Making the decision to retire, in the first place, can be quite stressful. You don’t want to have to worry about not being able to afford it as well. Unfortunately, a lot of retirees live on a tight budget. Some might even avoid trying to pursue their options for the best retirement living because they’re concerned it won’t be affordable. Thankfully, there are affordable retirement living options out there. Read on for some helpful tips for managing affordable retirement living in Arizona.
Decide if you want to relocate to another place that better accommodates this change in your lifestyle. There could be areas to live in that have lower costs and also give you more of the surroundings you’re interested in. Both will enable you to have the most peaceful and enjoyable retirement.
Arizona is a popular place for retirees to settle, either as snowbirds or year-round. Many are attracted to the warm weather and the low humidity that comes with it. This may also be because of Arizona’s beautiful surroundings, the incredible state parks and attractions, the culture, or the vast amount of retirement communities.
Some retirees try to relocate to areas with lower taxes. So, financially, many love that Arizona offers tax breaks. The state doesn’t have an estate tax or tax on Social Security. This makes Arizona an ideal state for affordable retirement living.
Do some research or ask friends and family who may know where the most affordable retirement living areas are in Arizona.
Don’t just spend all the retirement funds you’ve saved up throughout your career as soon as possible. Track your spending and see where you can make cuts to spend less. Every dollar really does count. Also, make sure to take advantage of the available savings and discounts for seniors and retirees.
These smart spending habits can include cutting out extras, such as dining out too often. Food is more of an expense than you may assume and can sometimes be the biggest expense after your home and your car. Meal planning, for instance, can stop you from spending too much on food. You’re changing your lifestyle, so maybe you don’t need to get a daily coffee as you used to on your way to work.
Come up with a budget and be sure to stick with it. There are some tools available, such as online budget calculators and budgeting apps, that can help you do so. You may also want to hire a financial advisor. If you can, it is especially wise to hire one before you officially retire to help you prepare.
Also, be sure to set aside some money for unexpected costs in case of unforeseen circumstances. You don’t want to end up in an emergency situation and not be prepared.
Decide what your non-negotiable needs and preferences are for your affordable retirement living options in Arizona. You don’t want to make a sacrifice that will negatively affect your health just because of affordability. Going with the cheapest options, even if they aren’t great, isn’t being properly frugal or spending smartly. Listing your needs and preferences will narrow down your search, making the decision at least a little easier.
Taking care of your health can pay off later by potentially reducing medical costs. Keep up-to-date on your vaccinations. Keep up regular doctor’s visits as well. And get periodical screenings, just in case.
Also, try to make the time for at least light exercise. Regular exercise is a great way to stay healthy, and remember, staying healthy can reduce medical bills. Many retirees love taking leisurely walks. After all, this is an exercise that doesn’t require you to pay for a gym membership. You can also try aerobics or yoga classes.
Choosing affordable retirement living in Arizona also has health benefits. The sun and warm weather help your general wellness. And Arizona is also known as a great place for those with allergies and asthma to live, improving their health. Plus, Arizona has very highly rated healthcare, including assisted living centers.
Look very carefully at your options for insurance. Again, try to find an affordable option that isn’t poor quality and that won’t cause you to forgo things you need. Just keep in mind how important having insurance can be. You don’t want to have a serious medical issue with no way of paying your medical bills.
Consider a different housing option to cut those costs as well. If you can pay off your mortgage before you retire, that will be a great advantage. Some decide on a reverse mortgage, but be forewarned that can have serious downsides. Your longtime home may end up being too expensive and too much work to keep up with. Some downsize by selling unnecessary items from their homes. Others even downsize by selling their homes and moving into smaller homes, apartments, or even RVs.
For different affordable housing, this can include one of the many affordable retirement living communities in Arizona. A community also gives you a sense of companionship and offers new friendship opportunities. This is great since many retirees start to feel lonely or withdrawn. You can also learn more skills and be reassured that you’ll stay healthy and safe. If you’re interested, consider looking into one of BridgeWater’s affordable assisted living communities located in Arizona. Multiple locations mean you can choose one that is closer to friends or family.
If you decide an assisted living community is best for you, turn to us at BridgeWater Assisted Living. As a resident, you’ll have independence, a full social schedule, and chef-prepared meals, and be well taken care of. You can find out more information about our affordable retirement living on our website. You can also find more about each of our locations, our financial aid options, and how to get in touch with us.