Moving to senior living takes planning so nothing is left to chance, including associated expenses. Like any move, moving to senior living will require several steps from downsizing to cleaning and packing to moving, each of which can be costly. The trick is to know what to expect and how to make the most of every dollar spent when moving to senior living.
Right-sizing costs
One of the best aspects of moving to senior living is the opportunity to “rightsize” possessions. Over decades, a family home can become a huge storage unit, full to the brim with old, unused and unwanted items left behind by children or kept on the off chance they may be needed someday.
The first step is to enlist help from friends and family to sort through everything and decide what to keep, what to give away, and what to pitch. In many cases, this can be a virtually cost-free endeavor, but for others, there may be the cost of a large dumpster or payments to haulers for large items.
For those who do not have free help available, there are now companies that specialize in helping seniors downsize before moving to senior living. Many also offer services like packing and moving so seniors can have the entire move managed by one company. To locate a senior move manager nearby, try the Find a Senior Move Manager® tool offered by the National Association of Senior Move Managers.
Packing costs
Similar to downsizing, packing can be relatively inexpensive if help is available. However, there are some costs to anticipate. Packing requires supplies like boxes of different sizes, packaging materials like foam peanuts, paper, and bubble wrap, and plenty of packing tape, the cumulative cost of which can quickly add up.
To curtail these costs of moving to senior living, start by asking local retailers like grocers, furniture stores, bookstores, and liquor stores for sturdy, clean boxes, peanuts, and bubble wrap. Another excellent way to find free packing materials is on the internet. For example, many people would prefer their materials are reused rather than immediately recycled so check for freebies on Facebook Marketplace, Craigslist, Freecycle, local neighborhood sites, or look at the options in the thisoldhouse.com article, “How To Find Free Packing Supplies (2024 Guide).”
Storage costs
Another possible cost associated with moving to senior living is storage. Seniors often have pieces of furniture, heirloom sets of china and crystal, art, and other possessions they don’t have room for in senior living but want to hold onto. Some may have vehicles, boats, or recreational vehicles that also must be stored away from the senior living community. The obvious choice is to rent a storage unit or space, which, depending on size, type, and location can be costly.
According to the homeguide.com article, “How much does a storage unit cost?” monthly rent can range from $65 to $100 for a five-by-five-foot unit to $200 to $250 for a 10-by-20-foot unit. Vehicle and RV storage ranges from $70 to $300 per month and then there are the added costs of insurance and climate-controlled units. Another factor to consider is that renting a storage unit during peak seasons (fall and spring) can also cost more so it pays to rent when demand is lower in the winter or summer.
Related: 5 Tips for Paying for a Move to a Senior Living Community
Cost of movers
Of all the expenses of moving to senior living, the actual move can be the greatest. Since even healthy active seniors should forgo the heavy lifting, getting help from family and friends is one way to lower the costs and renting a moving truck can be a relatively inexpensive way to move across town or even across a state, especially if there is an experienced truck driver available. For more help with choosing the right truck, the forbes.com article, “How Much Does A Moving Truck Cost To Rent?” looks at all the angles.
For long-distance moves or when no help is available, consider a professional moving company, with emphasis on “professional.” You should also check with the senior living community you are moving to for any partnerships with moving companies that offer discounts. For example, The Lodge at Stephens Lake has vetted a moving company who provides a 10% discount for those moving to our community. It’s important to keep in mind that there are plenty of unscrupulous “movers” available.
Entrance fees
One last expense is that of move-in or entrance fees levied by the community. These may be small, one-time charges for prepping an apartment or to cover administrative costs, or in the case of a Continuing Care Retirement Community (or Life Plan Community) can be substantial ranging from $100,000 to as much as $2 million. Find out more in the investopedia.com article, “The Cost of Living in a Retirement Community.”
For help with moving to senior living, download our “Choosing the Right Community” guide and contact us to schedule a tour.