Financial Factors When Considering a Move to a Retirement Community

January 11, 2011

For anyone considering whether to move to a retirement community or stay in their current home, financial implications are always near the top of their list of concerns. And while there are typically several payment options at most communities, the same factors should be evaluated.

When looking at a specific place, make sure you have a concrete understanding of what is and isn't included in the monthly fee. For example, how many meals must be purchased and how much they cost, which utilities are included, etc. Additionally, it's important to take a detailed look at the items you're currently paying for.

Concordia Vice President for Retirement Services Larry Talmadge has worked in senior care for 15 years, helping thousands of retirees decide what's best for their specific situations. He offered the following checklist of costs you may be incurring to consider.


Rent/Mortgage/Condo Fees:

Property Insurance:

Real Estate Taxes:



Trash Collection:



Basic Cable TV:


Lawn Care:

Snow Removal:

Home Maintenance:

Appliance Repairs/Replacements:

Window Cleaning (outside):

Carpet Cleaning:



Shopping Trips:

Medical Transportation (scheduled):


Emergency Alert System:

Social Activities:

Spiritual Care (Bible Studies, Worship Services, etc):

"Different retirement communities offer slightly different service packages and pricing structures, but these previously mentioned items (that you might currently be paying for) are included at some retirement communities, including Concordia," Talmadge said. "It's important to consider all these factors when deciding what's right for you."

He also emphasized the importance of peace of mind. Moving to a retirement community with other support services onsite is an important factor for many people and one that is difficult to put a price tag on. Concordia Lutheran Ministries, for example, has assisted living, skilled nursing, rehabilitation, homecare, hospice, pharmacy, medical equipment and adult day services available should the need arise.

For more information on the retirement apartments or other services offered at Concordia Lutheran Ministries, visit To schedule a free, personalized tour of a worry-free Concordia retirement apartment, call a Retirement Services Admissions Coordinator at 724.352.5378 (Cabot) or 412.294.1303 (South Hills) or e-mail here.

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