How Aging Parents Can Make Later in Life Planning Easy

A simple Google search about managing your aging process will yield many results that would help your children. But what about you? The savvy senior who wants to make things easier on your kids without becoming a burden. Well, here is your guide for planning your later in life wishes to make things easier for your friends and family. Later in life planning is important, but it is rarely easy for anyone.

What Aging Parents Need to Know

What is Later in Life Planning?

Later in life planning is an essential part of your Estate Plan that standardizes your later in life wishes. Often, as you age, it may become difficult for you to express what you want to happen should you fall ill. That is how many aging parents put a lot of unintentional pressure on their adult children when faced with making difficult decisions. 

Why is it Important?

Later in life planning is important because it helps alleviate the stress placed on your children or friends when making tough choices. The last stage of life can leave those closest to you burdened by grief and difficult decisions. Sometimes, family members have wildly different beliefs about what should happen or how your care should be managed. Creating a plan ahead of time eases this difficulty for everyone involved.

If you take the time now to prepare for the inevitable, you can relieve some of the hardship those closest to you may face. Not to mention, this is how you protect your assets.

Ultimate Later in Life Planning Checklist for Aging Parents

Now that you understand why later in life planning is so important, it is time to begin. Take comfort in the fact that once you have made your plan you will be free from the burden of putting difficult decisions on your family.

Prepare Your Later in Life Planning Documents

It’s a little overwhelming at first, but once you start the process you’ll realize it isn’t really that complicated. Being informed regarding what you need ahead of time can help. Simply, run through this checklist and prepare these documents:

  • Living trust
  • Living will
  • Power of attorney
  • Organ/tissue donor designation
  • Domestic partnership agreement (if applicable)

Decide Between a Will or a Trust

Trusts are occasionally misunderstood to be something only for the wealthy. However, anyone who owns at least $160,000 in property or assets should consider one. Not only do they protect you, your family and friends, and your legacy, but they also offer a degree of privacy. Additionally, when your estate is held in a Trust, your family may avoid the costly process of probate.

Wills tend to be a more straightforward business, whereas Trusts can be a little complex. An important difference between Wills and Trusts is that a Will isn’t effective until after your departure. A Trust goes into effect as soon as you create and fund it.

List Your Assets

Your list of assets can vary widely depending on what you’ve acquired during your life. Here is a brief list of possible assets:

  • Savings
  • Cash
  • Treasury bills
  • Real estate
  • Investments
  • Pensions
  • Retirement plans
  • Life insurance 
  • Artwork
  • Jewelry
  • Corporate assets

Determine Later in Life Housing

The most important thing to determine is what type of housing you anticipate needing. This is key in making decisions regarding what you need to know. For example, should you plan to stay in your home, you will need to know what kind of assistance is available. Should you anticipate needing more care, a Continuing Care Retirement Community (CCRC) might be the right choice for you.

Now that you know how to make later-in-life planning easier on your children, you can relax and enjoy your retirement.

Wondering what a CCRC has to offer in your golden years? Learn about aging on your terms with your FREE Continuing Care Retirement Community Guide.

Twin Towers is a continuing care retirement community in Cincinnati, Ohio, offering patio homes, apartments, rehab services and more. We’re focused on supporting the vibrant and active lifestyles of our residents so they can age well. For more information, contact Twin Towers online or at 513-853-2000.

Benefits of Paying a Continuing Care Retirement Community Entrance Fee

If you are unfamiliar with Continuing Care Retirement Communities (CCRC), the entrance fee may come as a bit of a shock. Some people think this is a steep price to pay without fully understanding what you are getting from it. Well, that’s why we’re here. We want you to understand what the entrance fee gets you so you can make an informed decision about paying an entrance fee vs. renting.

