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Facts About Retiring in Kentucky

By    |   Monday, 11 January 2016 01:27 PM

In weighing the pros and cons of moving to another state for retirement, you really need to have your facts straight. Here are four facts about retirement in Kentucky, covering home rental prices and the availability of hospitals, private residential services for seniors, and state-managed programs.

1. Kentucky is an Inexpensive Place for Renting
In the Bluegrass State, houses can be bought for as little as $50,000, although the median price is about $140,300. according to MyMove.

Renting can make more sense than buying, though, for some individuals, such as those who haven't built up much home equity during their working years, and those who want to downsize their living quarters due to widowhood or divorce.

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Rental costs in Kentucky are quite reasonable throughout the state. Median costs for renting a one-bedroom home or apartment are $570 in Lexington-Fayette, $464 in Berea, $512 in Murray, and $551 in Covington, for example. In comparison, the median rental cost is $1,138 in New York City, including Manhattan and the four outlying boroughs, noted Sperling's Best Places.

2. Hospitals With 'Strong Performance' are Available Throughout Kentucky
Whether you're a retiree or not, there might be times when you need to go to a hospital for emergency services, specialized outpatient treatment, or inpatient hospitalization. There are about 130 hospitals in Kentucky. None are nationally ranked, but nine meet standards for strong performance within the state, according to U.S. News & World Report. These include Baptist Health Lexington; Baptist Health Louisville; Baptist Health Madisonville; St. Elizabeth Edgewood; University of Kentucky Albert B. Chandler Hospital in Lexington; Norton Hospital in Louisville; Jewish Hospital in Shelbyville; King's Daughter Medical Center in Prestonsburg; St. Elizabeth Florence; and University of Louisville Hospital.

3. You Can Retire in Style
Some retirees would rather live with others in a private residential community than in a house or standalone apartment. This includes couples as well as recently divorced or widowed men and women. Some very swanky residential communities are located in Kentucky, including The Lafayette, a facility in Lexington with amenities that include restaurant-style dining, a full-service beauty salon, an exercise room, a library and reading room, elevated gardening boxes, and regular outings. Kentucky is also the home of many private facilities with services that range across independent living apartments, assisted living, and full nursing care, all under a single roof.

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4. State Government Offers Plenty of Senior Services
These include Kentucky's adult day care and Alzheimer's disease respite services, for seniors age 60 and older with physical or memory disabilities. The state also makes referrals to affordable assisted living and long-term residential care services, according to the Kentucky Cabinet for Health and Family Services.

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In weighing the pros and cons of moving to another state for retirement, you really need to have your facts straight. Here are four facts about retirement in Kentucky.
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Monday, 11 January 2016 01:27 PM
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