Physical Address

304 North Cardinal St.
Dorchester Center, MA 02124

This Is How Much You Should Budget to Live in a 55 and Older Community | Retirement

Many people like the idea of living in a retirement community – particularly one aimed at adults 55 and older that offers amenities such as fitness centers, swimming pools and cooking classes. These communities often resemble country clubs more than senior living. Oftentimes, however, this lifestyle comes at a steep cost.

“Most people way, way underestimate the costs of needs and long-term care during retirement,” says Thomas Mitchell, a certified financial planner and the senior vice president at OneAZ Wealth Management in Phoenix.

So how much should you budget to live in a 55-and-older retirement community? Here’s a look at what these communities include and the costs to expect.

Sarah Goldberg
Sarah Goldberg

Sarah is a seasoned financial market expert with a decade of experience. She's known for her analytical skills, attention to detail, and ability to communicate complex financial concepts. She holds a Bachelor's degree in Finance, is a licensed financial advisor, and enjoys reading and traveling in her free time.

Articles: 962