This past week I had the honor of speaking to a wonderful group of residents and prospects at Freedom Pointe at The Villages, a beautiful continuing care retirement community (CCRC) in Florida. After my presentation I spoke with a resident who raised two thoughtful questions many people ask when considering senior living: Is a CCRC a sound financial decision, and does moving to one mean giving up my freedom?
Other major financial commitments we make in life
First, let’s look at the financial question. The resident noted that choosing a CCRC often makes sense logically, yet the sticker price can feel overwhelming. There is a real emotional hurdle when you see large dollar amounts on paper.
He also pointed out something valuable: throughout life we accept large financial commitments without the same level of anxiety. One clear example is choosing to raise children. A 2023 study by LendingTree using 2021 data estimated the average U.S. family spends $237,482 over 18 years to raise a child. That figure reflects the higher cost of essentials for families compared with childless households, such as housing, food, childcare, apparel, transportation, and healthcare.
- Housing
- Food
- Childcare
- Apparel
- Transportation
- Healthcare and insurance
That national average can vary significantly by state—lower in places like South Carolina and much higher in states such as Alaska and Hawaii—and it doesn’t include the added expense of college, which can push totals even higher.
Is a CCRC a good financial decision?
Viewed purely from a financial perspective, parenthood is undeniably a major long-term commitment. Many people don’t fully crunch the long-term numbers before having children, as the gentleman observed.
By contrast, some people agonize over the financial implications of moving into a CCRC: Can I afford it? How will monthly costs compare to staying in my current home? Will I outlive my savings or reduce what I can leave as an inheritance? These are legitimate concerns that deserve careful analysis.
There are many variables in any senior living decision, and CCRCs won’t be the best choice for everyone. Still, when people weigh the trade-offs—costs, services, and peace of mind—many conclude a CCRC is a worthwhile investment, much like the financial commitment of raising a family.
>> Related: What’s the True Cost of Staying in the Home?
The freedoms we willingly sacrifice for our children
The resident also raised the topic of freedom. Many considering a move to a CCRC worry they’ll lose privacy or control over daily routines. Yet, he compared that perceived loss to the freedoms parents willingly give up for their children: planning around nap times, spending weekends at youth activities, and devoting time and energy to parenting responsibilities.
Those sacrifices are commonly accepted and often embraced as part of raising a family.
>> Related: Senior Living Community, Leaving an Inheritance: Is It an Either-Or?
Does moving to a CCRC mean I’m giving up my freedom?
Parenting involves tangible trade-offs, and many people accept those without much second thought. Similarly, people considering a CCRC may worry about giving up freedoms, but it helps to look at what is actually traded and what is gained.
Living in a multi-unit community does require consideration of neighbors—noise at odd hours or disruptive activities can affect others. Some residents must downsize and leave behind belongings, like tool collections, due to space limits. The man I spoke with admitted he couldn’t bring all his tools when he moved, and that felt like a loss.
At the same time, he emphasized what he gained: freedom from home maintenance and repairs. When something breaks, he simply calls management and it’s taken care of. That change freed his time and reduced daily worries, letting him focus on hobbies, social activities, and wellness.
Many of the sacrifices associated with moving to a CCRC are relatively minor compared with practical benefits: fewer chores like yard work and housekeeping, optional dining or meal services, and access to amenities such as pools, fitness centers, and social programming. Importantly, CCRCs offer a continuum of care—residents can access higher levels of care if health needs change—providing significant peace of mind for residents and their families.
>> Related: 6 Ways a CCRC Simplifies Independent Living Residents’ Lives
Some things are worth the cost and sacrifice
I enjoy speaking with prospects and residents at communities across the country because their perspectives are often enlightening. The comparison this resident made between the costs and sacrifices of raising children and moving to a CCRC was especially thought-provoking.
Of course, having children and moving to a retirement community are very different life choices, and neither is suitable for everyone. Decisions about senior living should be based on individual finances, preferences, and goals.
Still, as the resident observed, we often accept major life costs and changes without over-analyzing them. For many people, the financial commitment and small freedoms given up when moving to a CCRC are outweighed by the benefits—community, services, and peace of mind—making the decision worthwhile.