The recruitment drive for senior living communities inundates retiree mailboxes with glossy brochures showcasing spacious apartments, luxurious dining rooms, gyms, and swimming pools. It all looks appealing – but proceed with caution.
With so many options available, how do those of us approaching retirement sift through the noise to choose a senior living community that suits our needs? And perhaps most crucially, what happens if financial resources run dry?
Here are some expert tips:
Conduct Thorough Research
Selecting a senior living community is a significant decision that necessitates thorough research and financial planning, says Certified Financial Educator and author Tom Mathews. Understand the various types of communities available, such as independent living, assisted living, and memory care, to determine the best fit for your needs. Meticulously review local, state, and federal regulations to ensure safety and compliance. Consider financial aspects like costs, payment options, and potential financial aid to make an informed decision that ensures a comfortable retirement.
The research process may seem intimidating, notes Kelli Smith, director of financial planning at Edelman Financial Engines. Consider future needs along with current requirements to narrow down the search to communities that can cater to your lifestyle. Additional tips from Smith include:
- Conduct a basic web search in your area, utilizing assisted living resource websites where available.
- Seek referrals from friends, family, physicians, and healthcare providers.
- Narrow down potential communities and conduct further online research, paying attention to cost information and financial tools provided.
- Read reviews to uncover insights beyond what is listed on the communities’ websites.
Review Fees and Additional Costs
Understand and evaluate fees and other expenses. Research upfront entrance fees, advises Smith, as they can be substantial and vary across communities. Familiarize yourself with monthly costs, which can differ based on care levels, housing types, and rental or ownership status. Budget for potential increases in fees, which can range from $500 to $3,000 on average.
Visit Potential Communities
Conduct on-site visits. Take the time to tour potential communities, observe the facilities, interact with staff and residents, and inquire about services, amenities, healthcare options, and daily activities to gain a comprehensive understanding of each community’s offerings.
Consult with Professionals
Engage with your financial planner and healthcare experts. Seek advice from a financial advisor to assess whether a senior living community aligns with your financial situation and long-term goals. They can provide valuable insights to navigate the decision-making process effectively.
Stay Financially Prepared
Address the concern of running out of money by establishing a budget and sticking to it. Regularly review your financial status with a planner to adapt to changes in fees, care requirements, or personal circumstances. Consider downsizing, seeking additional income opportunities, or exploring family assistance if financial resources become limited.
By proactively and diligently exploring your options, you can find a senior living community that meets your needs and ensures a fulfilling retirement, Mathews concludes.
YOUR INPUT
If you have experience with senior housing, share your tips in the comments!
Rodney A. Brooks is an award-winning journalist and author. Former Deputy Managing Editor/Money at USA TODAY, his retirement columns appear in U.S. News & World Report and Senior Planet.com. He has also written for National Geographic, The Washington Post, and USA TODAY and has testified before the U.S. Senate Special Committee on Aging. His books, “The Rise & Fall of the Freedman’s Bank, And Its Lasting Socio-economic Impact on Black America” and “Fixing the Racial Wealth Gap,” were released in 2024. Visit his website at www.rodneyabrooks.com
Your use of any financial advice is at your sole discretion and risk. Seniorplanet.org and Older Adults Technology Services from AARP make no claim or promise of any result or success.
