Where’s the best place to retire? That depends on what you’re looking for! From staying right where you are to living in a community of active older adults, there are a number of options for where to live in retirement and a different answer for everyone.
At The Stayton, helping older adults age successfully is our passion, however that looks for them. That’s why we’ve outlined some common questions to ask and costs associated with different retirement living options, so you can get on track to enjoy the retirement you’ve worked so hard for.
Aging in Place with Hired Care
One option? Stay in your current home. Maybe your mortgage is paid off and you are quite active in your community. If aging in place is your plan, ask yourself the following questions to make sure you’re set up to remain as independent as possible for as long as possible.
Questions to ask:
- How manageable is your home and yard?
- Are there stairs involved in your daily routine? If so, will it be possible to rearrange your home or your routine to eliminate the stairs if they become a hazard?
- What is your plan if you or your spouse require additional medical care?
- If you don’t have a car or aren’t comfortable driving, do you have transportation available?
Costs to consider:
- Seventy percent of older adults will require some form of long-term care in their life. If you wish to remain in your home, you might want to consider in-home health aides. According to Genworth the average monthly costs for home health aides is around $4,500.
- Your mortgage might be paid, but consider your monthly expenses for dining and groceries, utilities and memberships, as well as general home maintenance costs.
- If you need to make safety updates to your home, the cost can range from a few hundred dollars for small changes to hundreds of thousands of dollars for a full primary suite renovation.
Moving in with Adult Children
Retirement brings with it more time to spend with those you love, and maybe your wish is to be closer to family. Moving in with adult children is an arrangement that can benefit the whole family. Data from Generations United indicates that living in a multigenerational household can have a positive impact on familial relationships and improve the mental and physical health of family members as well as the financial situation of one or more household members. To ensure everyone is on the same page, however, it’s important to weigh the following.
Questions to ask:
- Is everyone in the family on board with this decision?
- Will you be safe and comfortable in your own space?
- What expectations do your loved ones have for you while living together? What expectations do you have for them?
- Will your loved ones help with caregiving as needed or will caregiving be provided through hired help?
Costs to consider:
- Home safety upgrades can range from a few hundred dollars for small updates like installing grab bars to hundreds of thousands of dollars for a primary suite renovation.
- If outside caregiving will be required, factor in the cost of in-home health aides.
- Are you expected to contribute financially to the household? If so, what does that look like on a monthly basis?
Specialized Care
If you or a loved one are looking for options outside of the home that provide additional care or medical attention, specialized care in assisted living or memory care communities can help individuals maintain independence in a safe and friendly environment. Consider the questions below to better determine if you or your loved one would benefit from specialized care.
Questions to ask:
- Are you relatively independent but would benefit from the available support of skilled professionals with everyday tasks like grooming?
- Have you or a loved one been diagnosed with Alzheimer’s or a related dementia?
- Do you have concerns about you or a loved one being left alone?
- Would you enjoy participating in group outings and activities or spending more time with other older adults?
- Would it be beneficial to have meals prepared for you?
Costs to consider:
- The average monthly cost for assisted living can start around a few thousand dollars, but go up depending on location, services and amenities and exclusivity.
- On average, memory care communities tend to cost more per month due to the specialized nature of care.
Independent Living Community
If downsizing to a more manageable space and freedom from the trappings of homeownership appeals to you, independent living options like senior apartments or 55+ communities are worthwhile considerations. Enjoy the companionship of other active older adults in a home designed with your needs and safety in mind. One important thing to note though, “55 and over” can be a catchall term and some communities might have higher age requirements for potential residents — be sure to ask as you investigate your options!
Questions to ask:
- Would you enjoy living in a community of like-minded older adults?
- Would you prefer to rent or buy?
- How important are services and amenities like a fitness center or clubhouse?
- What would your plan be for long-term care, should you require it?
Costs to consider:
- Most senior living apartments are rental units, with a monthly payment, while homes in 55+ communities are purchased like any other home.
- The average monthly cost of independent living can range from a few hundred to well over $9,000, according to data from the National Investment Center for Seniors Housing and Care (NIC).
Life Care Community
For an active and maintenance-free lifestyle with the added security of a continuum of care, consider a Life Care community. Also called continuing care retirement communities (CCRCs), these independent living communities stand out from the reset because of their access to additional care right on site.
Different CCRCs typically offer one of three different contract types — Type A (Life Care), Type B (Modified) or Type C (Fee-for-Service) — which help inform the entrance cost and monthly fees. Ask yourself the questions below to better determine if a Life Care community is right for you.
Questions to ask:
- Do you want your next move to be the last move you have to make?
- How important is it to have access to additional care services on-site?
- Do you want to rent or buy? Similar to most 55+ communities, homes in a CCRC are usually only available for purchase.
- How important are services and amenities like a fitness center or library
- Would you enjoy access to different dining venues on-site?
Costs to consider:
- To help cover the cost of care for life, CCRCs typically require an entrance fee that can range from $100,000 to well over $1 million, depending on the location and available services and amenities.
- Monthly fees, which can be thousands of dollars, cover the cost of things like maintenance, transportation, dining and activities.
Care for Life at The Stayton
The Stayton at Museum Way in Fort Worth, Texas, is a 62 and over community offering our residents the best of luxury high-rise living and access to a continuum of care. From gallery tours in the Fort Worth Cultural District to distinctive dining within our community, our residents enjoy each day to the fullest and rest comfortably in the knowledge that their future care is planned for.
If you’re looking for peace of mind and a vibrant metropolitan lifestyle, please fill out the form below or call us at 817-349-7140. We would be happy to talk about how we can best support your next chapter of life.
