It’s never too early to start having conversations about what your retirement living preferences are. There are a number of available options and different ideal scenarios for everyone. Whether you or a loved one are just beginning to think about your next chapter or are on the fence between different retirement living options, here are common costs and considerations to help you on your way.
Aging in Place with Hired Care
One option for retirement living is to stay right where you are. Whether you have sentimental attachment to your home, are enmeshed in your community or perhaps simply don’t want to move, there are a number of reasons older adults choose this option. Even if your mortgage is paid off though, there are other costs and considerations to this choice.
Are there stairs in your home that might become an obstacle to your daily routine? If so, can you rearrange your routine or perhaps your home so you can continue to live there safely and comfortably? Home safety upgrades can range from a few hundred dollars for small updates like installing grab bars to hundreds of thousands of dollars for a primary suite renovation.
One of the biggest potential costs to consider and one of the most important factors to plan for is long-term care. Seven out of 10 older adults will require some form of long-term care in their lives. Should you or your spouse require additional medical support and services, how would you like to receive care? If you wish to remain in your home, you might consider the help of home health aides. The monthly average cost of in-home health aidesis around $4,500.
If this is your preferred option, talk frequently and openly with your loved ones about your long-term plans for care, home maintenance and finances to ensure you can remain comfortably in your home as long as possible.
Moving in with Adult Children
Maybe you’d like to move to be closer to family. In fact, whether precipitated by a health incident or simply out of practicality, some older adults find moving in with adult children to be an ideal retirement living situation. It certainly has its benefits. Research from Generations United found that in addition to helping family members form closer bonds, multigenerational living arrangements can improve the mental and physical health of family members as well as their financial situation.
Before you commit to making the move, it’s important to ensure all family members are on board with the decision and understand expectations around caregiving, finances and household responsibilities. Will family members provide caregiving or will you need to utilize outside caregiving services? You will also want to consider your new living arrangements and whether or not you are comfortable with the safety of the space as well as the amount of privacy. Small or large-scale home updates would cost the same as those you would make to your own home.
When it comes to more advanced medical care for you or a loved one, you might consider options outside of the home. Assisted living communities offer individuals support with activities of daily living (ADLs) like grooming and dressing within a residential setting. Assisted living communities are great if you or your loved one is still quite active and independent but would benefit from some extra assistance. The average monthly cost for assisted living in the United States is around $4,000, but can vary greatly based on location and level of service.
Another type of specialized care focuses on individuals with memory loss and other dementias like Alzheimer’s. In a residential memory care setting, programming is centered around brain health and on-site caregivers have specialized training in working with individuals experiencing cognitive decline. Due to the more specialized nature of memory care, the average monthly cost is more than assisted living.
Independent Living Community
Some older adults find they are quite content and comfortable in their current home, while others might prefer to downsize and have the opportunity to travel or move to another part of the country. If you fall in this camp, two options to consider are senior apartments and 55+ communities.
Senior apartments, usually a part of a dedicated senior apartment building, are reserved specifically for older adults and often include features like wider doorways and grab bars to help you remain safe and independent in your apartment as long as possible. The average monthly rent for an apartment will vary depending on the size of your apartment, the location and available amenities like laundry service.
Similarly reserved for older adults, 55 and over communities are planned neighborhoods that typically center around a shared feature like a clubhouse. If you’d enjoy living in a community with other active older adults, then consider a 55+ community — some even cater to specific interests or hobbies if you would enjoy living among like-minded individuals. One important consideration: some independent living communities have a higher age requirement than 55, so be sure to verify move-in ages as you consider your options. The cost of living in a 55 and over community usually involves the purchase of your home within the community as well as monthly HOA fees or membership dues. According to the National Investment Center for Seniors Housing and Care (NIC), the average monthly cost of independent living can range from a few hundred to well over $9,000.
Life Care Community
A Life Care community, also called a continuing care retirement community (CCRC), offers the same kind of active independent living lifestyle with the added bonus of access to additional health services. Similar to 55+ communities, the cost of living in a Life Care community includes purchasing a home within the community. Unlike other retirement communities, Life Care communities typically charge an entrance fee, which can range from $100,000 to over $1 million and helps cover the cost of access to additional care. The cost and availability of care is typically outlined in one of three CCRC contract types: Type A (Life Care), Type B (Modified) or Type C (Fee-for-Service).
In addition to an entrance fee, CCRCs have a monthly fee that covers the cost of dining, transportation, maintenance and activities. On average, the monthly fees in a CCRC are a few thousand dollars.
Enjoy Retirement at The Waterford
For a vibrant Life Care community for adults 62 and older, look no further than The Waterford in Juno Beach, Florida. Independent living residents at The Waterford enjoy fabulous culinary experiences, health and wellness programming and membership at PGA National Resort & Spa. On-site health services include skilled nursing and rehabilitation as well as the option for individualized care in your residence through Lifespace Personal Services.
If a lively community of friendly neighbors and team members sounds like what you’re looking for, please connect with our team. Fill out the form below or give us a call at 561-627-3800 to learn more about The Waterford.