Are you starting to investigate senior living options now that you’re retired or getting close to retirement?  Are you starting to feel that the “forever” home you bought when you were 40 isn’t quite the right fit anymore?

The big house and yard were awesome when the kids were growing up. But now they’ve flown the nest. You’re retired or approaching retirement, and you’re stuck heating those empty rooms. You hang out in the den, so the living room rarely gets used. And your knees are starting to give you grief every time you tackle the stairs.

Then there’s all the money you spend on the house. You’re paying service people to do work like raking leaves or shoveling snow that you did yourself when you were younger. And there are bigger expenses, too – major appliances are starting to break down, the roof leaks, the water heater needs to be replaced, and your real estate taxes go up every year.

Is it time for change? Is there a better choice for living now and as you continue to age?

Senior Living Preferences

The National Poll on Aging, conducted by the U-M Institute for Healthcare Policy and Innovation, found that 88%  of people aged 50 to 80  believe it’s important to stay in their own home for as long as possible.

But the preferences and needs for people in their mid-fifties can be very different from those of the elderly or from those of people who are newly retired but don’t think of themselves as “elderly.” 

Active adult living communities have an appeal to some people who are physically fit but are ready to change their housing accommodations. Other people may prefer or need a continuing care community, independent living, or some kind of assistive care facility.

Senior Living Considerations

Choosing the best housing option when you’re 55, 65, or older will ultimately depend on your own personal preferences, health, and financial circumstances.

Before considering any changes in your living arrangements, carefully think through factors that could have a major impact on your life and your happiness.  If you live with a spouse or partner, talk over the issues together.  

Some factors to think about as you consider senior living options for your future include:

• The cost of maintaining a big home
• A desire to downsize and declutter
• The desire for a maintenance-free life
• Your personal safety
• Your independence and privacy
• A preference to age in place and stay in familiar surroundings
• The availability of healthcare providers and specialists who will accept your health insurance if you move to a new location
• A desire to be near friends and family
• The need for and cost of home modifications for mobility and fall prevention as you age
• The initial cost and ongoing fees for senior housing communities and facilities
• A desire to socialize with others in your age group
• The positive and negative effects of a change in location
• Your personal financial situation

In addition to your current circumstances, consider what changes in living arrangements you may need to make in the future for health or safety. 

Be realistic about your future finances, too.  How much money will you need to live and get any needed assistance in 20 years? Will you have enough money left to pay the bills?  What about leaving money to your heirs?

Don’t skip or put off this important self-analysis. If you don’t do it, you risk making (or being talked into) the wrong senior living “solution” for you.  

Types of Senior Living

As you start evaluating living arrangements for aging, you’ll discover that there is a wide and sometimes confusing range of options for older adults, seniors and the elderly.  For instance, a Senior Housing Glossary published by Westchester County in New York lists these types of senior housing:

• Adult home
• Enriched housing
• Assisted living
• Shared housing
• Residential healthcare facility
• Life care community
• Continuing care retirement community
• Retirement residences

Jargon used in the senior living industry can add to the confusion, because terms can overlap or simply not be as specific as you’d like.

For instance, “independent living” might mean living on your own in a standalone house with no assistance. Or it could mean living in your own apartment in a senior housing complex that provides some services (meals and cleaning, for instance) to its residents.

Living Options for Seniors

To simplify things, we’ve created this overview of the most common senior living and senior care choices and who they may be suited for.

Independent Living on Your Own

For many people, independent living means living on their own with no formal senior community affiliation. It can mean aging in place in your own home. Or it could mean selling your big house and downsizing into a smaller home, apartment or condo. But your home would not be part of any formal community or facility. 

Independent Living Communities

Independent living communities include retirement communities, senior apartments and age-restricted communities.

Some independent living communities target adults who are active, want opportunities to socialize with people their own age, and want maintenance-free living in a house, townhouse or apartment.  In other facilities, seniors can get an apartment and live independently, but they also have access to certain services, such as meals, cleaning and social activities.

Features vary from one community to another. But many offer appealing features and amenities like these:

• Maintenance-free living
• Types of homes vary (condos, townhouses, apartments, etc.)
• Social activities and community engagement to combat senior loneliness
• Safety and security features
• Age-restrictions (e.g., 55+ communities)
• Active adult communities
• Amenities like clubhouses, fitness centers, and community activities, with options for meal services and transportation.

