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The Costs of Moving to Senior Living vs. Staying at Home

Happy senior woman reads a book indoors.

If you’ve reached retirement age and are looking to begin the next chapter of your life, you’re probably wondering if you should consider senior living as an option or remain living in your current home. While both options have their pros and cons, the choice is ultimately up to you and your financial capabilities and specific needs.

At Peabody, we can help you get a better understanding of the expenses associated with moving into a senior living community compared to staying in your own home. You may be surprised to learn that a senior living community is much more affordable than you think, and how much it really costs each month to continue living in your current home.

Expenses of Staying at Home

When you own and maintain your own house, you will find yourself with a long list of monthly expenses. The cost of staying in your current home is much more than your monthly rent or mortgage payment. Think about your monthly utilities, home maintenance and other bills.

Aside from standard monthly household expenses, you also have to think about emergency expenses that may arise, like replacing your roof if it goes bad, for example. You also have to take into consideration the cost of your daily living activities like housekeeping, groceries, transportation and fitness memberships. These costs can add up and potentially make your retirement less about relaxing and more focused on worrying about how you’re going to cover these expenses.

Costs Associated with Independent Living at Peabody

Now that you understand how expensive remaining in your long-term home can be, you may be wondering, how does independent living work financially? When you move into an independent living community, like Peabody, you will notice that many of the expenses you pay for now are gone or included in one monthly charge.

As a resident at Peabody, you’ll experience the following services included in your independent living costs:

  • Restaurant-style dining in six dining rooms
  • Library with internet access
  • Exercise in the Billie Jane Strauss Wellness Center
  • Bell Tower Salon and Spa
  • Diverse activities including baking, gardening, brain fitness, volunteering and more
  • Off-campus excursions to shopping, dining and cultural destinations
  • Historic chapel and spiritual life services
  • Housekeeping and personal laundry service
  • Interior and exterior maintenance
  • Scheduled transportation
  • Landscaping, grounds upkeep and snow removal
  • Pastor appreciation move-in discounts

In addition to all of these amenities, living in our independent living community will provide you with peace of mind that any home maintenance issues, whether small or large, will no longer be a concern for you because we’ll take care of it quickly and effectively.

Independent Living Gives You More Time to Do What You Love

When you maintain your own home each month, it can not only be costly, but can also be time consuming. You may find yourself spending more time than you’d like on home maintenance; time that you could be spending with friends and family or perhaps pursuing a new hobby. Moving into an independent living community like Peabody may help you have more free time to enjoy life on your own terms and spend your time doing what you actually want to do.

If you’re still unsure about whether or not you should make the move to an independent living community, it might help to spend some time analyzing the challenges staying in your current home presents and consider everything a retirement community has to offer you.

Calculate Your Expenses Using Our Cost Comparison Sheet

Take a look at our cost comparison worksheet where you can do a side by side comparison of your current expenses and the expenses covered by Peabody. You can look at expenses such as housekeeping services, utilities, property taxes and transportation to get a better understanding of how much money you’ll be saving when you decide to move into Peabody.

Enjoy Your Retirement to the Fullest at Peabody Retirement Community

At Peabody Retirement Community, we understand that deciding to move into a senior living community can seem overwhelming and can be an emotional process. It’s a big, life-altering decision and it might be difficult to come to an ultimate decision.

Peabody also currently has impressive incentives for both assisted living and independent living that are available and in place now through September 2020. Our friendly staff would love to go more into detail with you, please contact us today at 260-201-2701 to go over all of the different services and amenities that are waiting for you in our community.

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