Senior communities are calling — is it time to answer?

I have known people — more than a few — who have said they will never move to a senior community because there are too many old people there. The observation is not necessarily true these days. There are younger people in senior communities. Or, we may have revised our opinion regarding what is “old.” If your age group is in the early 50’s you are probably thought of as a “kid.” I have a few clients over age 100, and very many that are planning in their 60’s, 70’s and 80’s. Not planning for senior communities yet, but still our clients for planning purposes are much younger couples in their 20’s and 30’s who are considering plans for their young families. The cutoff date for 55+ communities is, of course, age 55 and up.

When you reach a certain level of frustration with your house that needs repairs or feel you no longer need so many bedrooms or that much grass to cut, it can be tempting to think of the big move to a senior community as freedom from responsibilities you no longer want to carry. Should you pick up and go or make modifications where you are? Here are some considerations.

WHAT IS THE COST EITHER WAY? » There are different types of senior communities. For some you pay on a monthly basis with no commitment. Others have a “buy in.” Sometimes you move because your health is a concern or that of your spouse.

Consider your monthly income and also their monthly charges. How do they balance out? But wait. Remember you also have costs at home that may be included if you are in a senior community.

One example is property taxes — not due in most communities since often you do not own your unit. Consider the cost of maintenance, yard work and so at home. Also take into account how much you have in savings and what you would net on the sale of your home. You should include a cushion to handle other expenses such as desired travel and so on. Senior communities also generally include some meals in their charges although there may be limits and probably transportation as well as other amenities. Some of these charges are included in the monthly fee and some are add-ons. Pay attention.

A continuing care retirement community (CCRC) generally requires a large up-front payment, which often is satisfied from the sale of your house, but offers the