Most people’s long-term objective is to retire comfortably, preferably sooner rather than later. However, the road ahead can become hazier after people have made the monumental choice to leave their employment behind. Some retirees will move to a warmer climate or to be nearer to family and friends; others may choose to settle into communities tailored to the needs of seniors, which provide the amenities and assistance that are important to them. Some prospective retirees may be unfamiliar with the realities of life in a retirement community, even though a little study reveals that many alternatives may cater to varied requirements. Learn more by reading on!
#1 It may not be as pricey as you imagine.
To ensure a comfortable retirement, saving and investing wisely during your working years is essential. Although some retirees worry the high cost of community living would prevent them from moving there, financial advisors say there are ways to make it work no matter how small your nest egg is.
The price tag on a brand-new, high-end senior boutique community can surprise you, despite your first skepticism. Senior Strong founder and senior editor William Rivers tells Best Life that low-cost retirement communities are available. Financial considerations such as a mortgage, property taxes, in-home care, repairs, insurance, and upkeep may make moving into a senior community more cost-effective than staying in one’s own house.
You may also benefit from having access to certain assets that make the relocation more feasible. Financing retirement in a retirement community can be done in several ways, including selling a property, using a reverse mortgage, or converting life insurance policies into long-term care plans. Rivers suggests seeking the assistance of a financial professional if more assistance is required.
There may be alternatives to a certain house that are within your price range, even if that particular property seems unattainable. All sizes of apartments, from studios to two bedrooms, are available in retirement communities. He explains the price of your apartment will vary based on the type of layout you choose and the quantity of care you need. Take a tour and inquire about floor plans and services to estimate senior living costs accurately.
#2 You May not have to downsize.
It’s normal for retirees of all ages to downsize their living quarters once their children have left the nest. However, if you’re considering relocating to a retirement community, you may be pleased to learn that your new home won’t always seem cramped.
Sarah Stel, the executive director of the Saratoga Retirement Community in Saratoga, California, says residents frequently assume they are ‘downsizing,’ but after they are established, they find they upsized! As they have a wealth of community places to visit.
#3 You may find that you may save money.
Cost and financial constraints are major considerations when selecting a retirement community. While everyone knows that relocating to a modern building with all the bells and whistles may be expensive, few people expect just how much. While the specifics of these costs will vary from person to person, experts do agree that there are ways in which residents might save money by making the transition.
The cost of living in Life Plan Communities is lower than you might expect, says Tom Dorough, Mirabella director at Arizona State University (ASU) in Tempe. Many people are unaware that they may deduct a proportion of the initial admission fee and the ongoing monthly payments paid each year as prepaid medical expenditures on their tax returns. It’s important to remember that medical costs can only be deducted up to 10% of AGI, but paying the enrollment fee the same year you file your taxes might result in a sizable tax break.
#4 Some newcomers fall in love with locals.
You may find love at any age if you meet the proper person. Moreover, many couples who had never planned to settle down do so in retirement communities, as noted by specialists.
There’s no reason you can’t meet someone fresh, even if you’re 80 years old, right? Stel claims that inhabitants of all ages fell in love with one another after living in. You wouldn’t believe the number of new romances that start in retirement communities, and marriage is a regular occurrence!
#5 There is a way for a couple to work through their differences and remain together.
Spending more time with your significant other is a major benefit of retirement. However, unexpected health problems requiring specialized care are a reality of aging in tandem. Experts suggest that if you’re planning, you can ensure that both members of your couple receive what they want from the relocation by selecting the correct retirement community.
“Senior living communities aid in keeping couples together, regardless of age or need,” adds Rivers. Couples can receive the assistance and care they need while still being able to live independently in a senior community. Most communities include a range of one and two-bedroom apartments, so a couple may choose something that works for them in terms of space and convenience.
To face the future with the help you both need, Rivers says, consider moving to an assisted living community, an independent living community, or a memory care facility. Even if you’re both in good health now, choosing a retirement community with varying degrees of support is the best way to prepare for the possibility that you or your partner might eventually require such help.