Are you financially prepared for retirement and the expenses that come with senior living? With Tax Day 2025 behind us, now is a great time to evaluate your financial plan.

Cost of Retirement

Retirement is expensive—but do you know how much it actually costs? According to many sources, the average U.S. adult over the age of 55 spends $50,000 per year.

If you’re not yet at retirement age and want to estimate your future expenses, you can use a simple calculation. Experts suggest you spend about 80% of your pre-retirement income. For example, if you currently spend $60,000 per year, you should plan to spend about $48,000 annually in retirement. As a result, preparing financially now helps you stay ready for what’s ahead.

That number may feel overwhelming—especially when you consider that you may no longer rely on a steady paycheck. For this reason, early planning matters. People are often encouraged to begin saving as soon as possible, although strategies vary on how much to contribute each year or pay period.

Consider Your Retirement Account

When deciding how much to save, start by identifying your target retirement age and the total amount you’ll need. Many experts recommend saving between 10 and 12 times your annual income .

Importantly, base this number on your full pre-retirement income—not the reduced 80% estimate. For instance, if you earn $60,000 annually, you should aim for $600,000 to $720,000 in savings. However, as of 2025, Americans over age 65 held an average of about $273,000 in their retirement accounts—well below that recommended range.

Cost of Senior Living

You may expect senior living to be one of your largest retirement expenses. However, that isn’t always the case.

Senior living is an umbrella term that includes a wide range of options. Just like choosing any place to live, each option comes with different benefits, services, and costs. In fact, some options may be more affordable than you expect.

Senior living ranges from independent living or senior apartments to 24/7 skilled nursing care. Because of this, monthly costs vary widely—from around $1,500 to more than $13,000.

Pricing at The Ohio Masonic Communities

At The Ohio Masonic Communities, most monthly rates range from $1,850 to $7,700. These include independent living, assisted living, and memory care options.

For skilled nursing, which provides 24/7 care, we use a daily rate model. Many residents use skilled nursing for short-term rehabilitation, and insurance often helps cover the cost. As a result, daily pricing often makes more sense than a monthly fee. Our daily rates range from $294 to $450.

One of the most important factors to consider is what’s included. When you compare communities, look beyond the monthly price and evaluate included services like utilities. Additionally, compare those costs to your current monthly expenses—such as utilities, internet, cable, and food.

Many communities, including The Ohio Masonic Communities, bundle some or all of these expenses together. Meanwhile, they may also include access to amenities like fitness centers, golf courses, maintenance, housekeeping, events, and more.

Role of Financial Planners

Financially planning for retirement and senior living can feel complex. Estimating how much you’ll need often involves detailed calculations and varying strategies.

That’s where financial planners can help. They work with you to define your retirement goals and build a savings and investment plan to reach them. Afterward, they can help you adjust your plan during retirement to ensure financial stability.

You might assume financial planners only serve high-net-worth individuals. In reality, they help people at many income levels. Some planners require account minimums, and they may charge a flat fee, hourly rate, or percentage of assets managed.

Financial Assistance Resources for Seniors

For many people, retirement savings alone aren’t enough. That’s where Social Security plays a critical role.

To receive full benefits, you must be between ages 66 and 67, depending on your birth year. You can begin as early as age 62, but your monthly benefit will decrease permanently. On the other hand, delaying benefits beyond age 67 can increase your monthly income. For someone retiring at 65, the average benefit is $1,583 per month.

Many older adults rely solely on Social Security, and even with savings, some still struggle to meet expenses. Thankfully, additional programs can help, including:

• Medicare and Medicaid
• Food assistance programs
• Subsidized housing (including income-based senior apartments)
• Meals on Wheels

To learn more, contact your local senior center or council on aging.

The Ohio Masonic Communities Resource Center

At The Ohio Masonic Communities, we connect adults age 55+ with the resources and services they need to thrive. We answer questions, provide support, and help you find local services that fit your needs. Additionally, our Community Outreach Coordinators serve communities across the state and can assist you by phone or in person. To connect with our Resource Center, call (877) 881-1623.

At The Ohio Masonic Communities, we want everyone to have the tools and support they need to navigate their journey. Ultimately, whether you’re exploring senior living or looking for resources, we’re here to help.

Call us at (877) 881-1623 or contact us here. We offer three senior living communities across Ohio:

• Browning Masonic Community (Waterville, Ohio)
• Springfield Masonic Community (Springfield, Ohio)
• Western Reserve Masonic Community (Medina, Ohio)