Before cofounding myLifeSite, I worked for 14 years as a financial advisor. In the final years of that role I focused on learning the senior living industry, especially life plan communities—also known as continuing care retirement communities (CCRCs). As interest in life plan communities grew, it became clear this is a complex choice for many families. People wanted trusted, impartial guidance on what to ask and how to evaluate options.
Many clients sought help with the financial side of the decision. They didn’t only want to know whether they could pay for a community today. Often they already met communities’ initial financial qualifications but needed a clearer picture of the long-term financial implications. They wanted to compare communities and understand how different scenarios—changes in health, market returns, or fees—might affect their finances over time.
Greater financial clarity
As a planner, I found that common financial planning tools weren’t built to model the specific features of CCRC contracts. Those contracts can include entrance fees, refundable or partially refundable structures, monthly service fees that escalate over time, and different levels of care with varying costs. Standard software often lacks the flexibility to incorporate these nuances, so getting an accurate projection required significant manual work and creative input adjustments.
Because of these limitations I routinely had to manipulate software inputs and run multiple scenarios to approximate realistic outcomes. That approach was time-consuming and still left uncertainty about whether the projections truly reflected contract details and future risks. Clients needed clearer, more tailored analyses that accounted for lifetime costs under different assumptions rather than a single-point estimate.
In practice, helping someone decide about a life plan community involves more than a single affordability check. It means building models that consider the timing and structure of entrance fees, potential refunds, monthly fee increases, changes in health and care needs, and the client’s broader financial goals. The goal is to provide actionable insight: whether a community makes sense now, how it compares to alternatives, and which factors should guide a final decision.
Developing this type of analysis informed my work at myLifeSite. It underscored the need for unbiased tools and explanations so families can make informed senior living decisions. By combining financial planning experience with a deep understanding of CCRC nuances, advisors can present clear comparisons and help clients choose a path that fits their financial situation and lifestyle preferences.