“The best classroom
in the world is at the feet of an elderly person.” (Andy Rooney)
When it’s time to make
a change in an older senior citizen’s living situation, the
choices available in senior housing options can seem overwhelming. As you
research your options, you will find there are several types of retirement
communities available to you. Active senior communities, 55+ communities,
independent living communities and continuing care retirement communities
(CCRCs).
They all focus on providing an energetic and
engaging lifestyle for older adults. Health care may (or may not) be available
at some of these types of retirement communities (if it is needed). Other
senior living community options specialize in supportive living care such as
assisted living and skilled nursing facilities. Here is a general overview of
the most common types of senior living options available:
Age-restricted communities require at least one
resident be of a certain age. A typical example of age restricted communities
is 55+ communities. Health care services are not provided to residents in this
type of community.
Independent living senior communities
are designed to enable healthy, independent older adults to enjoy a lifestyle
filled with recreational, educational, and social activities with others around
the same age. These communities are often age restricted with no health care
services provided on campus.
Continuing Care Retirement
Communities
(CCRC) are a different type of retirement community that provides seniors with
the full spectrum of lifestyle and health care options - from independent
living, assisted living to skilled nursing care, all on one campus. CCRC contract types vary, with some
providing all-inclusive "Life Care" guarantee of health care services
to residents and others providing health care and other services a la carte or
"fee for service."
Assisted living facilities provide a
special combination of residential housing and supportive health care services
to adults for whom living alone or independently is no longer safe. Residents
of assisted living facilities typically need additional, but limited assistance
with meals, bathing and medication.
Skilled Nursing Facilities, commonly referred
to as nursing homes, are a senior living option that provides 24-hour nursing
care for those who need more direct daily care than is provided in a
supportive, assisted living-type of arrangement. Typically, these facilities
also have specialized care and housing tailored to the special needs of
individuals with Alzheimer's, dementia, or related diseases.
As you age, retirement planning is important
to your emotional and physical security during your “golden years.” You need to
build the financial cushion needed that will fund all the goals you wish to meet
during retirement. You need to look at the types of retirement accounts that
can help you raise the money to fund your future. As you save that money, you
have to invest it to enable it to grow. Here are some important tips to
remember:
· Retirement planning should include
determining your expected retirement age, estimating post-retirement spending
habits, calculating required after-tax returns, assessing risk tolerance in
your portfolio, and doing estate planning.
· Start planning for retirement as
soon as you can to take advantage of the power of compounding financial growth
on your money.
· Younger investors can take more
risk with their investments, while investors closer to retirement should be
more conservative.
· Retirement plans evolve through the
years, which means portfolios should be rebalanced and estate plans updated as
needed.
“Beautiful young people are accidents of nature…But beautiful old people
are works of art.” (Pinterest)[i]
[i] Adapted from:
· “7 Senior Housing Options: Which One
Works Best?” by DailyCaring
· “Retirement Planning Guide” by Julia
Kagan
· “Retirement Senior Living Options” by
Acts Retirement-Life Community
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