Retiring? Here are 6 Retirement Living Options You Can Consider

As you retire, you may be concerned about where you will live. We list retirement living options that can help you decide what's best for you

Retirement living options concept

There are various stages of life that mark the major turning point and one such point in life is retirement. After spending most of your adult life working, it’s only fair if you anticipate a time in your life when you can finally take a rest. Such thoughts may birth feelings of excitement. But it also brings its own set of concerns. For instance, retirement requires you to consider your future plans such such as healthcare, living options, finance management and so on.

Because retirement is a major life transition and an indication of old age, you need to take into account the changes you need to make to your lifestyle. When you start to view retirement from this perspective, you may wonder how much your life will change. Do you have relatives and friends who can help you with daily tasks, or will you require the aid of a specialized assisted living facility? There are a variety of living options available after retirement and this article highlights some of them.

6 retirement living options

Below are some retirement living options you could consider based on your needs and desires:

1. Independent Living

Not everyone wants to live with friends or relatives after retirement. The independent living option is for people who only want to live alone or with their partners. Therefore, if you can take care of yourself after retirement, you can choose independent living. It involves residing in an area with other retired people or seniors aged 55 or 62 years and above. If you’re going to live with your partner, they have to meet the set age restriction as well.

Due to old age, you may be unable to do various chores. The benefit of independent living is having help with chores, which gives you more spare time. In your free time, you can participate in events organized for the people in your area. These events involve social and recreational activities such as swimming as well as educational activities.

Moreover, independent living costs vary depending on the services provided and location. These costs usually range between US$1,500 and US$10,000 monthly.

2. Skilled Nursing Home

Old age often implies a weaker immune system which means that you are more prone to falling ill after retirement. If this is the case, you may want to live in a place where you get 24/7 supervised care. A skilled nursing home is the best place to receive such care services.

Seniors who suffer from serious mental or physical illnesses and are unable to care for themselves can be housed in skilled nursing facilities. When you join a nursing home, you’re assigned a nurse who will care for you daily. Moreover, if you enjoy the company of the people you love, your family and friends can visit you occasionally.

3. Assisted Living

If you don’t mind living in shared premises after retirement, then assisted living might be an option. Also, this living option is suitable if you feel like living alone will be unsafe. Assisted living means sharing quarters with other elderly people, but you have access to a private bedroom and bathroom.

What’s more, assisted living offers more personal care than medical care. You’ll receive help in activities of daily living (ADL), such as getting out of bed, taking a shower, and going to the toilet. Also, you’re provided with meals, laundry services, housekeeping, transport to doctor’s appointments, recreational activities, and many more.

4. Continuing Care Retirement Communities (CCRC)

CCRC are communities made up of several living options for the aged. In other words, this is a living option whereby you live in a community that offers assisted living, skilled nursing facilities, and independent living. CCRC is great if you want to live in one location for the rest of your life after retirement. This is because this living option involves selling or giving up your primary home so that you can join one of these communities.

CCRC has a joining fee and monthly costs. The average joining fee for CCRC is about US$329,000. Regarding monthly charges, you may pay between US$2,000 and US$4,000, depending on your care level. However, there are some communities that don’t ask for an upfront fee. Instead, you’re asked to pay a higher monthly fee between US$3,000 and US$6,000.

Further, you can move into a CCRC with your partner and share an apartment. However, if one of you requires a higher level of care, it can be arranged so you won’t have to live far from each other.

5. Aging in Place

After retirement, you may not want to leave your home. This is what’s referred to as aging in place. However, with the challenges that come with old age, you may have to modify your home. For instance, you can install a medical alert system, grab bars in the washroom, and a wheelchair ramp. These installations will increase your safety and make your mobility easy.

Aging in place is preferred because of its benefits. Some of these benefits include:

  • You retain the independence and privacy of staying at your place
  • It’s more affordable than other retirement living options, such as assisted living
  • You can still get assistance if need be while living in your home, and many more

6. Senior Co-Housing Living

After retirement, you may have challenges living alone but still don’t want to live in a nursing home. The good news is you’re not the only one. There are other retired people who feel the same as you. In this case, senior co-housing is a living option that can work for you.

Senior co-housing involves forming a group of seniors and purchasing or designing a place where you can live together. The unique thing about senior co-housing is that you’re the ones who plan and operate the communities formed by these houses instead of developers. By doing so, you’ll be able to reflect your values and those you’ll leave within the place you live.

Furthermore, senior co-housing living’s purposes include sharing resources, reducing costs, and helping each other. Apart from the support from your fellow seniors, you can be supported by other people as this living option also accommodates people of all ages.

Also read » Challenges in taking care of ageing parents

Summing up

One of the most anticipated life events is retirement. Retirement brings along thoughts and worries of how your life will change. For instance, due to progressing age, you may need people to take care of you and help you with daily living activities.

You can settle for a specific living option depending on your situation. There are various living options that include independent living, joining a skilled home, assisted living, continuing care retirement communities, aging in place, and senior co-housing living. These living options work differently depending on your needs and wants.

As you’re retiring, you may not be sure which living option after retirement will work for you. But by considering the options mentioned in this article, you’ll be able to select the one that best suits you.

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