How Much Does It Cost To Live In A Retirement Community?

August 3, 2020

Written by Juanita Fox

As your retirement milestone approaches, it’s time to start making some decisions about what options will fit your lifestyle best. Do you hope to age in place at home? Or are you interested in starting the next adventure by joining a retirement community? One of the biggest factors to consider is cost.

Of course, estimating retirement expenses can be tricky. After all, there is no one-size-fits-all price tag for a community. That said, you might be surprised to learn more about the cost of staying at home versus joining a retirement community—and the range of amenities included in the monthly cost for a retirement community! Let’s dive in.

What’s Included in the Monthly Service Fee?

Each retirement community offers its own package with different included amenities and added features. Before deciding to move into any community, you’ll want to be sure you have a firm grasp on every service that is or isn’t included.

Garden Spot Village’s newest neighborhood, Sycamore Springs, offers an extensive list of services included in the monthly fee. You can enjoy all the necessities—such as electric, heat and air conditioning, water, sewage, garbage and trash disposal—but that’s not all. The list also includes internet, campus security, maintenance and repair, and lawn care services.

Additionally, the cost of living in a community like Sycamore Springs offers countless perks through activities. Forget separate gym and spa memberships—residents can enjoy fitness and wellness centers as well as a multitude of social and recreational activities.

What Expenses Should I Expect in Retirement?

If you’re debating between moving into a retirement community and aging in place at home, you’ll want to create a budget to gauge the financial pros and cons of each option. While staying at home might seem like the more affordable option upfront, over time, you’ll find yourself having to add in costs for medical care, potential home renovations and upkeep, monitoring technologies and any continuing home care or mortgage costs.

The cost of moving to a retirement community will differ depending on the home you pick. You can expect to pay an entrance fee for retirement communities. You’ll also pay monthly rates that generally range between $1,500 and $6,000, depending on the community you choose. Additional features and amenities, such as salon services and cable TV, may be available for an added fee.

Even with these monthly fees, residents often find themselves saving significantly, as they don’t have to pay homeownership costs, individual utility bills or professionals to take care of their homes or lawns.

Learn More About Sycamore Springs Retirement Community Costs

Garden Spot Village offers the ultimate luxury independent living experience with a continuum of care. To learn more about our new Sycamore Springs retirement community located near Lancaster, Pennsylvania, contact us today! For more information regarding retirement community costs, request pricing information for Sycamore Springs homes. We’re happy to help!

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