How Not To Pull Your Family Apart

Where You Live Can Cost You!

Where you plan to live now or in the future is important; it can cost you! One basic consideration is that since most of us want to age-in-place, consider the cost of where you currently live or where you expect to live in retirement. The goal is to look at lots of different possible outcomes and create a plan that will work even in challenging economic conditions. If you think San Francisco is the most expensive, guess again! Try Manhattan, NY! That’s based on data from the Council for Community and Economic Research’s Cost of Living Index, collected from Jan. 1 through March 31, 2023. The cost of living is expressed as a composite index score, based on six weighted categories: housing, utilities, groceries, transportation, health care and miscellaneous goods or services. Start by going through current expenses and estimate how spending may, or may not, shift in retirement. Some costs, like a home-office expenses or saving for retirement, are expected to drop. But some other expenses may go up, like visiting family and friends or travel and entertainment, and the important one- healthcare costs! Planning may include considering your projected life expectancy. Don’t forget to consider the intangibles that attach to health care and especially extended care costs. Is your current living environment suitable for aging-in-place? Who will you depend on if you need assistance? Are the community or government services and supports easily accessible? Make sure where you plan to live won’t cost you!