What the Entrance Fee Does

Not for profit

Concord Reserve is a not-for-profit Senior Living Community.  The residents do not own the property and therefore do not need to maintain it, pay taxes or carry insurance on the property.  The entrance fee program is designed to assure lifetime residency in our community.  By financially prequalifying all of our residents and requiring the payment of an entrance fee, we are able to assure them that they can live here for the rest of their lives through all levels of care.  The entrance fees are partially refundable.  The remaining entrance fee is refundable to the resident or their estate after they leave the community.  Monthly fees are paid throughout residency and typically increase in the range of 2-3% per year. 

A Full Continuum of Care

The entrance fee ensures your access to the complete continuum of care. As opposed to many communities that offer monthly rental charges, at a CCRC you can move through the continuum to ensure you age on your terms regardless of the turns your health may take. By paying the entrance fee what is purchased is a contract for services detailed in the community’s Residency Agreement.  Briefly, it’s access to the continuum of care:

  • Independent living
  • Assisted living
  • Memory Support
  • Nursing care
  • Inpatient and/or outpatient therapy

Why Pay an Entrance Fee Instead of Renting

It comes as no surprise that when you consider the costs of a rental community compared to an entrance fee community, which will likely cost hundreds of thousands of dollars, your knee-jerk reaction is to assume the rental community will be the less expensive option. And though this may prove to be the case, in reality, some cases may prove to be less expensive than a rental community.

The main reason the difference in cost may not be as drastic as it might first appear is that you are not just calculating your costs today but rather for a lifetime. For example, let’s say you are currently comparing communities. One a rental, one a CCRC. Right out the gate, the rental community might pull ahead due to the $300,000 entrance fee.

However, in most cases, the entrance fee is 90% refundable upon moving out or expiration. This means you can still leave it to your heirs. Also, let’s say that the rental community is charging a higher monthly fee than the CCRC. Over time, that cost will add up.

Lastly, and most importantly, let’s say you get sick. Most people want to live long lives. An average of 92 years, to be precise. Yet, according to one study, people are 5 times more likely to be afraid of being a burden to their families than dying itself. On average, women need 3.7 years of long-term care and men will need roughly 2.2. This alone can make a CCRC worth it because you can move through the continuum of care even if you should exhaust your resources. The average cost of nursing care can range from $54,000 to $95,000 per year.

With all the senior living options today, researching each of them can be exhausting. To help, we have created your FREE Continuing Care Retirement Community Guide to get you started.

Concord Reserve is a continuing care retirement community in Westlake, Ohio, independent living apartments, assisted living, rehab services, and more. We’re focused on supporting the vibrant and active lifestyles of our residents so they can age well. For more information, contact Concord Reserve online or at 440-871-0090.

4 Retirement Myths to Free Fact From Fiction

Thinking of retirement should inspire thoughts about fun vacations to the coast and more time with family. Not anxieties about your finances. With all the retirement myths out there, it can be difficult to sift through the fiction to find the facts. Fortunately, we’ve cleaned some retirement myths up for you.

Retirement Myths

Social Security is Running Out

There are no federal programs more important to retirement than Social Security. Half of retirees in America depend on Social Security for half of their income. While another 25% rely on Social Security for roughly 90% of their retirement budget. According to a Pew Research Center survey, 42% of survey takers believe Social Security will be a gone by the time they are ready to retire.

However, the truth is that, yes; social security needs some help but it’s not going anywhere. Even in the unlikely event that nothing is done to protect Social Security, monthly checks in 2035 will still be higher than they are now. This is because Social Security benefits increase at a greater rate than levels of inflation. Additionally, retirement security draws bipartisan support politically, so much so that the 2019 Security Act was passed.

Retirement is Short

Every day, the medical field is making more breakthroughs for successful aging, but this also means longer retirements. Many people plan on retiring at 65. However, the average life expectancy now is about 80. This means you can expect to spend about 15 years in retirement.

Some people plan on working into their 70’s, making their retired years shorter. However many aren’t physically able to carry out this plan. This is due to the fact that time can take a toll on your body and even though you feel great at 60 and plan on working the next 10 years, any number of health scares can crop up in that period of time.

Medicare Will Cover My Needs

While it is true that Medicare is advantageous to those 65 and up, it is not as all-encompassing as some people think. One of the most common misconceptions is that you won’t incur any medical expenses because Medicare will cover them. However, Medicare has some serious limits. 

