When planning for retirement, the choices can be overwhelming. Mostly because you have to make a prediction on how to handle the unpredictable when it comes to the cost of care that will change as you age. The three main options are to stay entirely independent in your own home, buy into a 55+community, or move into a combination independent/assisted living community. There are different costs for retirement communities, benefits and risks associated with each. Your best bet is to sit and mindfully look at the options and possibilities. This isn’t just determined by your finances and current health needs, but you also need to consider your family history to try and get an idea of what to expect while you age.
Staying in your own home
After 30 or 40 years of paying on a mortgage, not only do you own your home but it has everything you need and you know the surrounding area. That is a huge plus to the idea of staying in your own home. There are some risks that need to be carefully thought out before deciding to stay. Many homes were purchased when the size of the home needed was selected to fit more people living in the household. The larger the house, and the more floors, the more difficult it may become to keep it up as you get older. The idea of keeping a home to leave to your children or grandchildren may not be a realistic idea. While you won’t be paying mortgage fees or the monthly fees associated with the costs of retirement communities, you will still be paying property tax and associated town and city fees. There is little predictable control over how high those rates can go.
Many people choose to move to 55+ communities which are centralized developments for seniors that offer many benefits. Most have clubhouses, restaurants, gyms, theaters and golf courses located right inside the boundaries. The cost to buy in can vary from $127,000 and up. You are essentially purchasing a home, but you will also have to pay a monthly fee for services such as garbage and grounds keeping that can run several hundred dollars a month. These community fees function much like condo fees. If you have the need for home care or a visiting nurse, you can more easily make an arrangement with an agency known to the community at a slightly lesser rate than if living on your own.
Combination independent/assisted living retirement communities are becoming more popular. Similar to Nathan Carlisle Homes, many offer independent cottages, condos or apartment like arrangements. There is an “entrance fee” to move in, which commonly ranges from 14 to $34,000. Once you are in, there are monthly fees that are determined by the level of assistance you need. If you are not in need of assistance, the fees are much like the condo range fees of the 55+ Communities. As you require more care, the fees will increase to approximately $2,000/month on the average. Many of these communities maintain facilities that provide for 24 hour nursing care and have specialized Alzheimer’s units so you are prepared to handle anything as you age without having to keep moving your home.
About the author:
As the operations manager for a web marketing organization, Daniel works as a posting guest in order to service the business world in the Mother Land. He resides in California, delighting in the days with his beautiful better half plus their three tykes. D. man encourages tourists to visit his G Plus memoirs anytime.