Tips for Choosing a Retirement Community
When choosing the best type of retirement community for your needs, consider the options available to you based on location, financial resources, level of care, and expectations.
Location
Many retirement communities provide everything you need within the community. However, that doesn’t mean you should overlook the location. Consider the proximity of the community to:
- Friends and family
- Your house of worship or a similar house of worship
- Your doctors or a comparable hospital system
- Transportation, such as airports, grocery stores, train stations, and public buses
- Recreational opportunities that align with your interests, such as the ocean, mountains, hiking trails, etc.
And, of course, you can’t forget about the weather! Assess how you feel about staying in the same climate or moving to a different one. Many older adults find themselves drawn to warm-weather states during retirement to avoid the safety risks that come with snowy, icy weather. The location you choose could also come with financial incentives. For example, 29 states don’t tax Social Security benefits, and another eight don’t have income tax at all.3
Financial Resources
Moving into a retirement community can be costly. Finances won’t necessarily affect your choice if you have unlimited funds and are an active senior. Choose between luxury retirement communities, active senior communities, and continuing care retirement communities (CCRCs) anywhere in the nation.
For seniors who live on a fixed income, note that most CCRCs have two major fees: a one-time lump sum to pay for the housing and a place within the facility (this ranges from $100,000 to $500,000 at the more modest senior retirement communities) and a monthly fee that covers services such as food, housekeeping, and activities.
If you are considered low-income, look for affordable senior housing. HUD housing programs and nonprofit housing organizations provide low-income housing to seniors who meet specific eligibility requirements. If you qualify for a HUD housing voucher, you’ll pay no more than 40 percent of your adjusted income on rent and utilities.3 The government will subsidize the rest.
>> Related Reading: 10 Places to Retire for $2,000 or Less
Level of Care
Many retirement communities cater exclusively to active older adults. They may or may not offer assisted living services, such as meals, laundry assistance, and help with activities of daily living (ADLs). Others, like CCRCs, offer increased care services and supervision as your needs change. For example, you can move from independent living into assisted living in a nursing home within the same community. This cuts back on moves and helps you maintain social connections even as you require more care.
We understand that navigating long-term care can be confusing. But it doesn’t have to be! Read our guide to long-term care for seniors to learn more about your many options.
Consider the type of care you currently need and anticipate in the future. Then, compare those needs to the services offered by a specific retirement community.
Expectations
Think about why you want to move out of your current living situation into a retirement community. What are you looking to gain? Make a checklist of what you want your retirement years to look like — everything from the amenities you’re excited about to the people you want to be around to the activities you’d like to pursue.
You should also think through your expectations about the cost, size, layout, and feel of your new home or apartment. Some communities offer a choice between townhomes, single-family homes, and apartments. Others simply offer only one option.
Retirement House Communities
Retirement house communities are perfect for older adults who want to live in single-family housing. This type of senior housing can be found in specialty communities, such as university-based retirement communities, senior golfing communities, senior living co-ops, and CCRCs. You’ll be paying the mortgage on your home in addition to a Homeowners Association (HOA) or membership community dues.
In essence, you are living in a stand-alone home in a neighborhood where you have total freedom and autonomy. Your neighbors are all older adults who may have the same interests and lifestyles, allowing for a cohesive community. Your HOA will typically provide services geared toward older adults, such as inclusive lawn care and wheelchair-approved walkways and paths. This type of senior housing is best suited for individuals with a minimal level of care. However, you do have the flexibility to hire a private in-house nurse who can care for you in your home if needed.
Retirement Apartment Communities
The most common type of senior housing in retirement communities is apartment units. An apartment unit for luxury retirement communities is typically referred to as a condo. Meanwhile, low-income older adults can live in apartments commonly known as Section 8. Ultimately, with a senior retirement apartment, you would be living in a building where all (or at least 80 percent of) the residents are seniors over the age of 55.
Living in an apartment for seniors allows for a tight-knit community since the units are connected, allowing residents to interact more regularly. Apartment managers may also be hired to provide additional services, such as meal preparation or social activities.
