Senior Spotlight: Retirement Community Considerations
5 things to think about when looking at your options.
Did you know that 4 out of 10 retirees move after they stop working? Of these older adults, some decide that a retirement community is their next stop. But how do you know how much you can afford – and if the place will be a fit for the short- and long-term?
While there is no easy answer or single solution for everyone, we did want to provide 5 key things to consider if a retirement community may be an option for you in the present or future. The ideas below are inspired by a recent read on Next Avenue titled ‘How to Find an Affordable Retirement Community.’
#1. Compare your current living expenses to what your living expenses would be in a retirement community. Would you save on maintenance, property taxes and repairs? Are meals and activities included?
#2. Determine how you would pay for a senior community in the short- and long-term. Are you using funds from the sale of your home or drawing from 401k? Is there a large entrance fee (many CCRC – continuing care retirement communities – can have upfront fees of $200,000 or more)?
#3. Assess your risk tolerance in choosing a retirement community. Are you certain you are ready for this step and prepared to be financially locked in? Do you know what kind of lifestyle preferences are your priority and is there a place you can afford that has them?
#4. Consider using available resources to help you make your decision. There are consulting firms that specialize in helping families find the ideal senior community for their loved ones; one example is Silver Bridges Consulting. There is also a helpful website called MyLifeSite.com that provides educational articles, guides, and community-specific information to help you navigate the senior living decision process. Databases such as 55Places.com offer searches specific to age-restricted communities by location.
#5. Don’t underestimate the power of your social circle. If you are choosing a senior living community, consider how far you will be from your friends, family and support systems (such as churches, hobby groups, etc.). Just because a senior living community offers connections, this does not mean you will not need your tried-and-true village. Can you find a senior living facility that is still near to those who are dear to you?
We know that this topic is a BIG one, and that our considerations shared today are just the tip of the iceberg. We hope that as you weather your next stage of retirement, you are able to balance your wants and needs with your comfort and lifestyle, all within your budget. It’s no easy feat to make a move at this stage of life, but it can be worth it if well-planned out!
Cheers to living your best life,
Bobbi
Bobbi Decker
DRE#00607999
Broker Associate
650.346.5352 cell
650.577.3127 efax
www.bobbidecker.com
NAR Instructor….“Designations Create Distinctions”
CIPS, SRS, ABR, CRS, SRES, GRI, CLHMS, REI, AHWD, RSPS, MSLG
Bobbi Decker & Associates fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. For more information, please visit: http://portal.hud.gov/
Bobbi's Blog
