Retirement Living Cost
Retirement Living costs can vary and depend on the type of community you select.
You may be more attracted to a senior community in which you own your home or condo, typically called 55 plus communities. These communities cater to the needs and interests of those over 55, but often do not offer assisted living or full care options, which means you may have to move later.
CCRCs (Continuing Care Retirement Communities) generally include an entry fee and monthly rent. Further amenities, activities and health needs will naturally add to the cost, but the attraction is that once you move in, you are guaranteed the level of care you or your spouse may need in the future. This sounds confining to some, while offering solace to others.
55+ communities are residential housing developments that sell homes and condos to buyers over certain ages (usually 55). The choice of an active senior community depends first on the area in which you want to live. Home ownership costs will vary with real estate values in any given community.
Trilogy in Redmond, Washington, for example, offers homes that range in price from $400,000 to $1,000,000. The monthly dues of $155 per home include a luxury clubhouse membership, offering a wide variety of athletic activities and classes, life learning classes and restaurants. A public golf course and spa services are also available.
Continuing Care and Independent Living
Continuing care communities and independent living communities typically charge an entry fee, a monthly fee or rent and fees for other services available, including meals, cleaning and recreational amenities.
Costs for living in a continuing care community vary greatly, depending on the level of future security you would like to ensure. They generally charge an entrance fee, which ranges from $50,000 to $400,000.
The difference is determined by the type of home you prefer, from a condo to a patio home, the amortized amount of return should you decide to leave and the level of future care you prefer to be guaranteed with no extra cost.
You will be charged an application fee which is usually refundable should you decide not to live there or applied to your entrance fee if you do. There will be a monthly rental that includes utilities and maintenance but this can vary greatly depending on amenities, such as meals and housekeeping, and whether or not you want to be guaranteed assisted living and full nursing care at no extra cost. Therefore, the monthly fee will vary from $1000 to $4000.
According to a Seattle Times article, Despite Recession, seniors making home moves, “Mirabella, the first all-new continuing care community built in Seattle in nearly 35 years, offers a 95 percent refundable entrance fee, meaning that money is returned to the clients’ estates upon their passing or if they choose to move out.”
Find Retirement Communities
Many retirement communities encourage overnight visits. Take advantage of these offers and speak with as many residents as you can. Think of your life experiences; listen to your intuition. Set the stage for your next act by browsing our directory to Find Retirement Communities across the United States.
Written by senior housing writer Marky Olson.