New Mexico, the fifth largest state in the United States, is a scenic and historic state. It has much to offer members of retirement communities in New Mexico. Nicknamed the Land of Enchantment, the state is full of natural beauty with numerous mountains, forests and deserts to explore. It is also unique in its history and allows visitors an authentic view into the American Southwest. New Mexico is home to several interesting national parks. Carlsbad Cavern National Park is located in the Chihuahuan Desert and is home to over 100 caves. The White Sands National Park honors the gypsum sands that have, over time, created large sand dunes in the southern part of the state. Members of retirement communities in New Mexico may find visiting the northwest corner of the state interesting since it connects to Utah, Arizona and Colorado making it the only four way state meeting in the United States. 

Albuquerque affords members of retirement communities in New Mexico the opportunity to pursue outdoor interests due to the city’s location in the state. It is close to the Sandia Mountains so visitors can hike the La Luz Trail to the top. Albuquerque is also home to the famed Albuquerque International Balloon Fiesta held every October.  Santa Fe, the capital of the state, is a unique destination and an art lover’s haven. The city is home to over 250 art galleries and retirement community members can also visit the Georgia o’Keeffe Museum. Taos, in the northern part of New Mexico, is a year round destination whether it is to enjoy rock climbing or ballooning in the summer or snow skiing in the winter.

Since Native American and Spanish influence is strong in the state, it’s not surprising that many of the state’s most popular and famous dishes are a nod to that influence including posole, biscochitos, sopapillas and calabacitas. Green chilies and blue corn are also popular in dishes across the state.

Members of retirement communities in New Mexico can enjoy a pleasant year round climate in the state.The average annual temperature is in the mid 50s but extreme weather can occur.  The average snowfall in New Mexico is around 24 inches per year. 

Taxes in New Mexico

The statewide sales tax in New Mexico is 5.125%. Average local tax rates are 2.69% for a total sales tax of 7.82%. Income is taxed at four levels: up to $5,000 the rate is 1.7%, from $5,000 to $11,000 the rate is 3.2%, from $11,000 to $16,000 the rate is 4.70% and above $16,000 the rate is 4.90%. Social Security is partially taxed. Withdrawals from retirement accounts are partially taxed as well. 

Retirement Communities In New Mexico

Continuing Care Retirement Communities (CCRC) and Lifecare Communities in New Mexico offer seniors aged 55+ a residence that allows them to be independent and active today but are equipped to provide for their future healthcare needs.

Today’s seniors have many retirement housing options. Deciding where to live is one of the most important and complex decisions one will make. Making these decisions while still healthy can help you avoid difficult and costly situations in the future.

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Options for Retiring in New Mexico

Continuing Care Retirement Communities (CCRCs) are sometimes referred to as Full Service Retirement Communities or Life Plan communities, they are the only type of retirement community that offer residents independent living when they enter the community with the security of having assisted living and/or skilled nursing care options on site.

New Mexico CCRCs or Life Plan communities generally offer various accommodations including apartments, townhomes, and cottages. These communities usually include common activity areas such as a restaurant-like dining room, a library, activity and craft rooms, an assisted living facility, and a nursing home. Other amenities often include swimming pools, a fitness center, golf courses, convenience stores, walking trails, gardens, beauty/barber shops, banking services and guest accommodations.

Regulating CCRCs In New Mexico

Currently thirty-eight states regulate CCRCs through various state divisions such as insurance, financial services, aging or elder services, or social services. For those states that regulate CCRCs the mandatory requirements and degree of oversight vary drastically from one state to another. Because of the varying requirements, vetting each community individually is the safest way to insure a community is in good standing.

In New Mexico CCRCs are regulated by the New Mexico Aging and Long-Term Services Department. You may contact this department to learn more about CCRC documents that may be publicly available, including disclosure statements, audited financial statements, and more. 

Selecting A CCRC In New Mexico

Most CCRCs in New Mexico have entrance requirements, they vary by location but may include some or all of the following:

  • Entrance fee to cover the cost of residence and other services and amenities, including contractually provided access to health care. The entrance fee may also help keep monthly services fees lower than they might be at a comparable rental community.
  • Minimum age requirements as allowed by the Housing for Older Persons Act.
  • Financial and health qualifications
  • Medicare and possibly a Medicare supplement policy, or a similar private-pay plan.
  • Will, durable power of attorney, and healthcare power of attorney.

Entry Fee Requirements For New Mexico CCRCs

Most CCRCs or Life Plan Communities in New Mexico require an entry fee. The entry fee is required for several reasons. First and foremost, it secures a resident’s contractual and priority access to the care they may need while living in the community. The money received from entry fees may also be used to help pay down, or limit, the amount of debt required for development, expansion, or long-term capital projects, which keep the community attractive and competitive in the marketplace and also benefits current residents. 

Is A New Mexico Life Plan Retirement Community Right For You?

If A CCRC or Life Plan Community in New Mexico might be a good fit for you or a loved one, you can get detailed information on top-rated Life Plan communities in New Mexico by searching myLifeSite’s continuing care retirement community directory and proprietary database for helpful profile reports. For all the information you need and questions to ask as you begin contacting retirement communities directly myLifeSite is a one stop resource. Our independent reports provide everything you need to make an informed decision including retirement community pricing, important contract details, healthcare aspects, and more.

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Updated December 2021