Things like long-term care, dental appointments, and vision assessments are not often covered by Medicare. Additionally, you will still need to pay for copays and deductibles when applicable which often means you will have medical expenses in retirement. 

I Will Need to Move to a Nursing Home

For many, “retirement” means “old” and “old” means it’s time to move to an “old person’s home.” This is probably the worst myth of all for multiple reasons. Over the last decade or so, the retirement industry has changed substantially and is now a time for opportunity and excitement rather than a slow march to “the end.”

These days, there are more options than just moving to a retirement community and many choose their communities not based on care needs but on lifestyle choices. Those who choose to downsize have the ability to move to a smaller home of their own or join an active retirement community. A retirement community offers activities, social opportunities, and fewer daily responsibilities which allows individuals to live their fullest lives in retirement.

Thinking of living a stress-free lifestyle? Check out what a Continuing Care Retirement Community (CCRC) has to offer with our FREE Guide!

Life Enriching Communities, Inc. (LEC), is an integrated family of lifestyle communities and senior living services in greater Cincinnati and Westlake, OH. Best known for our Twin Towers and Twin Lakes senior living communities, and our recent affiliation with Concord Reserve in Westlake, we have made aging well a top priority for nearly 120 years.

3 Common Fears About Retirement and How to Manage Them

You are far from alone if fears about retirement are stressing you out. A recent study demonstrated that 95% of participants had at least one fear about retirement. The three most common fears are outlined below along with how you can manage them.

To learn how to save money in retirement, read this article.

Fears About Retirement

Outliving Savings

This should come as no surprise as the number one fear about retirement. Today, nearly 25% of Americans will live to 90 and many people are worried they haven’t saved enough for retirement. Building a large nest egg to last for three decades is a tall order. That’s why, among other options, one way to manage this fear is to push back your age of retirement. This gives you more time to save while also diminishing your retirement costs. Another benefit of waiting to retire, if you wait until you are 70, you receive delayed retirement credit from Social Security.

Social Security Will Cease to Exist

There are few federal programs more important than Social Security. Half of retirees in America depend on Social Security for half of their income, while another 25% rely on Social Security for roughly 90% of their retirement budget. The idea of Social Security running out is a fear for many in America. While Social Security is certainly in a little bit of trouble, it’s not going anywhere any time soon. This is because Social Security benefits increase at a greater rate than levels of inflation. Additionally, retirement security draws bipartisan support politically, so much so that the 2019 Security Act was passed.

Health Care Costs

Long-term care can easily cost large sums of money in the hundreds and thousands of dollars. These large amounts are enough to throw a wrench in any well-made savings plan. What’s more, is there is no way to know whether or not you will need it. However, there are a few ways you can protect yourself against the financial costs of long-term health care. 

The first way to protect yourself is to reduce the odds of needing long-term care by taking care of yourself as you age. Staying active and eating right is an advantage in preventative care. 

Another option for you is to purchase long-term care insurance. Though these can be expensive, they still give you a regular monthly cost you can plan for instead of the unknown expenses that come with sudden medical expenses.

Looking for some other new secrets to living a healthy lifestyle? With this FREE A-Z guide on Living and Aging the Way You Want you can learn the ABCs of aging successfully. Download your PDF and start living the lifestyle you want.

Concord Reserve is a continuing care retirement community in Westlake, Ohio, independent living apartments, assisted living, rehab services, and more. We’re focused on supporting the vibrant and active lifestyles of our residents so they can age well. For more information, contact Concord Reserve online or at 440-871-0090.

How to Save Money Through Downsizing

Retirement is all about doing what you enjoy and downsizing is often the first step in that journey. And the longer you wait, the harder it may become. When it comes to downsizing your belongings, where do you start? As it turns out, there are some items that make for common downsizing obstacles. So here is our list of what you can downsize to save money:

Save Money Through Downsizing

Your Home

Downsizing from your home can result in loads of savings every year and can reduce your yearly expenses. The savings come from reduced property tax, insurance, maintenance, and utilities.

