As you retired, one choice you faced was continuing to live in your own home or going to a senior living community. The biggest factor in that decision was likely what you could afford in terms of a senior cost of living.
Living in an independent living community can range in cost from $1,500 to $4,000 a month. Moving into an assisted living facility can run from $3,500 monthly to as much as $10,500.
Of course, those costs cover these expenses: rent, food, medication, transportation, and utilities. They can vary significantly by state and region.
Primary drivers of the decision to consider senior living are the rising cost of living in general, and housing-related setbacks that can force you into moving to a senior community.
Healthcare expenses also play a role. Some analysts project that a retiree couple may spend as much as $285,000 for healthcare in the future. For lower-income retirees, there is Medicaid to help with healthcare.
Of course, many rely on Social Security benefits as well to cover many expenses or where one can afford to live. Continued rising inflation is only making things worse.
Greedy Politicians Are Withholding Money From Seniors
Senior living costs can be offset in part with more Social Security benefits, but the fact of the matter is, seniors have been denied money that’s entitled to them, due to the annual Social Security cost of living adjustment (COLA) not being sufficient in recent years. That’s why at Council of Seniors, we’re committed to getting Congress to pass The SAVE Benefits Act. This law is needed to recover the $581 from the missing COLAs, which is money that all eligible seniors deserve.
Please sign our petition right away. Together, we can convince politicians that this money is rightfully owed.
Are you considering a senior living community? Leave us a comment and let us know.