Have you or an older loved one decided to move to an independent living community in Springfield, MO?
If so, the cost of independent living must be one of your top considerations. According to the Federal Long-Term Care Insurance Program (FLTCIP), such communities charge around $3,000 monthly.
Still, the above figure is just a typical estimate; senior housing costs can vary significantly based on many factors, from housing type and size to what the price includes (or excludes). For this reason, Springfield seniors should carefully research independent living expenses and affordable senior communities.
To that end, the team at Springhouse Village, our senior living community in Springfield, MO, put together this cost guide. Read on for insights into financial planning for aging healthily and actively in independent living.
How much you or your older loved one will pay as an independent living community resident primarily depends on:
Let's explore each factor in more detail below.
The more rooms and spacious an apartment is, the more it will cost to lease.
Fortunately, Springfield's cost of living is affordable (including housing). PayScale.com says the city's overall cost of living is 14% lower than the U.S. average, with housing costs being 26% less! Everything else is cheaper, too, from utilities (-19%) to groceries (-6%).
All those figures indicate that retirees can stretch their dollars further in Springfield. For instance, they could get a two-bedroom senior apartment home for the same amount as a smaller unit in a more expensive area like New York City.
Independent living communities have varying levels of furnishing; for example, some only offer basic furniture, such as a bed and dresser. Others have well-appointed homes offering top-of-the-line features like:
All those desirable features and furnishings may result in a higher price, but they can provide more value for your or your aging loved one's money. If you were to choose an unfurnished or sparsely furnished apartment, you'd have to spend more to get all the essentials and make it feel more like home.
Springhouse Village, our active independent living community in Springfield, MO, offers all those high-quality features and more.
When researching independent living communities, please consider the services included in their pricing. At the very least, they should provide housekeeping and apartment home maintenance.
If you or your older loved one would like easy access to more services, we encourage you to explore Springhouse Village. In addition to housekeeping and maintenance, our residents also enjoy:
Moreover, our Springfield independent living community carefully curates a robust calendar of planned activities and events. We do so to encourage our residents to lead physically active lifestyles, which, according to the U.S. CDC, can benefit adults 65 and older in many ways, including reducing anxiety and blood pressure. The health agency also says physical activity can help with brain and heart health and help seniors live independently longer.
Springhouse Village's activities and events also keep our residents socially stimulated and mentally engaged. As the Mayo Clinic points out, interactions with others are "exercises for the brain" and some of the best ways to enhance cognitive flexibility. They can stave off social isolation and loneliness, both of which can raise one's risk for conditions like dementia and heart disease.
Last but not least, please don't forget to check the amenities that you or your loved one will get access to in each of your prospective communities. There are many crucial roles that a reputable independent living community's amenities play, such as:
At Springhouse Village, we're proud to offer numerous amenities that contribute to our community's overall retirement living affordability and value for money. Here, our residents have access to our onsite:
Independent living is undoubtedly a desirable retirement lifestyle, as it can help increase or maintain autonomy and provide many opportunities for socialization. However, considering it can be a significant expense, it's understandable for seniors considering the transition to worry about the costs.
So, here are some tips and strategies to help you manage your finances and expenditures while living in a retirement community.
The first step to savvy financial planning is creating an accurate budget, which involves:
Budgeting helps seniors manage their finances and plan for future needs. It also helps them better understand where their money goes, which can ease financial stress.
Consider exploring passive income sources, too. They can help generate extra money on top of your existing retirement funds. Some examples are:
Another excellent strategy is to look for communities with special pricing offers. At Springhouse Village, for instance, we have a Veterans Program that allows us to help our Vets save on senior living costs.
Through careful and insightful community research and proper financial planning, the cost of independent living doesn't have to be out of reach for Springfield, MO seniors. Instead, they can maximize and enjoy their hard-earned money and golden years.
Are you or an older loved one ready to enjoy a maintenance-free lifestyle in an independent community that fosters socialization, physical fitness, and mental stimulation? If so, Springhouse Village looks forward to having you join us! Our beautiful, pet-friendly community in Springfield, MO, offers numerous amenities and services that provide excellent value for your money.
Contact us today, and we'll happily schedule your visit and tour of our Springfield community!