Your Debt

On average, Americans carry $6,194 in credit card debt. If you downsize your home, you can put some of your monthly savings toward paying off your debt and pay less interest going forward.

Clothes

With the rise of “fast fashion” online, people today are buying more clothes than ever. The  average person is ditching about 81 pounds of clothing every year as of 2020. Due to this fact, it’s clear that closets all over America have room to shrink and stay that way. Though, donating would be far more beneficial than simply throwing clothes away.

Storage Units

If you are paying money each month for a storage unit, it might be time to go through them and see if you really need those items. After all, you won’t have more room to use them if you downsize anyway. Now is the time to think about condensing those items or even getting rid of them all together. 

Exercise Equipment

Exercise equipment can go unused for long periods of time while taking up a lot of space in your home. Programs, like SilverSneakrs, provide Medicare enrollees free access to over 15,000 fitness facilities nationwide.

Sell Collectables and Kitchenware

If you have a large collection of collectibles, or lots of kitchen gadgets that you haven’t used in the last year you can make a little money by selling them. 

Ready to begin downsizing? Here is the best FREE starter’s guide to beginning your downsizing journey. Click the icon below to download your FREE copy to Unlock the Power to Declutter: The Definitive Guide on How to Start.

Concord Reserve is a continuing care retirement community in Westlake, Ohio, independent living apartments, assisted living, rehab services, and more. We’re focused on supporting the vibrant and active lifestyles of our residents so they can age well. For more information, contact Concord Reserve online or at 440-871-0090.

Smart Retiree Savings Tips Makes You a Savvy Senior

When it comes to your finances, no one wants to be caught off guard. Yet many retirees need to consider more than just their finances. That’s why we made this retiree checklist, so if you’re already retired what should you be doing? Here are your retiree savings tips:

Retiree Savings Tips

Don’t Set It and Forget It

When selecting investment plans, it may be tempting to “set it and forget it.” However, you should always be proactive when it comes to your retirement savings and re-adjusting may be necessary at some point. There is a great debate within the world of professional investors whether a target-date fund, or set it and forget it fund, is really the best option. The industry changes frequently and you should always be assessing your risk. 

Delay Drawing Social Security

When to take Social Security is dependent on your circumstances. Should you choose, you can start taking your benefits as early as 62 or you can wait to reach the full retirement age of 70. While there is no right or wrong way to claim your benefits, delaying Social Security can really pay off.

Move Somewhere with Lower Cost of Living

Choosing where you want to live during your retirement is just as much of a financial decision as it is a lifestyle one. People may want to move to a place with a lower cost of living as a strategy for saving more money in retirement. For some, making this decision is an easy one, but for others, it is fraught with emotion. The home that works for you in early retirement, may not work for you later down the road.

One thing people often consider is moving to their favorite vacation spot, though this requires some consideration. Many vacation spots are seasonal and may not be much fun in the off-season or fit with the rest of your lifestyle.

Downsize

The big question on many retirees’ lips is; should I downsize my home? The answer depends on your circumstances. Some factors may include costs and potential health care issues. Appropriately weighing all the factors will help you decide.

  • Cost of Selling: Selling your home comes with some expenses. You may have to renovate or update your home to get the best price and don’t forget about the realtor’s commission. If you happen to make money in the sale, capital gains taxes could apply.
  • Cost of Moving: Don’t forget about the costs that come with moving, like closing costs, movers, and other unanticipated expenses.
  • Health Concerns: As you age, your health may become more of a concern. If you or your spouse have mobility issues, a two-story home may become too much of a burden or hindrance to mobility. If your home is one-story, are the doors and passageways wide enough to easily get through with walkers? 

