Minneapolis resident Bob Ambrose watched his aging parents move in and out of various care facilities as their needs grew, and like the majority of older Americans, he knew he didn’t want the same for himself.
After buying their home in 1984, Bob and his wife made it their own and they want to stay in it as long as possible.
Retirement comes with a lot of questions. Are you financially ready? How will you use your well-earned time away from the work force? And perhaps the most widely asked question: Where will you live?
If you’re nearing retirement age or if you have already retired and are enjoying yourself, chances are you’ve been asked this question.
You have lots of options for retirement living: Your own home, a continuing care retirement community, or assisted living are all familiar options. How can you choose the best option for you? Keep the following factors in mind.
Cost: CCRCs require both an entrance fee and monthly fees, which will likely increase over time. Kiplinger estimates these fees increase anywhere from 4 to 6 percent annually.
Aging-in-place options allow you to stay in your home, pay an entrance fee and pay monthly fees.
Assisted living facilities also have fee structures similar to a CCRC with likely fee increases as time goes on.
Health: If you’re like Bob Ambrose and want to stay in your home as long as possible, communicate this to your family, friends and physician. Even if you do begin to need day-to-day care, having a support system can help you get the services you need while remaining in your home.
Your Home: You want your home to be as safe and functional as possible. Can you afford to make any necessary changes to your living environment? Often, these changes are minor, like installing grab bars in your shower, adding lighting or removing rugs or other items you could trip over. If your home requires significant renovations to meet your needs as you age, can you afford to make those? Also consider whether you’d like to move to a different area of your community or city or live in a smaller residence.
When it comes to retirement living, you don’t have to leave your home unless you want to. Considering the environment you’d like to age in, the costs associated with your options, your current living situation and health, are all helpful factors that can assist you in choosing the retirement living option that’s right for you. Get more tips for comparing aging in place, CCRCs and assisted living facilities and discover how you can make aging in place possible in this free resource.
