Services. Amenities. Location. Floorplan. Availability of care. These are some of the community features that affect senior living cost. At myLifeSite, we’re often asked about comparing retirement communities and costs. Just last week, we received a question about whether a rental community is better than a community requiring an entry fee, sometimes referred to as [...]
In recent years, there has been a shift in mindset among senior living providers about showing pricing on their websites. In the past, you would rarely find senior living pricing clearly displayed on a community’s website. This was no oversight; it was a conscious choice based on an understanding of most people’s decision-making process. On [...]
Choosing the right life plan retirement community (i.e., continuing care retirement community or “CCRC”) is an important decision, impacting your quality of life and your finances. If you utilize the services of a financial advisor (FA), it’s likely you will seek their guidance in analyzing the potential impact of this move on your estate. The [...]
In last week’s post, we explored the defining characteristics of a rental retirement community, as well as the potential pros and cons of choosing one. In this second installment in our series on the different types of senior living communities, we examine equity retirement communities, also referred to as ownership retirement communities, and what sets [...]
The National Opinion Research Center (NORC) at the University of Chicago is a well-respected, nonpartisan research organization that studies and analyzes a range of social and economic topics. In 2019, they published their groundbreaking “Forgotten Middle” study, which explored how the number, demographics, health status, and financial resources of middle-income seniors would evolve in the [...]
A continuing care retirement community (CCRC, or life plan community) is a senior living option that offers residents a range of independent living choices but also provides a continuum of long-term care services including assisted living or skilled nursing care if later needed. In addition to the many social and wellness opportunities afforded to CCRC residents, [...]
The cost of residing in a senior living community varies dramatically based on breadth of services, amenities, size of the residence, location…and sometimes the type of residency contract.
My experience in talking with prospective residents is that, from a financial perspective, the question is not so much about “can I afford it” as much as it is “to what extent can I afford it?” Many who are considering moving to a Continuing Care Retirement Community want a better understanding of what the financial impact to their estate could be based on a range of possible scenarios.
