SARASOTA, Fla. (WWSB) -For many seniors, it's a tough decision whether to stay in your home or move to some type of retirement facility.
If a senior is still relatively independent or can get the level of help they need at their home, staying in their own home will be a cheaper option.
Senior Friendship Centers also offers a new Home Share program for anyone living in Sarasota over the age of 60 who wants to stay in their home. The program matches a senior homeowner who has an extra room in their home with someone in the workforce looking for affordable housing. The person who moves in can be any age and they pay rent to the senior who owns the home. This program is to connect the senior homeowner with a housemate, not a caregiver.
"The Home Share program is a great option for aging in place. People get to stay in their home longer when they have support and communication with other people and it's a great form of income for older adults also," said Crystal Rothhaar, who is the Communications Director at the Senior Friendship Centers in Sarasota.
For those seniors who have money saved up or need help in their daily life a nursing home, assisted living facility, or an independent senior living facility could be a good option.
An independent senior living facility is great for seniors who want to live in an active community. According to caring.com, the average price in Sarasota for independent senior living facilities is $3,028 a month and the average cost in Bradenton is $3,010 a month.
An assisted living facility is a good option for people who can live independently but also require some assistance. According to Caring.com, the average price for assisted living facilities in Sarasota is $3,274 per month and $3,101 per month in Bradenton.
Nursing homes are for those seniors needing 24-hour supervision and is usually the most expensive option. Senioradvice.com said in both Sarasota and Bradenton the average cost of a nursing home is $284 a day, which is around $103,660 a year.
If someone wants to retire somewhere other than their home, it's important to start setting aside money as soon as possible.
"People are living longer than they used to, we call them the bonus years. Those extra years that they have after retirement that are good, healthy years for them to live. So people have to budget and think about how much money they have over a period of time and figure out what the best living arrangement for them is," said Rothhaar.
To decide which option is best for you, talk to your family, look at your budget, and think of how much care you need.