Few people, if any, want to work forever. Most dream of being able to retire, spending their days doing what they want to do rather than what they have to do. To make that dream a reality requires planning. You must ask yourself where you want to spend your retirement and how you want to be taken care of as you advance into the later years of your life. Because planning for retirement is about building a safety net for your future that allows you to live comfortably.
You may have questions about retirement, like, “How much do I need to save for retirement?” and “Who will take care of me if I can no longer care for myself?” The good news is we have answers that can help you get a better handle on your retirement plan.
How much do you need to retire?
To get to those answers, first there are four questions you need to ask. The American Association of Retired Persons (AARP) lists these four questions as important to consider when planning for your 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
Not everyone is eager to leave home when retirement comes calling. Your home can be a place where you’ve made countless treasured memories, especially if you’ve spent decades living there. Aging in place is certainly an appealing option financially if you’ve already paid off the mortgage. You may not have to make mortgage payments every month, but there are going to be other costs — both now and in the future — to keep in mind.
In-home care, for example. The U.S. government estimates that 7 out of 10 seniors will require long-term care at some point in their lives, and not everyone can count on being one of the three exceptions. So what does that look like in terms of cost? Well, you may need to secure long-term care (LTC) insurance, with average monthly payments ranging from $200 to $500. And if you require the assistance of in-home health aides, Genworth estimates that the average monthly cost for those services is approximately $4,576.
The cost of a retirement community
Then again, not everyone is content to remain in their home through retirement, instead embracing the opportunity to downsize. Why leave home? It can be a matter of cost, as living in a Continuing Care Retirement Community (CCRC) requires less upkeep and maintenance than a large house. But there is also the social aspect to independent living. You are part of a tight-knit community where you are surrounded by friends and neighbors, with a number of services and amenities you can enjoy together. There is also the question of long-term care. With a CCRC like The Waterford, top-quality senior health services are available to residents.
You’re probably wondering how much a CCRC costs. Well, there are two fees typically associated with living in a CCRC: a one-time entrance and a monthly fee. The one-time entrance fee, which can range from $100,000 to over $1 million depending on the community, is a down payment on your new living space, in addition to ensuring your continued care. The monthly fee covers the community’s services and amenities and generally amounts to a few thousand dollars.
The benefits of retirement living at The Waterford
You may have asked yourself where you want to spend your retirement, but how do you want to spend your retirement? Because The Waterford in Juno Beach, Florida, is more than a location. It’s a community that provides an authentic coastal retirement experience, offering residents a luxurious Palm Beach County lifestyle they won’t find anywhere else. When you sign a Type A Life Care contract with The Waterford, you are signing up for a retirement that includes weekly housekeeping, cultural, social, recreational and leisure activities, a health and wellness program and even membership privileges at the PGA National Resort and Spa.
Then there is the “care” part of Life Care. You’ll have access to a continuum of care, including skilled nursing to rehabilitation, should your health needs require it as you get older. Not only will you be able to live an active and engaged lifestyle, but you’ll be taken care of while you do it.
To become a resident of The Waterford, you’ll be charged a one-time entrance fee and there will be ongoing monthly payments to cover the cost of services and amenities.
Plan your retirement at The Waterford
We’ve talked about what The Waterford has to offer its residents. Now’s the time to come see it for yourself. Contact us today!