Let’s face it: aging is expensive. Retirement marks a key financial turning point for older adults as they grapple with making budget-conscious decisions for themselves and their loved ones without sacrificing the lifestyle they want. With the pressure on and the clock ticking, weighing the options can lead to a host of nerve-wracking questions.
”Is senior living affordable?”
“How do I budget for my retirement?”
“Do I need to live at home to save money?”
But worry-free retirement living doesn’t have to break the bank. Senior living options like independent living can be a cost-effective choice for those who want to make the most of their retirement years without sacrificing their financial peace of mind.
Understanding the Cost Structure of Independent Living
Independent living communities typically adopt an all-inclusive cost structure consisting of a comprehensive monthly fee that includes the cost of rent, amenities, and services all in one.
While this amount is likely to vary based on the size and location of your apartment home, it guarantees you access to the many services and amenities that create independent living’s signature carefree lifestyle.
The cost of independent senior living typically includes:
- A private residence
- Utilities
- 2-3 meals per day
- Housekeeping
- Maintenance and repairs
- Transportation
- Wellness programs and entertainment
- Concierge services
- Security
This all-inclusive pay structure differs from senior living options that include medical care. Assisted living, for example, often adopts a tiered pricing structure with a different cost based on a resident’s care needs, resulting in unexpected fee increases as health requirements change.
Many find the cost structure of independent living to be easier to budget for due to its consistency.
Common Additional Costs to be Aware Of
While all-inclusive independent living communities include the cost of day-to-day living and services in their monthly fee, other services may also be available for an additional charge.
Independent living residents typically have the option to enjoy extra services that add comfort and convenience to their lives.
Examples of additional services include:
- Additional meals or upgraded meal plans
- Private transportation
- Pet care services
- Physical therapy or in-home medical services
- Dry cleaning
How Independent Living Compares to Staying at Home
If you’re accustomed to a monthly mortgage or rent payment, it can be all too easy to balk at the cost of independent senior living. However, many fail to recognize the full price of their current living situation beyond the cost of their mortgage. Additional expenses like transportation, home maintenance, and utilities are often unaccounted for when seniors are taking stock of their finances.
It is important to consider this when weighing the cost of independent living vs staying at home. The chart below shows the average monthly cost for American homeowners:
| Expense Category | Homeownership |
|---|---|
|
Mortgage or rent |
~ $2,100 – $2,500 / mo |
|
Home maintenance |
~ $300 – $800 / mo
|
|
Utilities |
~ $300 – $450 / mo
|
|
Meals & dining
|
~ $700 – $900 / mo
|
|
Transportation |
~ $900 – $1,200 / mo
|
|
In-home care |
~ $1,200 – $2,000 / mo
|
|
Monthly total |
~ $5,400 – $7,000
|
Addressing Misconceptions: Cost of Independent Living
Common myths paint a bleak picture of the affordability of independent living. Many fall prey to believing that independent living is a luxury reserved only for the wealthy or that it always costs more than living at home. However, this is not the case. Not only can independent living be just as affordable as staying at home, in certain circumstances, it can be even more budget-friendly.
For example, choosing to spend retirement at home can leave seniors vulnerable to the often-unexpected expenses of aging in an unsuitable environment. Accessible design features to accommodate decreased mobility, activities to support a healthy social life, and resources to promote physical fitness are essential for aging adults’ well-being but come with a hefty price tag when living at home.
All-inclusive independent living includes these and other necessities in the monthly price, saving seniors money overall while allowing them to lead happy, healthy lives.
Tips for Financial Planning and Budgeting
When budgeting for retirement living, start by taking stock of your current financial situation. If you are considering an all-inclusive living arrangement, it is useful to use your current finances as a baseline.
Since your full cost of living could be grouped into a single monthly fee, be sure to include all expenses, such as food, utilities, and transportation, in your potential budget.
Factors in your retirement financial plan may include:
- Retirement income: Many seniors rely on a combination of savings accounts, investments, pensions, and Social Security funds to afford their daily expenses after retirement.
- Long-term care insurance: Although long-term care insurance does not typically cover independent living, it can reduce other expenses that may impact seniors’ retirement options.
- Selling your home: Some who choose to make the switch to senior living have a house to sell. It is important to consider current market conditions to get the best value for your home.
Options to Help Budget for Independent Living
- Use Revel’s Cost Calculator for your senior living price comparison
- Meet with a financial advisor
- Explore move-in incentives and discounts
- Discuss timing and planning with family members
How Does Independent Living Add Up?
Use our cost calculator to estimate your day-to-day living expenses including often-overlooked items like transportation, entertainment, and in-home care and see how independent living compares to your unique lifestyle.
Why Revel Offers Transparent Value
“If you’re considering independent living, Revel Communities offers a unique approach that maximizes the benefits of this lifestyle. With resort-style amenities, restaurant-style dining, social events, and wellness programs, Revel allows seniors to live in comfort while enjoying the lifestyle of their choice.
Residents are free to form new friendships, pursue new interests, and create new memories in a vibrant, luxurious environment. “
Explore Our Communities
Every Revel community is thoughtfully designed to be a welcoming place of exceptional quality—a home that supports well-being, fosters genuine connections, and embraces independence. With locations offering everything from big-city excitement to riverside tranquility, we invite you to enjoy the subtle touches of resort-style living at Revel.
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Data Sources & References:
- Bureau of Labor Statistics (BLS) – Consumer Expenditure Survey, 2022–2023 regional data.
- Axios – Regional housing and living cost analyses (2023).
- Move.org – 2023 U.S. Average Utility Cost Report.
- Risk & Insurance Education Alliance – 2024 Home Health Aide and Homemaker Services Cost Data.
*Estimates and comparisons are provided for informational purposes and may vary by household, lifestyle, and market conditions.
