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My grandmother spent a year in a retirement community apartment complex - her total rent was ~$1200 and that included her 1-bedroom apartment, a 7-day-a-week, two-meals-a-day meal plan in the dining room, a medical assist bracelet, cable TV, washer/dryer in her unit, all utilities, and all community field trips. She paid an additional $25/month for basic landline phone service with long distance.
The complex had the aforementioned dining room, a library, a pool, a beauty salon, a games room, conference rooms, as well as 24-hour receptionist in the front lobby of each building. Each floor of the apartment complex had a small gym, and they also had an office where a doctor and physical therapist kept hours a few days a week. Lastly they also held non-denominational church services in the main sitting area each Sunday morning.
My grandmother spent a year in a retirement community apartment complex - her total rent was ~$1200 and that included her 1-bedroom apartment, a 7-day-a-week, two-meals-a-day meal plan in the dining room, a medical assist bracelet, cable TV, washer/dryer in her unit, all utilities, and all community field trips. She paid an additional $25/month for basic landline phone service with long distance.
The complex had the aforementioned dining room, a library, a pool, a beauty salon, a games room, conference rooms, as well as 24-hour receptionist in the front lobby of each building. Each floor of the apartment complex had a small gym, and they also had an office where a doctor and physical therapist kept hours a few days a week. Lastly they also held non-denominational church services in the main sitting area each Sunday morning.
For $1200, I'd live there!!!
Agreed that's a fabulous price. In fact, it's so good I have to think it was subsidized in some way. There's no way the community could provide all that for $1200 per month and break even, much less make a profit.
My grandmother spent a year in a retirement community apartment complex - her total rent was ~$1200 and that included her 1-bedroom apartment, a 7-day-a-week, two-meals-a-day meal plan in the dining room, a medical assist bracelet, cable TV, washer/dryer in her unit, all utilities, and all community field trips. She paid an additional $25/month for basic landline phone service with long distance. ...
For $1200, I'd live there!!!
My 90 year old mother lives in a similar senior apartment (sponsored by the Good Samaritan organization) but it cost her about $40K to initially get into the place and that was 17 years ago. It also offers a van service for weekly grocery store trips and a $5 fee to go both to and from medical appointments. Her next biggest expense has been prescription drugs. Even though she is relatively healthy for her age, she has been prescribed a long list of medications that continues to grow over the years. Fortunately she was a WAF in WWII and can go to the VA clinic but the clinic does not offer everything. But yes, if I had to survive in retirement on a limited budget, I would definitely want to live in that type of senior apartment.
I'm not sure how the Good Samaritans provide all this for the cost. But the buy in fee is part of it. Also she lives in a small inexpensive city in the southwest.
We're starting to look at retirement and don't have anywhere near a million in savings. Not that putting a million in savings would be a good thing to do, either, savings doesn't pay worthwhile interest. Stock market is too chancy, so where do you stash your savings?
We bought a rental house which will bring in more than it's mortgage payments. Between the two rentals (we already had one), the mortgage on the house we live in will be covered. In nine more years, the mortgage on the house we live in will be paid and we will have two paid for houses and one still with a - by then - relatively small mortgage.
By that time, my DH will be 68 and there will be no more reason for either of us to work when the rental income doesn't have to go towards a mortgage anymore. We will have to keep the rentals rented so that will be the new job. Or we may sell the one that's paid off - possibly a rent to own situation with a big down payment and we could carry the paper - and then we'd not have to do the maintenance on the property anymore and we'd still have a monthly income from it.
The property tax on our own house is extremely low in Hawaii once you get over sixty and the taxes are factored into the rental prices on the rentals. As well as tax on the rental income itself. So, the state more than makes up for what we don't give them in taxes on our own house in what they collect on the rentals.
We will also have our medical covered by DH's pension, that will be huge.
Due to the car accident, I was declared disabled at 61 &1/2. My SSDI is $1286. I live in a subsidized apartment, $335 includes cable & all utilities. Laundry is on the floor & is free. My shopping, groceries & cleaning, etc. has been approximately $250-300month. Medicare is part A -109 & part B $106. Telephone & internet is $74/month. Car insurance is 912 year.
I do have back-up due to insurance from car accident, but that is in investments.
I do not live high. Make most of my own food, car is paid off. Do not have a credit card, I abused them when I was working so do not have any now.
I enjoy crocheting, needlework, trying to draw & none of these are expensive.
SHE didn't make it work for her...all of her subsidies paid for by other people are what 'made it work' for her.
On the face of it I do believe society does need some sort of safety net. I wouldn't let an old person starve in the street.
We don't know why her Soc Sec was only 450.....whatever the reason......there's no denying, she only survived because other people subsidized her expenses.
I make it fine on $2000 a month from SS and a small pension. I had to move from one very city with a very high COL to one with a more reasonable COL in order to do it but it worked for me.
SHE didn't make it work for her...all of her subsidies paid for by other people are what 'made it work' for her.
On the face of it I do believe society does need some sort of safety net. I wouldn't let an old person starve in the street.
We don't know why her Soc Sec was only 450.....whatever the reason......there's no denying, she only survived because other people subsidized her expenses.
My mom's SS was 'about' $650 mo. and she did 'okay'. Her home was paid for, as was her car so she had to pay the various utilities and insurances but that was about it. She did get food stamps but only about $75 mo. and along with that she also got ACCHS health ins. which paid all her co pays for doctors etc.. She paid a little over $2 each for prescriptions with part D Medicare. Six years ago I moved into her little 'guest house' and paid her minimal rent which included all the utilities. My rent paid all the utilities plus. I paid my own TV/internet/phone and other 'stuff'. So Mom managed pretty good on about $1,000 mo. total. The only "subsidies" she got were the food stamps, ACCHS and from me. I also shared food and stuff with her and I paid for most of her hair appointments.
Most people who get small SS checks are the ones who worked low paying jobs most of their lives. I know that's the reason mine isn't very large. My parents were self employed for many years as well and I have no idea how much they paid into SS during that time. Since both of them got small checks I'm assuming they didn't pay in a whole lot. When Dad died Mom got part of his added to hers and it still wasn't very much.
Among our neighbors I know a few single adults who were getting between $600 and $750 a month for SSDI. Each of these people own their home, and are doing okay.
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