Now that you’re officially off the clock and looking toward the next chapter of retirement, there are several options available for setting down roots. If you’re eager to participate in a vibrant community of fellow retirees, or want to hand off all responsibilities of home ownership to someone else so you can focus on more important pursuits or want a place that can help safeguard your health, the following places will serve your needs.
Retirement community
A retirement community is populated with other active retirees as well as features amenities to keep you active and sociable with your neighbors. Often on site are a fitness center and even a pool. You won’t have to worry about cutting the grass or cooking your meals, according to U.S. News & World Report contributor Rachel Hartman, and home maintenance will also be permanently off your to-do list in a retirement community.
The appeal of a retirement community is high, but it comes at a price, which can continue to climb after you’ve moved in.
“Always check the fine print associated with a move to a retirement community. Many facilities ask you to make an upfront payment and then ongoing monthly installments. The costs can add up quickly,” Hartman writes. “After some research, you may find the price is simply too high.”
Assisted living
An assisted living facility provides support with tasks such as meal preparation, dressing, bathing, medication and traveling to and from appointments and other transportation needs, according to Senior Path. As a resident of an assisted living facility you won’t have to worry about the time-consuming chores around the house. Scheduled activities will help you socialize with other residents, and you’ll still have a level of privacy. Senior Path adds that the cost of an assisted living facility is typically lower than the price of a nursing home.
“The facility has on-site medical care, but the care is not ever-present,” reports Senior Path. “Because an older adult’s health situation can change quickly, assisted living offers the benefit of a flexible living arrangement that can quickly adapt to changing needs.”
Certain medical issues and moderate dementia will prevent acceptance to an assisted living facility, notes Senior Path; another downside of assisted living can be following set rules and regulations.
Nursing home
An illness or injury that forces you to seek rehabilitative care may turn your attention to a nursing home. According to the Mayo Clinic, the round-the-clock care from medical professionals is ideal for patients and long-term residents who are not capable of taking care of themselves or managing their medical treatment on their own.
Although the care provided by a nursing home staff is comprehensive it is costly.
The decision of where to retire is complicated, and the best way to figure out which situation is best is with a lot of research and planning. Talk to representatives from various facilities, consider your health and consult with a financial expert, a trusted loved one and even an attorney to help decipher complex contracts before you commit to a move.
