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‘Senior’ Community? What’s in it for You?

Here are some pros and cons of a senior community

By Deborah Jeanne Sergeant

 

The websites and brochures for senior communities show gray-haired people with a jaunty expression and loads of vitality living their best life.

But is it in your best financial interest and will it provide you with the best quality of life to downsize and move into a senior community?

“It is important to carefully consider the financial structure and stability of the organization managing the community,” said Randy L. Zeigler, certified financial planner and private wealth adviser for Ameriprise Financial Services, LLC, Oswego. “Many organizations have financial agreements that must be signed before entering. These agreements should be carefully reviewed before agreeing to move in.”

“If there is some form of large, up-front buy-in payment that must be paid to enter the community, it is important to know how much if any of that amount will be returned at the death or departure of the resident(s),” Zeigler said. “These buy-ins are usually in addition to the payment of a monthly rental fee, the potential resident should understand clearly what their rent covers and what they will still need to pay for separately from the monthly rental payment.”

Some facilities offer transitional levels of care, from independent living to assisted living and then full-time care in an on-campus nursing home. But communities that offer independent living are the least expensive and offer the least amount of support. Landscaping, snow removal, and general building maintenance is usually all that’s offered for independent living. Despite this, these places can be pretty costly.

“Potential residents should also inquire about continuing care options, is there an option to move to an assisted living type of facility within the community and what will that cost and will any of the original buy-in payment be applied toward those costs?” Zeigler said.

If finances are a barrier to moving to a senior community, staying put as long as you can safely do so may be the better option. Aging in good health relies upon proactively taking care of yourself. Keep up with doctors’ visits and follow their orders for medication and other protocols. Eat a balanced diet, exercise for 150 minutes weekly, socialize regularly, avoid tobacco and abusing drugs and alcohol. Sleep and de-stress sufficiently. Stay mentally active, learning new information often. All of these steps can help you stay vibrant and able to take care of yourself and your property longer.

As for quality of life, downsizing to a small, senior community townhouse may seem like an easy option if you don’t want to perform maintenance like moving and snow removal. But both of these tasks and many more could be performed by someone you hire for a fraction of the cost of a senior community. Don’t count on your kids helping you. Do they live close enough and have the free time to help you out every week?

Some older adults feel pressured to move into a senior community because of transportation needs since they no longer drive. Many senior communities are located near public transportation or have frequently used services nearby. However, ride share services like Uber or Lyft as one means of filling that need. Learn how to use these well before you need them.

Sites such as GoGoGrandparent can help fill that need for people who eschew apps. Once signed up, the older adult can call from any phone — even a landline — and a live, 24/7 operator will connect them with services such as a ride and grocery and restaurant delivery for a fee, along with notifying a designated family member that the older adult is going somewhere. Speed dial services that do not require a live operator are also available.

Most senior communities provide a common space for socializing like a “community room” for birthday parties and an outdoor space for enjoying nature and meeting neighbors. This may seem appealing. However, joining a club, church or other group could also help you socialize more.

For some people, kicking off their downsizing early can help them make more decisions about what happens to their stuff and who in their family gets what. They can also pass along things they no longer need to people who could really use it, such as giving a spare bedroom set to a grandchild who is just starting out.

Above all, watching your wallet is vital to wherever you choose to live.

“I cannot stress enough the importance of having a clear understanding of financial expectations before agreeing to become a resident of a senior community,” Zeigler said. “With a clear understanding in advance, one may be able to avoid becoming dissatisfied later due to misplaced expectations.”