For retirees in the mid-stages of retirement—often beginning around age 70, depending on health—now is the time to plan for later years while you are still active and able. Postponing important decisions about future needs can leave you and your loved ones facing difficult and costly situations down the road.
One of the most important and complex choices is where you will live as needs change. Do you prefer to stay in your current home as long as possible, or would you consider moving to a retirement community? What long-term care options exist in each scenario, and how will you pay for them? Understanding the alternatives helps you and your family make informed decisions and provides greater peace of mind about the future.
Many people say they would rather remain in their homes, but an increasing number of retirees are considering Continuing Care Retirement Communities (CCRCs) as a practical option. CCRCs are well suited to retirees who are independent and active now but want a clear plan for future housing and care needs. What sets a CCRC apart from other retirement arrangements is a contractual guarantee of a continuum of care—typically including independent living, assisted living, and skilled nursing care—so residents can transition between levels of care within the same community as their needs change.
Because moving into a CCRC can be the last major residency decision you make, it’s important to carefully review contract terms and understand the financial implications. Consider factors such as entrance fees, monthly service charges, what care levels are covered, how increases are handled, and the community’s financial stability. Talk with family members and, if helpful, consult a retirement advisor or financial professional to evaluate how a CCRC fits your long-term goals and budget.
Planning ahead gives you control and options. Whether you choose to age in place or join a retirement community, taking time now to weigh housing choices, care options, and costs will help ensure a more secure and comfortable future for you and your loved ones.