Discover the Financial Benefits of Senior LivingBrandermill Woods independent living angle

Discover the Financial Benefits of Senior Living

Tuesday, July 23, 2019

Seniors have spent their whole lives working, so retirement is meant to be a time to kick back and enjoy the golden years—discovering new hobbies, spending time with family and friends, and living each day to the fullest. All retirement requires some type of financial planning, and you want to make sure you invest wisely to make the most of your nest egg. Is a senior living community a good investment? Can you afford it? Is it worth the price?

At Brandermill Woods, we can enumerate the many benefits of a senior living community, particularly a Continuing Care Retirement Community (CCRC) such as ours, but the best value for your money is ultimately a question for you, your family, and your financial planner. As you weigh your options, here are three benefits that make senior living communities more affordable—and cost effective—than you might think.

1. Consider the Whole Cost of Living

At first blush, the monthly cost of a senior living community may seem like a jump, especially if your house is nearly paid off, but keep in mind the value of what you get in a retirement community is more than merely a place to live. The many costs of home ownership include:

  • Mortgage
  • Property taxes
  • Homeowners insurance
  • Homeowners association dues
  • Landscaping (fertilizer, mulch, gas for the mower, water for the sprinklers)
  • Utilities (gas, electric, water, trash)
  • Cable and Internet
  • Maintenance (from air filters to new roofs and siding)
  • Unexpected costs (water leaks, faulty thermostat sensors, infestations)

Weigh these costs against the maintenance-free and worry-free living in a retirement community, and you will see the monthly comparison is much closer than you think.

2. Look for Hidden Benefits

In addition to the monthly cost of living, a senior living community offers a number of hidden savings that should factor into your decision. For instance, at Brandermill Woods, an entire world is just steps from your front door. Our community has an on-site, state-of-the-art wellness center, multiple restaurants, and our recently expanded clubhouse with an exclusive feel.

With these amenities so close by, you save on gym memberships, fitness classes, and the cost of commuting ($0.35+ per mile). A 10-mile round trip to the gym three days a week will cost you more than $42 per month in automotive costs, plus the cost of the club membership. Tack on additional commuting to restaurants, the movies, a friend’s house, and you’re looking at hundreds of dollars a month to go into the world—rather than living where the world is right outside your door.

3. Don’t Forget the Costs

Another way to think about retirement is in terms of costs. Without question, the biggest benefit of moving into a senior living community is the community—the friendships and activities and social life—all of which boost our health and wellness. Social isolation poses a real danger to seniors, so the cost of not moving into a retirement community is that you have to work harder to maintain social ties and ensure you have easy access to health care.

By contrast, CCRCs such as Brandermill Woods have a wealth of activities designed to promote social engagement, as well as medical professionals on staff and close by. We believe that senior living is about life, and we are here for seniors in Central Virginia who want to live lives to the fullest. Contact us today if we can help answer any questions as you reflect on your retirement options.