As I speak with residents and staff at continuing care retirement communities (CCRCs), also known as life plan communities, a number of recurring themes emerge. One of the most common topics is the stress and uncertainty that comes with planning for the future. Imagining what lies ahead can feel overwhelming—none of us have a crystal ball—so recent survey results are especially worth noting.
Retirement worries
The Transamerica Center for Retirement Studies (TCRS), a division of the nonprofit Transamerica Institute, polled more than 5,000 working Americans about their top retirement- and aging-related concerns. The leading responses were:
- Outliving savings and investments (51 percent)
- Social Security being reduced or disappearing (47 percent)
- Declining health requiring long-term care (45 percent)
- Cognitive decline, dementia or Alzheimer’s disease (35 percent)
- Lack of adequate and affordable healthcare (32 percent)
I found these results notable because they echo findings from a separate 2013 survey by Merrill Lynch and Age Wave that I often reference when speaking to groups. In that study, people’s biggest worries about living a long life included:
- Serious health problems (72 percent)
- Being a burden on family (60 percent)
- Running out of money to live comfortably (47 percent)
- Loneliness (26 percent)
- Lack of purpose (21 percent)
There’s an ironic thread here: many people hope to live a long life, yet they worry about the practical and emotional consequences if they do.
Useful perspective for financial planners
Discussions about retirement often center on savings vehicles—401(k)s, IRAs and the like—and saving is undeniably important. But what stands out in these surveys is that several top concerns are not strictly financial. Health, cognitive decline, caregiving burdens and access to care are equally front of mind.
For financial advisors, this insight matters. Knowing clients’ broader fears allows advisors to offer more comprehensive guidance that goes beyond portfolio allocation. Planning for retirement should ease anxiety about the unknown, and many clients’ worries aren’t limited to their bank balance. Advisors who understand senior living options—such as CCRCs, assisted living, and memory care—can better help clients prepare for potential age-related health changes that might require long-term or specialized care.
Alleviating worries for retirees-to-be
If you’re approaching retirement and find that health and caregiving uncertainties keep you awake at night, it’s worth exploring housing and care solutions that address those concerns. CCRCs provide a continuum of care on a single campus, ranging from independent living to assisted living, memory care and skilled nursing. That integrated model gives residents confidence that they can access higher levels of care as needs change, without relocating to a new community.
This continuum can reduce several common anxieties: fear of being a burden on family, uncertainty about how to access appropriate care, and worry about what will happen if cognitive or physical decline occurs. Many CCRCs include memory care services tailored to residents with dementia or Alzheimer’s, further easing concerns about specialized care needs.
Feeling more confident about future unknowns
Worrying about retirement and aging is natural—this is uncharted territory for most of us. Yet many of those fears are manageable through thoughtful financial planning and by learning about senior living options that handle evolving health needs. CCRCs, in particular, combine housing, services and skilled care in a way that can offer both practical support and peace of mind.
If you want to explore CCRCs in your area, use our free online community search tool to compare services, amenities and care options. Researching communities in advance can help you make informed choices and feel more confident about the years ahead.