Consider retirement housing options
May 17, 2023
Every day we talk to clients who are considering retirement housing. Now is the time to consider various retirement housing options and strategies for seniors. From aging facilities to retirement communities, consider your personal preferences and needs when choosing the best housing option.
What is important to you?
Where we live is a very personal choice. It should reflect our values and lifestyle. How would you like to spend your time after retirement? What activities are you planning to do? What kind of people do you like to be around? Other considerations are:
- environment – Country and City, Weather, Culture, Nature, Politics, Crime, Law
- Lifestyle – Activities you enjoy or would like to do after retirement.
- accessibility – Nearby restaurants, shopping, entertainment, libraries, classrooms; walkability
- access to care – Close proximity to caregivers and access to high-quality care
- Cost of living – food, transportation, housing, entertainment, taxes
- proximity – Close to family and support systems
Example of housing after retirement
There are many different options to consider. The most popular are:
- Proper Aging: They live in their own homes and provide the help and care they need into old age.
- Home sharing: Similar to the concept depicted in the TV show “Golden Girls,” sharing a home with roommates offers companionship and financial benefits.
- Active adults over 55: A self-sustaining living community specifically designed for individuals over the age of 55, offering amenities and activities tailored to seniors.
- Senior Apartment/Village: A community formed by older people who live nearby and share services. Foster a supportive and supportive environment while maintaining independence.
- Life Plan Community (CCRC): Residential communities that provide ‘continuity of care’ for the rest of one’s life, from independent living to assisted living to skilled nursing as needed.
- Assisted Living Community: An independent living environment for people who need some assistance with their daily lives but still want privacy and autonomy.
- Skilled Nursing: Healthcare facilities that provide specialized medical services and around-the-clock support and provide higher levels of care, especially for individuals with complex health needs.
It’s never too late to start planning
There is a saying, “If you don’t plan, you will have a plan.”
It’s important to start thinking about your retirement housing options now so that you have control over your choices when the time comes.
- young person – Pay attention to the retirement housing experiences of parents, grandparents and other family members. What are your challenges? As you get older, start thinking about what’s important to you. Start saving for retirement so you have flexible choices.
- 40s to 60s – You should have some idea of what your support structure will look like. Do you have children to help support? What can you afford? What will happen to your future quality of life if you can’t take care of yourself? Continue to save for retirement so you have flexible choices.
- senior citizen – Assess your financial situation and review your retirement savings. Assess your housing needs and options. Health issues can be a concern and limit your options. Other factors in life can also influence your choices (whether you want to be close to your family, whether you can afford it, etc.).
Start thinking about where you want to live after retirement. Ultimately, our role as financial planners and coaches is to help you choose the options that best suit your lifestyle, preferences and evolving care needs as you navigate the aging process. That’s it.
Check out these websites for resources as you begin your own research on retirement housing options.