An assisted living community can provide a senior with new friends, great amenities, and a supportive home where they can enjoy their golden years. Could an assisted living community provide the comfortable retirement you’re looking for? The cost of living alone is worth considering when you plan for your future.
The Cost of Living Alone
From the 24-hour care and service to the excellent amenities assisted living communities provide, it’s easy to see that you can get plenty of benefits from moving into one. However, for some seniors, continuing to live outside of an assisted living community is their retirement plan. What is the cost of living alone, and why do many seniors choose to enjoy their golden years at an assisted living community?
Living Alone Costs More Than You Think
Did you know that the number of seniors living alone is set to skyrocket over the next 20 years? To help people understand what this means, the Joint Center for Housing Studies at Harvard University created a report on the costs of living alone as a senior in the United States. The results are worth considering while you do your retirement planning:
- Living alone as a senior can harm your financial security. Single people over 80 are more than twice as likely to face significant cost burdens caused by living alone.
- Seniors living alone are also more likely to report mobility, self-care, and health management issues than seniors living in supportive communities. They are also more likely to suffer from mental health problems, like feeling isolated. These potential problems can lead to issues and injuries that will cause a senior’s healthcare costs to spike.
- Finally, even if a senior’s housing costs are affordable when they start living alone, there’s no guarantee things will stay that way. Most single-person senior households live in rental units, meaning rent increases and other housing costs can fluctuate dramatically from year to year.
In other words, the case for living alone as a senior isn’t as clear-cut as you might think. Luckily, a good assisted living community can provide the solution to many of the problems a senior can encounter by living alone.
How Can Assisted Living Help Me Enjoy My Retirement?
Obviously, there’s a reason that so many seniors love residing in an assisted living community. When you consider all the benefits provided by assisted living, it’s a no-brainer:
- Assisted living communities provide amenities that would significantly cost you if you continued to live at home, such as daily assistance with tasks and medication management. Assisted living also provides social connections and support that can help you thrive in other important ways.
- Senior housing is designed with senior budgets in mind, including those on a fixed income. An assisted living community can be a part of a smart financial plan for your golden years.
- Believe it or not, there are lots of resources that can help seniors pay for assisted living. You might be surprised how much money is waiting out there for you!
_____
When planning for your future, it’s essential to consider the cost of living alone and the benefits of an assisted living community. If you have questions about how assisted living could work for you, give us a call.
Are you looking for a community that provides a positive, healthy atmosphere where you can live out your golden years? The Shores of Lake Phalen is an assisted living and memory care community in a quiet, peaceful environment in Maplewood, Minnesota. Surrounded by a gorgeous wooded setting between two lakes, our residence offers the accessibility of apartment-style housing with the atmosphere and elegance of a resort. We offer numerous health and safety amenities, fun events and activities, a friendly and accommodating staff, and much more. Schedule a tour of the community to explore our spacious apartments, elegant dining room, and more. We look forward to hearing from you!