Sourced with thanks from money.usnews.com
It’s pretty obvious that retirement brings with it many changes. There might be financial challenges and there could be mobility issues. Family circumstances might change. In all this it’s possible that you might be faced with a dilemma about where and how to live in future. What kind of accommodation and with whom will it makes sense? To help you make that decision its useful to know the possibilities you can consider. That’s where the article where the author has listed out the standard possibilities makes for a practically useful read. Team RetyrSmart
Living options that you can explore as a Senior
If you’re considering moving as a senior, here are some living options to consider:
- Aging in place.
- Moving in with the kids.
- House sharing.
- Independent living communities.
- Assisted living.
- Life plan communities.
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Aging in Place
Before you sell your house, decide whether you really want to start over someplace new. With a few modifications, such as moving a bedroom to the main floor and installing grab bars in the bathroom, many homes can be safe and comfortable places for retirees to live.
Known as aging in place, this living arrangement is feasible for almost any senior, says Misty Taylor, senior vice president of clinical quality at BrightStar Care, a home health agency. In-home care can make it possible for even those with declining health to stay in their homes.
Personal care workers perform services such as cooking, cleaning and running errands. For those who need skilled care, some agencies may be able to provide therapists and nurses who can assist with medication or other hands-on needs. While Medicare won’t pay for ongoing custodial care, long-term care insurance and some Medicaid programs may cover the cost.
Moving in With the Kids
Although certainly not for everyone, moving in with an adult child – or having them move in with you – can be a win-win. It can immediately slash living expenses in half. Plus, there’s the possibility of fringe benefits for both parties. Busy parents may end up with built-in babysitting, while seniors, particularly those who are single, benefit from an active household that will stave off loneliness and the health risks linked to it.
The key to making these arrangements work is to set clear guidelines from the start. Make sure everyone has the same expectations about communal living, personal space and bill sharing.
If you’d rather not live with a family member, consider renting out space with another senior. Home sharing with another retiree provides similar financial benefits without the complicated relationship dynamics that can come along with moving in with the kids.
Seniors who still own a home could find a housemate covers much of their living expenses, and renters can halve their monthly bills.
Independent Living Communities
Independent living communities can go by a variety of names. They may be called retirement villages, active adult communities or senior housing. Residents have their own private living space but also get access to amenities that may include on-site theatres, golf courses and restaurants. Planned social activities and excursions may also be offered to residents.
While retirement communities are often associated with sprawling suburban developments, there are also opportunities for retirees to remain in cities if they like. Old schools, hospitals and other downtown spaces may be refurbished as new senior housing. While some developments target an upscale clientele, there is a trend toward creating living spaces that meet the needs of the middle market.
For those who need some help with daily tasks, assisted living may be the best housing solution. These properties may have individual apartments for residents along with communal spaces for meals and social activities. Staff may help with a variety of tasks related to housekeeping, personal hygiene and medication reminders.
Assisted living care often serves as a bridge between independent living and nursing home care. It is intended for those who are able to manage many activities on their own and don’t require intensive 24-hour assistance.
Life Plan Communities
On the face of it, a Life Plan Community does not seem like an affordable housing option for many seniors. Certainly, it isn’t an option for anyone who doesn’t have access to a significant amount of cash to pay the initial entrance fee. However, for those who might need skilled nursing care in the future, a Life Plan Community can be an affordable choice in the long run.
Life Plan Communities combine several living arrangements on a single campus to allow seniors to move from independent living to assisted living to skilled nursing care, if needed. Some communities are all-inclusive and include meals as well as other activities.While these communities offer several contract options, the highest level typically guarantees care at a fixed rate.