We get many questions on retirement communities. Teresa Mize, Director of Marketing at The Cedars of Chapel Hill, joins John this week to discuss.
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The Bass Lines:
Why Move To A Retirement Community When You Could Live At Home?
- [1:33] – As we age, things like physical and financial security become more important. We want to feel secure, and if you’re considering a move to a retirement community, you could be experiencing some level of insecurity. Perhaps your neighborhood has changed, or maybe you’ve become widowed and your kids have moved away. In those situations, you may want to know you’re safe, but you’re afraid you’ll give up your freedom if you move to a retirement community. In reality, we feel the opposite is true.
The Retirement Community Lifestyle.
- [3:43] – As people move into retirement communities, they often realize they’d been lacking community with others. Living at home can be isolating, especially if you’re living by yourself. As you age, it gets harder to attend shows at the DPAC or games at the Dean Dome. It seems your social life can seem to slip away. In a community like the Cedars, there’s always something going on, and there are all sorts of ways to build relationships.
Preparing For Retirement Communities.
- [10:22] – Many folks think retirement communities are beyond their reach financially. At The Cedars, homes range anywhere from $300,000 to $750,000. There are also monthly service fees commensurate with the size of home. These fees range from $2800 to $5800 a month. We recommend your income be roughly twice that of the monthly fees and your net worth twice that of the cost of the home you’d like to purchase. Or course, we also consider age and whether you have long-term care insurance or a pension. Pensions and long-term care policies can be used to offset the costs associated with living at The Cedars.
- [5:45] – Average Age Of Folks Moving Into Retirement Communities.
- [6:41] – What About The Food?
- [7:44] – What Do You Do For Exercise?
- [13:14] – How Does Home Ownership Work?
- [16:15] – How Long Is The Waiting List?
- [17:39] – Consider Healthcare.
Retirement communities are wonderful tools for providing you with community and proper care as you age. While many see them as isolating, they in fact often bring freedom to your lifestyle in retirement. - Mr. Stillman's OpusTweet This