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Yahoo
a day ago
- Business
- Yahoo
The Cost for Boomers To Retire at 55+ Communities
Living in a 55 and older (retirement) community can offer a vibrant lifestyle with built-in amenities, minimal upkeep and a strong sense of community, but what's the actual cost over time? Trending Now: For You: The average retirement community member has to factor in expenses such as HOA fees, property taxes and buy-in costs. Over 10, 20 or 30 years, the total costs can accumulate differently depending on the chosen housing option. From one-time entry fees to recurring maintenance costs, here's the cost for boomers to retire and live in a retirement community — and whether it's worth it. Upfront Costs To Expect Before enjoying the perks of retirement community living, retirees should prepare for significant upfront costs. These typically include home purchase or rental fees, closing costs and in some cases, steep entry fees based on the community type. 'Many communities require a one-time entrance fee that ranges from $5,000 to $300,000, depending on whether it's a rental or buy-in Continuing Care Retirement Community,' said Jonathan Garini, investor and CEO of Fifth Element, who is currently planning his own retirement. Check Out: Buy-in Continuing Care Retirement Communities (CCRCs) tend to have higher entry fees but may offer long-term care options in exchange. Meanwhile, more affordable rental-based retirement communities might still charge administrative fees or deposits upfront. Either way, it's essential for retirees to factor in these initial costs when budgeting for a long-term move. Monthly Costs To Expect Most retirees spend $3,000 to $6,500 per month in a retirement community. This includes base fees, services such as meals and housekeeping and housing costs, including rent, mortgage payments, HOA fees and maintenance. 'Here is what your typical monthly cost could look like if you lived in a mid-ranged retirement community. Your base monthly fees would be about $500 to $1,000 for recreational events and activities,' said Oren Sofrin, real estate expert at Eagle Cash Buyers LLC. 'Additional costs like utilities, food, transportation, optional services like housekeeping, meal plans and lawn care should be about $1,500 to $3,000, while homeownership costs, mortgage payments, HOA fees and maintenance, should be about $1,000 to $2,500 per month,' he explained. Location Greatly Affects Cost Beyond entry fees, geography is one of the biggest factors influencing the cost of retirement community living. Prices vary significantly between rural areas and coastal cities and depend heavily on the availability of services and amenities. 'When I review budgets for the seniors and retirees I advise, the 'all in' monthly spend, housing plus mandatory services, usually falls between the mid-$2,000s and a bit over $5,000,' said Yehuda Tropper, CEO of Beca Life Settlements. Tropper explained the national average is about $3,000 per month, though it can exceed $6,000 in high-cost coastal markets with full continuing care contracts. These fees may include utilities, internet, meals and transportation, which can help reduce sticker shock. Popular retirement spots, such as Florida and Southern California, tend to be pricier, especially when it comes to resort-style or care-focused offerings. More affordable options are often found in the Midwest or the inland Southwest. 'Geography, contract type and amenity level, golf course versus walking trail, explain most of the spread,' Tropper said. Long-Term Costs Over 10, 20 and 30 Years Understanding how monthly expenses compound over time is essential for retirees planning to stay in a retirement community long term. Even modest annual increases can add up significantly, especially when compounded by inflation, service packages and rising HOA fees. John Enwere, certified nursing assistant and founder of Caringene, a home care start-up for older adults in Washington state, said that assuming a $4,000 monthly cost with 3% inflation, the total out-of-pocket would be around $550,000 over 10 years, $1.3 million over 20 and $2.2 million over 30. Is It Worth It? Ultimately, whether living in a retirement community is worth it depends on personal priorities and how much value is placed on ease, access to care and social connection. 'It's worth it when form, function and community matter, especially for the singles, friends, child-free and local family-free and the mildly mobility- or memory-impaired,' said Jacob Naig, real estate expert in Des Moines, Iowa. More From GOBankingRates New Law Could Make Electricity Bills Skyrocket in These 4 States I'm a Self-Made Millionaire: 6 Ways I Use ChatGPT To Make a Lot of Money 5 Strategies High-Net-Worth Families Use To Build Generational Wealth 10 Genius Things Warren Buffett Says To Do With Your Money This article originally appeared on The Cost for Boomers To Retire at 55+ Communities
