This housing option for aging adults can address individual needs, but costs and restrictions vary considerably.
Independent living communities offer relatively maintenance-free living, often with services and amenities specific to the needs of engaged, older adults. The “age restriction” or “age target” is typically age 55 or older, but may vary by community.
There is great variability in the cost to purchase a home in a 55+ independent living retirement community. The cost to buy is often comparable to local real estate values, depending on what type of home you want and where you are buying. There are also monthly resident fees that vary depending on the types of services offered by the community. Some people choose to rent versus buy a home after reviewing their budget and assessing the cost of ownership net of taxes and the unplanned costs associated with home ownership.
Monthly costs for independent living communities can range from $1,500 to $10,000. For detailed costs by state, please visit seniorhomes.com.
Family members, including grandchildren, may visit and stay in the home with the residents. Some communities have restrictions on how long visitors under age 55 may stay. In a situation where one spouse becomes a caregiver for the other, the couple may live together in the residence while bringing in home health aides to assist in care.
These communities offer residents a simplified lifestyle, built-in social outlets and recreational facilities. Neighbors often share a common lifestyle and a common stage of life. It’s important to ask about the demographics of the community to see if it is the right fit for you.
Doctors’ offices are often located close to these communities. Policies vary, but residents may bring in medical or non-medical care, but usually not skilled nursing care.
Source: “Genworth 2019 Cost of Care Survey”
This content was created and distributed by Legg Mason Global Asset Management. Raymond James is not affiliated with Legg Mason Global Asset Management.
Links are being provided for information purposes only. Raymond James is not affiliated with and does not endorse, authorize or sponsor any of the listed websites or their respective sponsors. Raymond James is not responsible for the content of any website or the collection or use of information regarding any website's users and/or members.