For tips on how to downsize, check out this article

Move to a Continuing Care Retirement Community

Over the past few years, Continuing Care Retirement Communities (CCRC), otherwise known as Life Plan Communities, have become popular retirement options. A CCRC provides a continuum of care for its residents, which creates a sense of security and peace of mind. Offering an array of living options and supportive services, residents enjoy life on their own terms without the hassle of home maintenance or multiple monthly bills to manage,

Now that you read retiree savings tips, wondering what your future has to offer in your golden years? Learn about aging on your terms with your FREE Moving to a Senior Living Community: Make Decisions Your Way

Twin Towers is a continuing care retirement community in Cincinnati, Ohio, offering patio homes, apartments, rehab services and more. We’re focused on supporting the vibrant and active lifestyles of our residents so they can age well. For more information, contact Twin Towers online or at 513-853-2000.

7 Deadly Retirement Savings Sins of Baby Boomers

According to Boomer Expectations for Retirement (BER), current retirees might not be where they think they are in their retirement planning. Make sure you aren’t falling victim to these retirement savings sins.

Not Saving Enough

This may be the most obvious — and the most frightening — but it bears repeating. According to the BER, an astounding 23% of baby boomers have no retirement savings.

Draining Retirement Savings

We know life happens and there are unpredictable events that occur throughout your life. However, you should be very careful about dipping into your retirement savings. About 17% of new seniors save for retirement once but then spend the money. This happens either due to desperation or carelessness. Worse yet, it can be both.

Not Properly Calculating a Retirement Savings Goal

Not having a retirement savings goal makes it harder to save enough for retirement. Think about it; if you haven’t set a goal, how will you know how much you want to save? On average, only 25% of boomers have tried to run the numbers without a financial advisor. And of those with a financial advisor, only another 25% have set a monetary goal.

Underestimating Healthcare Costs

According to studies, a healthy couple in their mid-60s may need a budget between $300k-500k for their health care expenses. This includes insurance, copays, and other out-of-pocket expenses. Yet, most retirees are unaware of just how much healthcare can cost. According to the BER, less than 20% of boomers believe their healthcare costs will come to less than 20% of their retirement income. Additionally, more than 25% think it will be less than 10% of their retirement income. 

Ignoring Long-Term Care Costs

This one is particularly dangerous, yet nearly 70% of boomers are going to need some form of long-term care. What’s more, is the average cost is roughly $90k a year. And if you are banking on Medicare to pay, think again. Medicare doesn’t pay for long-term care.

Mishandling the Retirement Date

Did you know that postponing retirement can have some major benefits? Some 29% of individuals aged 62 to 66 have decided to postpone their retirement. Additionally, an astonishing 33% of those aged 67 to 72 have done the same. However, others overestimate how long they’ll be able to work. About 31% of boomers believe they will be able to work past 70. Unfortunately, the BER tells us that fewer than 10% actually can.

Not Getting Affairs in Order

Roughly two-thirds of boomers have taken no steps in protecting themselves should they suffer a major health event or need memory care. They haven’t sat down and shared their wishes with  their family. Unfortunately, many people who have been through the process of unplanned life events can tell you, the chances of you waiting too long are pretty high if you don’t start planning today.

Worried about your future? Don’t leave the decision-making process to anyone else and harness the power of choice with your new eBook, Moving to a Senior Living Community: Make Decisions Your Way

Twin Lakes is a continuing care retirement community in Cincinnati, Ohio, offering villa homes, apartments, rehab services and more. We’re focused on supporting the vibrant and active lifestyles of our residents so they can age well. For more information, contact Twin Lakes online or at 513-247-1300.

5 Essential Retirement Documents

As you begin to plan for retirement it is easy to put most of your focus on your savings, and rightly so. However, funding your retirement involves more than simply saving enough money. An often overlooked necessity is the importance of obtaining and organizing certain documents. The following are five essential retirement documents you will need for a smooth transition.

Essential Retirement Documents

Original or Certified Birth Certificate

Though you can submit copies of many documents, your birth certificate is not one of them. To apply for retirement, you will need an original or certified copy of your birth certificate as a photocopy will not be accepted. Original documents are returned after filing.

