Research before making your big decision
There are many aspects to consider as you explore whether the lifestyle at an active retirement community is right for you. Take your time making this decision, to ensure your future welfare and happiness are safeguarded.
Starting out
There are many different types of retirement communities available today. Before you even set foot on the campus of a retirement community, learn all you can about the type of retirement community you're interested in. Download a copy of A Consumer's Guide to Retirement Living for useful information about researching communities.
For example, there are rental communities, over-55 communities, for-profit or not-for-profit. The list is long and many will claim to be CCRCs or Life Care retirement communities. Each community comes with its own contract, something to be aware of as you begin your search.
Go inside
Once you've narrowed your search by type of community, visiting communities is the best way to determine where you're going to feel at home. Most communities offer a regular schedule of tours to accommodate your schedule.
Before you visit, though, prepare yourself! Use this retirement community checklist to know what to look for and what questions to ask during the tour.
Compare options
Once the information has been gathered, and the communities visited, it's time to compare your options.
Feeling overwhelmed is common at this point of the process. Some consider staying where they are and "taking their chances," especially if their home is fully paid for. Though after comparing monthly living expenses, you might be happily surprised to find that your living expenses in your current home are higher than what they would be at an "expensive" retirement community.
It is risky. Most people who take their chances and "age in place" would reconsider if they had known that the "chance" they are taking of being in an assisted living or skilled nursing facility for even an average length of time could easily erase the financial security they've worked for all of their lives.
Furthermore, the myth of the "free" house has been soundly de-bunked. As you know, there are many hidden costs of homeownership that can eat into retirement savings.
Work with family members
Very often, adult children become involved in the process of helping an aging parent in the process of choosing a retirement community. Sometimes, they are simply there to help you on moving day. Other times, they are very involved from the beginning.
If you'd like to broach the subject of moving to a retirement community with your parents, learn how to get the discussion started with our "Ten Tips for Talking to Your Aging Parents."