We’ve lived in a CCRC Continuing Care Retirement community since 2016. It was a big decision and glad we took the time and energy looking at comparable housing and some crystal ball viewing regarding financial considerations. We decided to sell out of real estate to simplify, contain our economic risk and rely on this organization to provide our daily needs and future physical/medical requirements. We do have a retirement pension and Social Security income, excellent medical insurance, and are able to live independently so far. Our contract includes “lifetime guarantee” where we will be cared for even if our income would no longer be viable. We have watched some of our neighbors loose their income, become unable to care for themselves and/or move into our Assisted Living/Skilled Nursing building with a fluid procedure that seems to be beneficial to mgmt and resident. Each facility will have their own amenities, contracts and living choices; as well as financial obligations. Some facilities even offer rental apartments available.
I believe it is a choice each of us should evaluate. It is not for everyone.
Making this decision has given us peace of mind when there are so many more unknowns in maintaining and financial obligation of owning real estate in this changing economy. Here We know there are EMT medical to help us by pushing a button 24/7, food available in several locations within our facility (or choose to cook in our own kitchen), apartment housekeeping weekly with fresh linens, beautiful common living areas, lovely landscaping, and a general atmosphere of “family helping family”.
We are never a year younger on our birthday… years accumulate and we may find our mobility questionable. We will need help as we age. Best for you…