Original Social Security Card or Record of Number

Your Social Security number is directly tied to how much you receive from your Social Security benefits. Your specific number has been used your entire working life to track the amount of money you have earned. This, in turn, determines your level of benefits in retirement. From there, your Social Security number will be used to track your benefits.

Proof of Citizenship

There are several documents the Social Security Administration will accept as proof of citizenship. These documents include a U.S. birth certificate, passport, or certification of citizenship. If you are a lawful non-citizen living in the U.S., you may present your Department of Homeland Security documents which may include I-551 (Green Card) or your DHS form I-94. Much like your birth certificate, the Social Security Administration will only take original or certified documents.

Durable Power of Attorney for Finance and Health Care

A durable power of attorney for finance is a legal document that authorizes a person of your choosing to manage your finances should you be unable.  

Similarly, a power of attorney for health care is a legal document that allows the person you choose to manage decisions (otherwise known as a decision-maker) regarding your health should you be unable. You can additionally include a directive that provides specific written instructions to your legal decision-maker to communicate your wishes.  

Tax Returns

Your life is meant to be easier in retirement, however, this doesn’t apply to your taxes. Many complications regarding your taxes come into play in retirement because your employer is no longer automatically withholding taxes from your paycheck, which can make paying your taxes tricky. You may owe taxes on your Social Security, pension, and annuity depending on your state. It is best to work closely with a trusted tax and finance professional to assist you with these complicated matters. Keep in mind, the IRS can look back up to three years for basic errors.

Obtaining, organizing, and understanding your essential retirement documents will help you make informed decisions as well as facilitate an easy transition to retirement.

Thinking about moving to a senior living community? Learn what your options are with our FREE eBook, What are My Senior Living Options.

Concord Reserve is a continuing care retirement community in Westlake, Ohio, independent living apartments, assisted living, rehab services, and more. We’re focused on supporting the vibrant and active lifestyles of our residents so they can age well. For more information, contact Concord Reserve online or at 440-871-0090.

How to Know If It’s a Good Time to Sell Your House

Knowing when to sell your home to move to a senior living community can be tricky and time-consuming. This is especially true if you are uncertain about selling your home to begin with. But now might be the time to ask, is it time to sell your house?

Why Staying for the Memories Can Hurt You

If you are waiting to sell your home due to sentimental reasons, you could be hurting your finances. Selling your house at the wrong time can have direct consequences. Many hang on to their houses too long and miss the housing market peak when it happens. If you wait too long you can end up in financial trouble. Don’t let your memories prevent you from making a sound financial decision.

This isn’t to say it’s uncommon to get emotional about selling your home, especially if you are moving to a living senior living community. You spent a lot of time and massive efforts to make your home what it is and have made many memories in your home. However, saying goodbye at the right time is vital to you getting the best deal and sometimes emotions must be put aside to accomplish this goal. Instead, try to harness the feelings and memories you had while shopping for your new home and extend those to your new home.

But how do you know when it’s time to sell your home?

The Signs It’s Time to Sell Your Home

You’ve Seen Positive Selling Trends in Your Neighborhood

This is a no-brainer if you’ve been thinking about selling your home. If the housing market in your area has been trending up and you’ve already decided to sell, then now is the time to act. Though it does get tricky for gaining maximum value since you want to sell when the market peaks.

In a good market, homes will appreciate by approximately  3%. However, a “hot” market can appreciate much more. Basically,  you want to ride the wave for as long as possible and sell just before it breaks. This will depend almost entirely on your personal level of risk-taking or risk aversion. Be sure to take into consideration when the last peak occurred and how high the rates reached before breaking. This can give you an idea of how likely the market is to hit similar prices.

Home Maintenance Has Become Too Much of a Hassle

Americans notoriously wait too long to downsize or move to a senior living community that better meets their needs and desires for retired life. While you may think you are too young or healthy to move, the sooner you do it the sooner you’ll reap the benefits.

In addition, the more your house needs maintenance and the more you keep putting it off, the less your house will be worth when you do finally sell. The clock is already ticking and the time will come when the demands of maintenance are too burdensome to bear. It is better to plan ahead and be ready before the situation leaves you with fewer options.

