At first glance, before considering the list of included services and amenities, prices and costs associated with retirement living can seem arbitrarily high. Once an individual or couple takes a close look at what encompasses the costs, retirement living becomes a much more attractive option. Residents use a combination of assets (savings, sale of home, etc.) and monthly income as the most effective strategy for paying for this vibrant and secure lifestyle.
The Cost of Home Upkeep
Nearly 90% of adults age 60 and older plan to continue living in their current homes for the next five to 10 years, according to the American Association of Retired Persons (AARP). While this desire is understandable, as we age, many of us struggle with the need to make adjustments to our houses to ensure long-term safety.
Widened walkways, walk-in tubs and showers, ramps or handrails, home monitoring systems and anti-trip flooring are only a few modifications that address safety in older adults’ houses.
Many of these safety precautions are a one-time fix and, if desired, home owners can complete themselves, but more than 70% of individuals older than 60 still plan to not make significant renovations to their homes, according to AARP.
The labor intensiveness and the hefty chunk of cash the changes add up to partially contribute to this hesitation. Renovations alone can cost more than $10,000 without the help of federal or state-funded financial assistance.
Total Maintenance-free Living
In comparison, Masonic Village offers a comprehensive list of benefits and services that cater to the residents’ well-being.
Residents living in a villa home at Masonic Village pay an entrance fee followed by monthly service fees. An entrance fee is a lump sum of money paid upfront to reside in a villa home and provide access to services and other value-added benefits while maintaining the financial stability of our not-for-profit community. If living in an apartment, they pay a monthly rental fee. There is no entrance fee. Monthly service and rental fees cover water, sewer, lawn care, interior and exterior maintenance, home repairs and various activities, among other benefits.
Retirement living costs at Masonic Village replace the burden of budgeting with convenience and affordability and provide a plan for residents’ long-term future and well-being.
Prospective residents can discover this for themselves by completing a cost of living worksheet. It compares costs of remaining in their current house with moving to Masonic Village. Sales and marketing staff can help individuals make the best decisions for their lifestyle and budget.