Can You Afford a Senior Living Community? Experts Say You Can’t Afford Not To!
You adore the house you’ve lived in since, well, forever. It’s filled with many wonderful memories and cherished heirlooms.
At first blush, “aging in place” in one’s long-loved homes seems a sound plan for you – and many seniors probably feel the same. And why not, since the mortgage has long been paid off? But, as the AARP points out in this 2017 article, the costs of maintaining a house and the property it sits on can be overwhelming and expensive as you age, even for the most able DIY homeowners.
In the long run, seniors who move into a continuing care retirement community (CCRC) are not only freed of the financial and maintenance obligations of owning a home, they are also able to remain healthier and have more active and more social lives. The lifestyle of a CCRC provides the right atmosphere designed to help residents age with joy and ease.
While it may not appear so at first, CCRCs actually offer many financial advantages for seniors: a maintainance-free turnkey living space, a dining venues with delicious and healthy meal choices every day, and the ability to tap seamlessly from one level of care to another as needed, such as from independent living to assisted living, rehabilitation, skilled nursing or memory care services.
Can you do all those things while living in your house? Probably, but it will be expensive and require someone to manage things, especially as you get older.
Funding Your Hassle-Free Future
How can you afford to move into a CCRC? The most common ways include personal income and savings, insurance policies, or even using a reverse mortgage.
Keep in mind that your care needs may change over time, which should also be considered in your budget. Meadow Lakes, a CCRC in East Windsor, New Jersey, addresses the potential for additional services by offering Lifecare, an optional benefit that guarantees residents the care they need at predictable monthly payments – for as long as they need – at rates similar to those paid at an independent living community.
To help decide the best way to fund your move to a senior living community, download our Retire Your Way Guide. With topics ranging from financial features of a CCRC, contract options, cost calculator and advice for what to look for when selecting a community, the guide is a reliable resource for helping retirees and their families make the best senior living financial decision for them.
Vibrant Living, Splendid Setting: A Great Alternative to Aging in Place
At Meadow Lakes, residents spend their days building friendships and engaging their minds, bodies, and spirits against the backdrop of a beautiful arboretum.
Residents are inspired to live their best not only through LivWell, Meadow Lakes’ innovative wellness program, which provides personalized holistic plans combining the many amenities, activities and programs offered at the retirement community. Our attentive staff members take care of the little things so residents can pursue enriching activities on campus and in the region.
In addition to a high standard of care and amenities, Meadow Lakes offers two options for maintenance-free, independent living: apartments with one or two-bedroom layouts, or bright, sunny cottages with two bedrooms. Our retirement community is backed by Springpoint Senior Living, a leading provider of senior care.
Want to know more about Meadow Lakes and the financing options are available to make the CCRC your new home? To start, you can take a virtual tour here and then contact us to schedule an on-site visit.