Yahoo
19-03-2025
- Entertainment
- Yahoo
Bruce Willis' Daughter Rumer Shares Rare Health Update on Dad as He Turns 70
Bruce Willis just celebrated a huge milestone—and his daughter, Rumer Willis, shared a rare health update on her dad just one day before. On Wednesday, March 19, the Fifth Element star celebrated his 70th birthday. Willis' eldest child with his ex, Demi Moore, offered insight into how the actor is doing after his 2023 frontotemporal dementia diagnosis. 🎬 🎬 During a March 18 Q&A session on Rumer's Instagram Stories, one fan asked: " How's your dad doing?" "He's doing great. Thank you for asking," she replied in a video message. "It is actually his 70th birthday tomorrow. So please wish my Papa a big happy birthday." View the to see embedded media. In October, Moore offered a similar health update on Bruce during a discussion at the 2024 Hamptons International Film Festival, "What I always encourage is to just meet them where they're at," she said of the Armageddon actor, per People. "When you're holding on to what was, I think it's a losing game." Moore added, "But when you show up to meet them where they're at, there is great beauty and sweetness." Earlier in March, Bruce's longtime pal, Don Johnson also offered a micro update. "We're best of friends and he's having a little bit of a struggle right now," Johnson told Entertainment Tonight. "And I take this moment to send him love." View the to see embedded media. In addition to Rumer, 36, Bruce shares daughters , 33, and , 31, with Moore as well as Mabel, 12, and Evelyn, 10, with his wife, . Bruce also has one grandchild, Rumer's daughter Louetta, almost 2. In March 2022, Bruce's family announced that he was stepping away from acting after he was diagnosed with aphasia, a language disorder that impacts cognitive abilities. Bruce was diagnosed with frontotemporal dementia in February 2023. Next:
The Independent
08-03-2025
- Entertainment
- The Independent
Milla Jovovich reveals iconic Fifth Element look had unfortunate side effects
Milla Jovovich has revealed that her iconic hairstyle on Fifth Element had some unfortunate side effects. In the 1997 science fiction film, directed by Luc Besson, Jovovich played Leeloo, who was sent to Earth to help protect the planet from being destroyed by a huge fireball. For the role, Jovovich's naturally brown hair was even dyed bright orange, with blonde roots. According to the actor, when Besson styled her hair for that movie, he wanted it to be a color that stood out. 'Luc definitely wanted to do a color for the hair that has never been seen before,' she explained during an interview with GQ, published on Thursday. 'They came up with this fluorescent orange and the blonde roots. It was almost like people working at night on the roads, when they need to be seen, and they would wear that kind of orange so you don't get hit by cars.' However, Jovovich said that keeping up with the orange color, while working on the film, was more 'difficult' than she expected. 'What we didn't realize at the time was that my hair grows very fast,' she added. '[My roots] would grow out literally every week you would start seeing, like, that little bit of dark hair. They kept trying to touch it up, but you have to be very delicate.' She noted that as the hairstylists tried to avoid coloring parts of her hair that had already been dyed, that still happened. This resulted in a lot of damage to her hair. 'It overlapped,' she said about the dye. 'And then my hair started falling out in clumps and so we had to wig me.' However, Jovovich said that the filming of her scenes was timed out well, and the first time she wore the wig was after her character took a shower. 'So it kind of made sense that it was a little like poofier and more clean looking,' she explained. Jovovich has previously opened up about her iconic wardrobe, built by Jean Paul Gaultier, for The Fifth Element. During an interview with Vogue in 2022, she opened up about her white, cut-out bodysuit, which her character after she was first created, through genetic engineering. 'Being in a hospital, they put a robe on you that is open in the back so they can reach in and put injections and tubes,' she said. 'So you have to have as little as possible, but for the sake of modesty, you have to cover up…. When people get wounded, like, they just put bandages to cover the necessary bits. And Luc and Jean Paul talked about this bandage idea, and Jean Paul was like, 'Genius! I love it.'' She also recalled how thrilled she was when she found out she got the role of Leeloo. 'I can't even describe how happy I was. This was really a dream come true,' the Resident Evil star said. 'I knew that this character was beyond unique and she was something that had never been seen before.'
