As the population ages, more and more people are considering their options for retirement housing. In just a few years, individuals 65 and older are expected to outnumber those under 18. This makes it crucial to think ahead about where you or your loved ones will live during retirement, especially when health issues might require a sudden change in living arrangements.

Balancing Independence with Care Needs

Most people prefer to remain in their own homes as they grow older. About 75% of individuals aged 50 and above wish to age in place, maintaining their current homes or communities for as long as possible. However, health challenges can arise that might require you to reconsider your options. Assisted-living communities, nursing homes, and continuing care retirement communities (CCRCs) are all viable alternatives, each offering varying levels of care based on the individual’s needs.

Aging in Place Safely

If you or a loved one decide to remain at home as you age, modifications to the home are often necessary to ensure safety. Start with the bathroom, as it’s a common place for accidents. Installing grab bars, replacing slippery tile with slip-resistant flooring, and adding a walk-in shower can help prevent falls. Additionally, other adjustments like wider doorways, ramps, or lowering countertops can make the home more accessible as mobility needs change.

For those with stairs in their homes, it may be worth considering relocating key rooms like the bedroom and bathroom to the ground floor to reduce the risk of falls. As managing a household becomes more challenging, hiring a personal aide to assist with cleaning, cooking, or daily tasks can also help maintain independence.

Modifying Your Home or Moving to a New Place

Some retirees choose to downsize to a smaller, more manageable home. Right-sizing allows you to remain close to important people, activities, and services, without the burden of a large home. Additionally, smart home devices can improve convenience and security by controlling everything from lighting and temperature to security systems, making life easier and safer.

Exploring Continuing Care Retirement Communities (CCRCs)

CCRCs offer a comprehensive solution for aging adults by providing a range of living arrangements and health services. These communities allow individuals to begin in independent living accommodations and transition to more supportive care as their needs evolve. As residents’ health care needs increase, they can move to assisted-living apartments and, if necessary, to a skilled nursing facility or memory care unit.

CCRCs aim to create a vibrant community with various social events, fitness programs, and even amenities like golf courses and restaurants. While the initial entry fee can range from $402,000 to over $2 million, it’s important to understand the refund policies and monthly maintenance fees. Be sure to review contracts thoroughly to understand the terms, including guarantees for skilled nursing care when needed.

Assisted-Living Facilities

Assisted-living communities are ideal for individuals who need help with basic daily tasks, such as bathing, cooking, and medication management, but still want to maintain a level of independence. Residents typically have private living spaces but share common areas and receive support with activities of daily living. The average cost for a private room in 2021 was about $4,500 per month, and many residents transition to skilled nursing care after an average of 22 months.

Nursing Home Care

Nursing homes offer 24/7 medical care and assistance for those with significant health needs. This level of care is often required when a person needs help from multiple certified nursing assistants for tasks like transferring from a bed to a wheelchair. In 2021, the median cost for a private room in a nursing home was over $9,000 per month, which reflects the high level of care provided.

Making the Right Choice for Retirement Housing

When planning for your own or your parents’ future housing needs, it’s important to think ahead. Whether choosing to age in place or moving to a retirement community, research is key. Questions to ask when considering a retirement community include the staff-to-resident ratio, as this can affect the level of care provided. Visiting the community at different times of the day and speaking with current residents can also help you get a better sense of the environment.

If you live far away from your parents, consider consulting with a senior care navigator, a professional who can help you find the right retirement community based on your family’s specific needs.

Get the Right Help

Choosing the right place to live in retirement is a significant decision, especially as health care needs and costs evolve. A wealth advisor can guide you in weighing the pros and cons of various options and help you plan for the future. With the right strategy, you and your loved ones can enjoy a comfortable and fulfilling retirement.