At myLifeSite, our goal is to equip consumers with clear, practical information and tools to make informed choices about senior living. To do that well, we need to understand who our audience is and which factors matter most when evaluating senior living communities, including continuing care retirement communities (CCRCs), also known as life plan communities.
To learn more about what older adults are looking for in a CCRC, myLifeSite conducted a brief anonymous online survey. We invited more than 5,500 consumer contacts and received 223 responses, 218 of which came from people actively researching CCRCs for themselves or a loved one. Nearly half of respondents (45.3 percent) were between 65 and 74 years old.
Research time
Most respondents (74 percent) have been researching CCRC providers for more than a year. More than a quarter have been researching for over three years, and over 11 percent have been gathering information for more than five years. These results highlight the careful consideration and long-term planning many seniors devote to choosing a CCRC.
>> Related: Important Tasks & Decisions for Each Phase of Retirement Planning
Reasons for wanting a CCRC
People explore CCRCs for a variety of reasons. Among the most common motivations our respondents cited were:
- Downsizing and reduced home maintenance
- Access to a full continuum of care
- Reducing the potential future burden on adult children
- Social opportunities and wellness programming
- High-end amenities and services
Of these motivations, the top reason cited for considering a CCRC was ensuring access to a full continuum of care services.
>> Related: What is a “Continuum of Care”?
Greatest CCRC concerns
Alongside the reasons for wanting to move to a CCRC, respondents reported several common concerns, including:
- Affordability
- Confusion over residency contracts and payment plans
- Dissatisfaction with staff responses to questions
- Not wanting to pay an entry fee
- Worries about the financial viability of the community and whether their money is safe
The two concerns that stood out most strongly were personal affordability and the community’s financial stability. When we looked at responses by age, affordability concerns diminished with increasing age, suggesting older respondents felt less worried about the personal cost of a CCRC than younger respondents did.
>> Related: How Do I Know If a CCRC is Financially Viable?
What prospects seek in a CCRC
CCRCs offer a wide range of amenities and programs. In our survey, respondents were asked about features they value, including:
- Intergenerational projects with local youth programs (schools, after-school programs, mentoring, etc.)
- A focus on socioeconomic diversity among residents and program participants
- Opportunities for residents to have a voice in management decisions, including financial management
- Ways to contribute skills and experience inside and outside the community
- Lifelong learning classes
- Programs to help discover or renew life purpose
- Flexible transportation options or ride-share partnerships (for example, Uber or Lyft)
Three offerings emerged as top priorities and were rated nearly equally by respondents: lifelong learning classes, resident involvement in management decisions, and flexible transportation or ride-share services.
Age influenced the importance of some services and motivations. For example, the desire to reduce the burden on adult children became more important with each successive age group, while affordability concerns decreased as age increased. These trends suggest priorities and worries shift as people move through different stages of later life.
>> Related: How Do I Know If I’ll Be Happy Living in This CCRC?
Thank you!
We appreciate everyone who took the time to share their experiences and thoughts about CCRCs. Your insights help myLifeSite improve the resources we provide and offer valuable perspective to administrators and planners within the CCRC industry.