There’s no one-size-fits-all solution when it comes to retirement living. At Beacon Hill, we understand that some older adults prefer the idea of multigenerational living while others like the sounds of downsizing to a maintenance-free living arrangement to best take advantage of this next chapter of life.
Whatever you envision for retirement living, we want to ensure you choose an option that helps you enjoy life to the fullest. Below, we explore some of the common retirement living options, their costs, and questions to ask yourself about each.
Aging in Place with Hired Care
If you are particularly fond of your current home and have no desire to move, aging in place might be your preferred retirement living option. However, it’s a helpful exercise to think long-term and ask yourself the following questions. By considering long-term care plans and any associated costs now, you can better plan for the future you desire.
Questions to ask:
- How manageable is your home and yard?
- Are there stairs involved in your daily routine? If so, will it be possible to rearrange your home or your routine to eliminate the stairs if they become a hazard?
- What is your plan if you or your spouse require additional medical care?
- If you don’t have a car or aren’t comfortable driving, do you have transportation available?
Costs to consider:
- 7 out of 10 adults over the age of 65 will require some form of long-term care in their life. For those who stay at home, long-term care support often comes from home health aides. According to Genworth the average monthly costs for home health aides is around $4,500.
- Even if you own your home outright, consider your monthly expenses for dining and groceries, utilities and memberships, as well as the costs of general home upkeep and maintenance.
- If you need to make safety updates to your home, the cost can range from a few hundred dollars for small changes to hundreds of thousands of dollars for a full-blown renovation.
Moving in with Adult Children
For some families, multigenerational living is an ideal arrangement. In fact, a recent study conducted by Generations United cites multiple benefits of multigenerational homes, including the opportunity to form closer bonds with loved ones, improved financial situation for at least one member of the family, and positive impacts on mental and physical health. If this is the desired route for you and your family, be sure to talk through the following questions and discuss the associated costs with your loved ones.
Questions to ask:
- Is everyone in the family on board with this decision?
- Will your living space be safe and manageable?
- What expectations do your loved ones have for you while living together? What expectations do you have for them?
- Will your loved ones help with caregiving as needed or will caregiving be provided through hired help?
Costs to consider:
- Home updates will come with a price tag of a few hundred dollars for small changes to hundreds of thousands of dollars for a renovation.
- Are you expected to contribute financially to the household? If so, what does that look like on a monthly basis?
Specialized Care
If you or a spouse require additional assistance with activities of daily living or memory care, specialized care centers offer a safe residential living environment with the support of trained professionals. While the health and safety of yourself or a loved one may be guiding factors in your decision around specialized care, it can also be helpful to consider the following.
Questions to ask:
- Are you relatively independent but would benefit from the support of skilled professionals with everyday tasks like grooming?
- Have you or a loved one been diagnosed with Alzheimer’s or a related dementia?
- Do you have concerns about you or a loved one being left alone?
- Would you enjoy participating in group activities or spending time with other older adults?
- Would it be beneficial to have meals prepared for you?
Costs to consider:
- In 2020, the average monthly cost in the United States for an assisted living community was around $4,000, although the actual monthly cost can vary drastically based on location and amenities.
- The average monthly cost for specialized memory care units or Alzheimer’s wings is around $1,000 more than the assisted living cost.
Independent Living Community
For individuals who are active and independent, but would prefer to downsize or enjoy a more maintenance-free lifestyle, senior living apartments and 55+ communities are two independent senior living options. One important thing to note: 55 and over communities can be a catchall term, and some independent living communities might actually have a higher age requirement, so be sure to inquire as you compare your options. While the cost and available amenities will vary from location to location, the questions below can help you better decide between an apartment or a 55+ community.
Questions to ask:
- Would you enjoy living in a community of other active older adults?
- Would you prefer to rent or buy? Most senior living apartments are rental units while homes in 55 and over communities are purchased like any other home.
- How important are services and amenities like a fitness center or clubhouse?
- What would your plan be for long-term care, should you require it?
Costs to consider:
- According to a report from the National Investment Center for Seniors Housing and Care (NIC), the average monthly cost of independent living can range from a few hundred to well over $9,000.
Life Care Community
Similar to independent living communities, Life Care communities, sometimes called continuing care retirement communities (CCRCs) also cater to older adults with active lifestyles. A primary difference between the two, however, is the available care offered within the community.
Different CCRCs might offer different contract types — Type A (Life Care), Type B (Modified) or Type C (Fee-for-Service). Life Care contract types help define entrance costs and the costs associated with available care, with Type A contracts typically being the most expensive but also the most comprehensive.
Questions to ask:
- Do you want your next move to be the last move you have to make?
- How important is it to have access to additional care services on-site?
- Do you want to rent or buy?
- Would you enjoy access to different dining venues on-site?
Costs to consider:
- CCRCs typically require an entrance fee that can range from $100,000 to well over $1 million, depending on the location and available services and amenities.
- The cost of your new home. Similar to most 55+ communities, homes in a CCRC are usually only available for purchase.
- On average, additional monthly fees which cover the cost of things like maintenance, transportation, dining and activities, are a few thousand dollars.
Retiring at Beacon Hill
Beacon Hill is a lively continuing care retirement community in Lombard, Illinois for adults who are 62 and older. Our on-site health services include our 5-star skilled nursing care or individualized support in your independent living residence through our Lifespace Personal Services. In addition to living amongst fascinating and worldly neighbors, Beacon Hill residents enjoy fine dining experiences, proximity to Chicago events and attractions, and peace of mind knowing their future care is planned for.
To learn more about life at Beacon Hill and how we can best support your retirement journey, please fill out the form below or call us at 630-620-5850. Our team would be happy to connect with you.
