Senior Living Costs on the Rise, Outpacing Inflation
According to a newly released nationwide survey, costs for rent at senior living facilities across the U.S. are on the rise, with the West and South seeing the biggest increases. That’s the news from an article we recently discovered on the website www.NextAvenue.org.
You can click here to read the article. We think this is important information for seniors to have as they make their plans for a financially sound retirement, since the cost of senior housing can often be an unpleasant surprise.
The new data from the firm A Place for Mom shows that, from 2014 to 2015, median costs for rent and care at communities for older adults rose at a rate that’s 1.5 times the rate of inflation, an average hike of just under $100 per month. At the same time the study showed a wide variation in charges, with average monthly costs differing by more than $1,000 between, for example, Chicago and Tallahassee, Florida.
As a helpful feature, the article includes a link to an interactive tool that families can use to compare costs in various geographic areas. Consumers can also track how costs are trending in various areas of the country.
Here in Seattle, we rank about in the middle of the Top 15 cities based on 55-plus population. The median monthly cost for assisted living in Seattle, according to the survey, is nearly $4,400. This is almost $1,000 less than highest-priced Washington, D.C., but at least $1,000 more expensive than lowest-priced Tampa, Florida. On average our region is costlier for seniors than Chicago, Los Angeles, or Phoenix, but less expensive than Boston, Philadelphia or Minneapolis, for example.
“What we’re trying to do is put this information in consumers’ hands so that they can better plan for the future,” said Charlie Severn, vice president of brand marketing for A Place for Mom. “This is such a highly emotional subject for families, and when they have the ability to do the research up front and plan, ultimately it’s a better outcome for families.”
We think this information is important as you look ahead to your retirement future, especially because many seniors underestimate the cost of senior housing. Here at AgingOptions we counsel our clients to plan carefully for all aspects of retirement, including housing choices, financial plans, legal affairs, family relationships and health care needs. By taking all these into account, your retirement plan can help you protect your assets and avoid becoming a burden to your loved ones.
But where do you begin? The best suggestion we can make is to invite you to attend one of our free LifePlanning Seminars. These information-packed sessions take place at convenient times, in locations throughout the area. A LifePlanning Seminar will provide a valuable overview of all the key aspects of a solid retirement plan. However, space at these popular LifePlanning Seminars is limited, so we urge you to register today for the date and time of your choice.
Click on the Upcoming Events tab on this website for all the details. Then come with your questions about retirement. We assure you that you’ll come away armed with a fresh new approach to retirement planning, and a newfound confidence as you consider your future years. It will be a pleasure meeting you!
(originally reported at www.nextavenue.org)