Worth Comparing
Experience is everything
To find out just how affordable living in a retirement community could be, four different residents at two separate retirement communities in south-central Kansas were asked to describe the financial aspect of the decision to make the move to retirement community living. They were: Bob and Eloise Campbell, who live in Sterling, Kan.; Evelyn McKelvey, who resides in Arkansas City, Kan.; and Robert St. George, who also resides in Arkansas City.
The residents agreed that the cost of living at their homes was expensive, and becoming more expensive. “Insurance, utilities; they were all getting higher, and yard work and general maintenance were costing a lot,” said Bob Campbell. McKelvey said, “After I moved, it seemed everything went up.” She also mentioned that her house needed a new roof.
St. George couldn’t agree more. “Taxes and insurance were high, yes, but that wasn’t all.” His house in Arkansas City was level with the flood plain of the Arkansas River, so every time the river flooded, his basement would flood as well. “I had to install a sump pump to drain the water, and the water was causing the foundation to deteriorate,” he said. Plus, he converted his old gas heating system to electric heating, which incurred more cost. “I could never save any money,” he said. “Something would always come up.”
Considering those financial issues, each resident knew something needed to change.
Now that they have chosen retirement community living, the residents like the fact that regular maintenance is included in their fee, which means no worrying about fixing unexpected, and potentially costly, problems. “Whenever I have a problem here, like with the plumbing, all I have to do is report it and it gets taken care of,” said McKelvey.
Asked to compare living in their former homes to their current homes, the seniors shared the same sentiments. “We’re in a better place now,” said Bob Campbell. “We’re able to save more without the extra costs of insurance and general upkeep.”
The residents discovered that their initial cost concerns were not that concerning after all. They agreed that they save more money at the retirement communities than they did in their previous situations. St. George said, “I’m really not spending more or less upfront, but I don’t have all the extra costs, so I am saving more money in the long run.”
Campbell stated that the equity he and his wife gained when they sold their home has been helpful as well. “We put some of it in investments. And with the extra savings, we are able to give more to charitable causes to help people less fortunate than ourselves,” he said.
Moreover, instead of continuous chores and maintenance consuming much of their spare time, all the residents now have more time to do the things they really want to do – living the way they want to live. Sewing clubs, social outings, exercise sessions, spiritual services, birthday parties, craft workshops and games are just a few of the various activities available to residents in retirement communities. Plus, more time to call their own means residents have more time to spend with their grandchildren, great-grandchildren, family and friends.
Essentially, the residents are able to live comfortably and affordably while preserving their assets. Those assets could then be available for later, more costly healthcare – if needed – or they could use those assets to leave a financial legacy for their children and grandchildren, a dream that most seniors share. “At Presbyterian Manors, your deposit remains available to you should you need increased care, and a percentage is available to your heirs should you pass away. Many people want to leave something to their loved ones,” said Chaffin.
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