According to a survey of older Americans done by Age
Wave, a research and consulting company, it may seem like moving to a
continuing care retirement community isn’t a fiscally sound decision.
How untrue that myth is! While it may seem that staying in
your home, the home that you’ve already paid off, is the best option
financially, you must consider the home-related costs that you still have to
pay monthly. More likely than not, you pay for homeowner’s insurance, electric,
cable, water, sewer, internet, telephone and groceries, not to mention the
unexpected expenses such as a new roof, or regular maintenance items like
repainting, landscaping, and winterizing your home.
When you move into a continuing care retirement community,
generally, your utilities, food, housekeeping, landscaping, and maintenance are
all included! You don’t even have to run to the store for new light bulbs if
one of yours stops working, or buy a new screen for your window if hail damages
it. These quick repairs, though they may seem small, certainly add up over the
years you spend in your home.
I’ve spoken to residents of various retirement communities
to find out what they think about the financial benefits of moving to a
continuing care retirement community. Here’s what they have to say:
“I really thought
that financially, I would be really giving up too much to move into a community,”
said Ken Smith, a resident of Lakeview Village in Lenexa, Kansas. “I went 3 or
4 times to an excellent financial advisor, and the more we went through the
numbers it became more obvious that I would be doing something like an annuity
– I was using the equity in my home to have more security in the long term.”
Ken added, “I really went with the numbers, but I still had
a sense of mistrust that I wouldn’t get out of it what I put into it. I’ve
discovered after living here for two years, my checkbook establishes that I am
on the right track.”
“[Staying in your home being a better financial decision] is
surely a myth,” stated Ed Coates, a resident of Springmoor Life Care Retirement
Community in Raleigh, North Carolina. “We have found that since we have been at
Springmoor, the monthly resources seem to accumulate more than when we were
living in and having to maintain our house.”
Don’t rule out a continuing care retirement community
because you’re afraid of the cost. Do an honest assessment of how much it costs
to stay in your home, and then visit communities and get pricing information –
you may be surprised at what you find! Carry on!
Ann’s blog appears every Thursday. Comments and topic
suggestions are welcome!
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