Life After Retirement: The Different Types of Living Arrangements for Retirees

Old couple

Old coupleThere’s an ongoing discussion about the unstable economy, dwindling retirement funds, and expensive health care costs. That’s why many retirees have an increasing concern about the financial aspects of retirement planning. There are many tips available to help them make smart choices regarding this issue, but how about senior retirement living?

What do you see yourself doing for the rest of your life? Financial issues aside, there are many things that make retirement living enjoyable.

Types of independent living facilities include separate houses and apartment complexes. Be aware of your choices.

Subsidized Senior Housing

The U.S. Department of Housing and Urban Development subsidizes a number of public housing for seniors and families under the low-income bracket.

Retirement Homes or Retirement Communities

These are groups of housing units for those over a certain age. These can be single-family homes, mobile homes, duplexes, condominiums, or townhouses. If you buy a unit, you may have to shoulder additional monthly fees for recreation centers, outside maintenance, or clubhouses.

Continuing Care Retirement Communities (CCRCs)

If you are healthy, but want to prepare for serious health problems, pick CCRC. These facilities offer a range of care services, from nursing home care within the same community complex to independent living arrangements. CCRCs, like Twin Lakes Community in North Carolina, provide a comfortable home for people with dementia.

Residents who require help with their activities can move from independent living to an assisted living or skilled nursing facility within the same site. The main advantage of this setup is you only need to relocate once.

Senior Apartments or Congregate Care Housing

These apartment complexes have age restrictions, usually aged 55 years. The rent may be inclusive of community services such as transportation services, recreational programs, and everyday meals served in a communal dining room.

Consider all your present and future needs to make the right choice.