Planning for Retirement in Delray Beach, Florida
Everyone dreams of what they’ll do in retirement. But then they wake up and wonder how they’re going to make that dream a reality. Life without a steady source of income can feel like walking across a trapeze wire with no safety net below to catch you if you make a misstep. Your retirement savings is that safety net. The question on everyone’s mind is just how much you need to be able to save to live comfortably in retirement.
While the exact amount varies from person to person based on a variety of factors, you can start figuring out what that number is for you by exploring your retirement options and identifying which one works best for you, both financially and in terms of your lifestyle.
How much do you need to retire?
To calculate how much you need to save for retirement, you need to ask yourself a handful of questions first. The numbers you come up with as answers to those questions will help you make your calculations. Courtesy of the American Association of Retired Persons (AARP), here are four factors you need to consider when planning for life in retirement:
- How much will you spend?
- How much will you earn on savings?
- How long will you live?
- How much can you withdraw from savings each year?
The cost of staying home for retirement
They say there is no place like home. If you want to spend your retirement in the house you’ve come to call your home, there is nothing wrong with that. Especially if you’ve already paid off the mortgage. But even without monthly mortgage payments, there are going to be other expenses to consider, depending on your lifestyle. Travel, dining and club memberships are among the aspects of your retirement life that will each carry with them a price tag.
Your health and well-being is another. The U.S. government reports that 7 out of 10 seniors will require long-term care at some point in their life. You could very well count yourself among that number, even sooner rather than later, and you need to make sure you are taken care of. That means considering the cost of in-home health care, which could mean paying an average of $4,576 per month for a home health aide, according to Genworth. If you find you need long-term care (LTC) insurance, monthly payments range from $200 to $500 depending on your age.
The cost of a retirement community
Then again, there’s always the opportunity to downsize to an independent living apartment in a Continuing Care Retirement Community (CCRC). Abbey Delray is home to a number of seniors who realized a large home was not suited to their desired lifestyle — downsizing to a home in a CCRC that requires less upkeep and maintenance and improves their overall quality of life. Not only does the sense of community at Abbey Delray make for a more fulfilling social life, but the CCRC also makes available to residents care options in the comfort of their new home.
As far as cost is concerned, a CCRC will generally require a one-time entrance fee and an additional monthly fee. Ranging from just under $100,000 to over $1 million depending on the community’s amenities and services, the entrance fee is essentially a down payment on your new home, in addition to covering the cost of a full continuum of care. Beyond that, CCRC residents will pay a monthly fee that typically amounts to a few thousand dollars on average.
The benefits of retirement living at Abbey Delray
If you’re going to retire to a CCRC, accept no substitute for a resort-like community. Abbey Delray in Delray Beach, Florida, is exactly that, offering residents a Type A Life Care contract that opens the door for them to spend their retirement years living in luxury. The goal of a Type A Life Care contract is to provide seniors a blueprint for their future. It offers you the opportunity to maintain your independence and be part of a community where you are surrounded by friends and neighbors with whom you can enjoy all of the available services and amenities.
That includes complimentary membership to The Seagate Country Club and The Seagate Beach Club for oceanfront access to the beach, golf, tennis and more.
Best of all, Abbey Delray provides a full continuum of care. Your Type A Life Care contract ensures that you’ll have access to additional health services when you need them. The cost of that care is covered by a one-time entrance fee and monthly ongoing payments, both of which may partially be tax-deductible, though you should consult with a tax adviser for the specifics.
Plan your retirement at Abbey Delray
You don’t know luxury living until you’ve stepped foot on our campus. Whether you are looking to retire or for a place a loved one can call home, our doors are open to you. Contact us today!