You’re Ready to Be Proactive

As you get older, keeping up with maintaining your home will often fall to your relatives. Once you need more support from your family in general, you will likely need support in upkeep. If you are ready to be proactive about your support, you may be ready to consider other alternatives. A good plan will eliminate the need for your family to be burdened and allow you to focus better on healthier living and doing the things you want.

Is it Time to Sell Your House

The simple answer is maybe. If the market is in a good place and you feel like your home is becoming too much of a chore for you to keep up, then yes, it is time to sell your home. However, if the market is down you may want to wait. Though this can get tricky if you can’t keep up with the maintenance. It may end up costing you more, in the long run, to wait for the market to turn while letting your home fall into disrepair.

When in doubt, sit down and really hash out the benefits of selling while understanding that your sentimentality is valid, though it could hurt you. Be sure to think through your vision for the future and the lifestyle you want. If you want to explore your financial options, read this article about CCRC entrance fees.

Want some financial planning tips for your future? Check out our FREE eBook, 6 Money Planning Tips for Your Senior Living.

Concord Reserve is a continuing care retirement community in Westlake, Ohio. We’re focused on supporting the vibrant and active lifestyles of our residents so they can age well. For more information, contact Concord Reserve online or at 440-871-0090.

CCRC Entrance Fees vs. Renting in Independent Lifestyles

Doing your due diligence to plan for your future is almost a full-time job — and you are supposed to be retired. But with people over 65 outnumbering people under 18 by 2030, the competition for community living is increasing every day. It is more important than ever for people 65 or older to develop their long term plans earlier. Though your retirement options are more plentiful, there are two main types when it comes to community living; a Continuing Care Retirement Community (commonly called a CCRC) and an Independent Lifestyle Community. Though there are many differences between these communities, one of the most significant is how you pay for them — CCRC entrance fees vs. renting.

Homeowners Associations vs. Independent Lifestyle Community

If you are looking to rent without an entrance fee, you are likely going to look at an independent lifestyle community. Like a condo community with homeowners association fees that cover basics like pool maintenance and the exterior of the home, but not your utilities or interior home.

For a complete comparison between a Homeowner’s community and an independent lifestyle community, check out this article. But the major difference to keep in mind is that Independent Lifestyle Communities have age restrictions and the amenities offered are designed to appeal to retirees with expenses covered under a single monthly fee.

Amenities of Independent Lifestyle

The amenities that independent lifestyle offers can vary from campus to campus. These communities are designed to unburden residents of mundane chores so they can live their best lives. Some of the burdens they help with are:

  • No maintenance or repairs
  • Housekeeping options
  • Lawn care and snow removal
  • Dining options
  • Social programs and events
  • Spiritual services
  • 24-hour security
  • Wellness programming

CCRC Entrance Fees

Though the entrance fee at a CCRC certainly adds a greater initial cost, there are a lot of perks that come with it. First of all, entrance fees for a CCRC are designed to help residents get the entire continuum of care they came for. Similarly, paying the entrance fee ensures that they will be able to remain in the community they have chosen with fewer worries and responsibilities. This works both for the security of individuals and the community at large since the people who live there plan to stay there.

Amenities of a CCRC

Much like in an independent lifestyle, the amenities offered by a CCRC can vary, though most will offer some basics. Also, much like independent living, moving to a CCRC community is all about security and peace of mind. 

Furthermore, many assisted living communities will offer the same benefits as an independent lifestyle community, plus some additional aid:

  • Personal support services
  • Laundry services
  • Assistance with daily self-care
  • Medication management
  • Health monitoring
  • Enrichment programs for social and active living

No matter which option you think is right for you, there is a Life Enriching Communities resource to help you at every step of the decision making process. Cover all your bases with our FREE eBook and discover What Are My Senior Living Options.

Concord Reserve is a continuing care retirement community in Westlake, Ohio. For more information, contact Concord Reserve online or at 440-871-0090.