekeeping, activities and maintenance. One of the greatest benefits of living at Edgemere, however, is the people who call this place home. The friendships and sense of community our residents discover here are truly priceless.
Plan Your Retirement at Edgemere
Whether you’re looking for a luxury senior living community for yourself or someone you love, We invite you to see what life is like at Edgemere. Contact us today!