Elderly woman hugging her husband who's on the couch at home.

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:

  1. How much will you spend?
  2. How much will you earn on savings?
  3. How long will you live?
  4. 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 at a community that offers a full continuum of health services on site. 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 community 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 there are also care options available to residents in the comfort of their new home.

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!