Right Size at Home vs Retirement Community
Should I age in place or move to a retirement community?
Deciding to stay in your current home or move to a retirement community can feel like a monumental decision. When faced with a dilemma, sometimes it seems easier to do nothing. But it’s important to take the time to think about and explore your options. There are many factors to consider to make the best choice for your situation. It often helps to break down some of the key components to determine the pros and cons of each option.
Finances are often a determining constraint in any decision. Is it more economically wise to stay in your current home or to move to a retirement community? As a starting point, you could contact your local trusted realtor for a free fair market value of your home. Consider all of the costs of maintaining your house including gas & electric bills, property upkeep and repairs, and taxes. Call or visit retirement communities in your area to learn about the fees associated with being a resident. The cost of living in a retirement community can vary greatly from place to place. A financial advisor can help you evaluate your assets and offer advice.
Health and safety are key issues to evaluate when weighing your decision about your future living situation. Do you need additional assistance with activities for daily living? What is your projection for the next 5-10 years? Often times homes can be modified to increase safety and ease of everyday life. Additionally, in-home caregiving can be arranged. Retirement community apartments are typically designed with safety in mind and may also offer meals and onsite nursing care
Socialization & activities might be an incentive for someone to seek a retirement community. Others, may already have a full social calendar and enjoy the peace and tranquility of their home. Retirement communities often strive to promote opportunities for like-minded individuals to gather regularly. Activities such as exercise classes, clubs, crafts, shopping, live theater and so much more can often aid in the enjoyment of life in our later years.
In conclusion, after assessing your needs and resources, weigh your options and make the decision you are most comfortable with. Remember, what is best for your friend or neighbor, may not be the best choice for you. Only you can truly decide what allows you to live your best life possible.
Next month, we’ll explore more about how to right size and age in place.