Along with the amenities, you’re likely to encounter some rules, restrictions, and ongoing fees that may go up yearly.

Assisted Living

Assisted living facilities are an option for adults who want to live in their own private apartment, need some assistance with daily activities, but don’t need the services of a skilled nursing facility. The extent of care and the services offered can vary by the facility and the resident’s needs. Some typical offerings are:

• Personal care assistance for bathing, dressing, and other daily activities
• Meals: one to three meals a day in a common-area dining room
• Housekeeping and laundry services
• Medication management
• Transportation services
• Social and recreational activities
• Other amenities such as fitness centers, pools, and park-like outdoor spaces
• 24-hour emergency care services
• 24-hour supervision and security

Some residential homes may provide similar services.

Continuing Care Retirement Communities (CCRCs)

Continuing care retirement communities offer a continuum of care, from independent living to assisted living to skilled nursing care, all within the same community and familiar settings.  Options and facilities will vary from place to place, but many feature

• Resort-style living
• Opportunity to socialize with peers
• Activities and programs
• Fitness center
• Meals
• Transportation services
• The ability to transition between care levels as health needs change

Skilled Nursing Facilities (Nursing Homes)

Skilled nursing facilities provide 24-hour medical care and support for individuals with significant health issues or those recovering from surgery or illness. Among the services are:

• Rehabilitation services
• Comprehensive medical care
• Long-term care for chronic conditions  

Memory Care

Memory Care facilities are specialized units within assisted living or nursing homes that cater to individuals with Alzheimer’s disease or other forms of dementia. They provide:

• Specialized care and supervision for memory-related issues
• Structured routines and activities
• Safe and secure environment  

Home Care

Home care is an option for seniors who need some help and want to remain in their own home near family and familiar surroundings.

Types of in-home care include:

• Home health care
• Personal care aides
• Homemaker services

Hourly rates for in-home care vary by location and the types of assistance needed but typically run between $25 and $35 and hours. There may be higher fees if overnight and 24-hour care is needed.

For seniors who only need help for a few hours a day help, in-home care may be more affordable than assisted living. But full-time or live-in help could be more expensive than an assisted living facility.

While cost is a significant factor, it’s not the only consideration. Speak with a few individuals who have hired in-home care for a loved one, and you’ll likely hear about challenges in finding trustworthy, compassionate, and dependable aides.

Cohousing and Shared Housing

This type of living arrangement is where older adults live together, sharing common areas while maintaining private living spaces. The benefits are:

• Cost-sharing for housing expenses
• People to socialize with

Age-Friendly Apartments and Condos

These are apartments or condos designed with accessibility features and amenities for older adults, but which don’t offer any care or community services. Benefits include:

• Accessibility features (e.g., no-step entries, wide doorways)
• Proximity to services and amenities
• Low-maintenance living

Moving in with Family Members

Moving in with family members can be another way to solve senior living issues. Benefits include:

• Lower senior housing costs
• Lower costs for caregiving (because a relative provides some of the care)
• Reduces senior loneliness

But moving in with family may or may not be the right solution. Family dynamics, stress for the caregivers, and lack of privacy issues may surface.

Senior Living Costs

Determining how much senior living will cost you is a key part of senior living decision making.  Costs can seem astronomical r depending on where you choose to live and what services you need.

Unless you’re aging in place in your own home or living with a family member, you can expect a base monthly rent or fee plus additional charges depending on the services you choose or need. Those monthly fees vary by location as well as services and other factors, but can run from from a few thousand dollars a month to $7,000 a month or more for one person.

Some retirement communities require you to pay an “entry” fee or buy-in fee to join, as well as monthly fees. Depending on location, services and other factors, senior community entrance fees can range from $100,000 to more than $1 million.

Senior Living Decisions

Although there are many senior living options, ultimately most senior living choices are dictated by health and finances.

Unfortunately, the high cost of many senior living facilities puts them out of reach for seniors who haven’t been able to put much money away for retirement.  That’s why, if you’re still working, you need to make sure you’re putting away enough money to live and provide for care as you age.

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Disclaimer: The information on this website is provided for informational purposes only and should not be considered as legal, tax, accounting, or medical advice. Please consult a licensed professional for help with any specific questions and issues you may have.