Embarking on a comfortable retirement journey is a shared aspiration for many individuals, especially if they can achieve it a bit earlier than expected. However, once the decision to transition away from a career is made, the path forward may seem less clear. While some retirees choose warmer climates or relocation closer to family, others opt for retirement communities tailored to older adults, offering a desired lifestyle with necessary support. Despite the availability of various options, there are aspects of retirement community living that potential residents may not anticipate. Here’s what to expect before making the transition.
Firstly, the cost of living in a retirement community may not be as daunting as presumed. William Rivers, founder of Senior Strong, suggests that affordable options exist, especially when compared to the expenses of maintaining a home, including mortgage, taxes, care, repairs, and insurance. Financial strategies like selling a home, reverse mortgages, or converting life insurance policies can make the move feasible. Exploring various unit sizes and care levels within senior communities can also help find a suitable and affordable option.
Contrary to the belief of downsizing, retirees may find that their new living spaces in retirement communities are quite spacious. Sarah Stel from Saratoga Retirement Community notes that residents often feel they have “upsized” due to gaining access to the entire community, akin to moving into a “mansion.” This highlights the misconception that downsizing always leads to a smaller living space.
Moving into a retirement community can also bring potential savings, particularly through tax deductions for entry fees and monthly expenses. Tom Dorough of Mirabella at ASU mentions the tax benefits related to medical expenses, making Life Plan Communities more financially viable than anticipated. These savings can contribute to a more comfortable retirement lifestyle.
Retirement communities can be catalysts for new relationships and love stories, regardless of age. Stel emphasizes that many residents find love and companionship after moving in, showcasing the vibrant social dynamics within these communities. Moreover, these communities offer ways for couples to stay together while receiving personalized care, ensuring that both individuals can thrive in their later years. Whether it’s assisted living, independent living, or memory care services, retirement communities cater to varying needs within couples, fostering lasting bonds and support systems.
