Finding a retirement community that is right for you can be tricky. After all, people move to retirement communities for many different reasons: to be free of the responsibilities associated with home ownership, for a change in climate, to pursue interests like golf, to be near family and friends, for companionship (because they are single, divorced or widowed), or because they want to live where the medical help they need will be readily available.
So, how do you decide which is most important to you and then find the retirement community that best suits you?
Perhaps the first step is to understand exactly what a retirement community is. They are housing developments designed for retired people who are usually age 50 and over. The housing itself may include single-family homes, apartments, townhouses, condominiums and co-ops.
In addition to the housing, there are social and recreational facilities and activities specific to the needs of the community's population.
There are several varieties of retirement communities. These include standard retirement communities that offer the more standard amenities, namely, housing, recreation and social services; service-oriented communities that offer various levels of service ranging from independent-living facilities to assisted-care facilities to facilities for long-term medical care; and federally subsidized congregate housing, which offers full-service retirement housing for people who are financially eligible.
What are your needs?
Now that you know what a retirement community is and understand the differences in type, you should determine what your needs and wants will be.
Climate - You may want to start by deciding what area and climate you want to live in during your retirement years. Decide what part of the country offers this particular environment, as well as the lifestyle you desire.
Family and friends - Next, think about which friends and family members you want to live near. Are you willing to move away?
Community involvement - Also, consider how involved you want to be with fellow residents. Do you want more privacy, or would you prefer to be a part of a retirement community that plans and does things together?
Time frame - If you are in a hurry, it may not suit you to be on a lengthy waiting list. Are you willing to relocate if you require more extensive medical care than the retirement community can offer?
Finances - Some retirement communities require a large deposit, or an entry fee, followed by monthly fees. Others just require monthly fees. Will your monthly income cover these fees? If you will be selling your home, will the proceeds cover the cost of living at the retirement community?
Remember, you can always get the help of your personal banker or investment professional when contemplating these important issues.
Vetting retirement communities
When you are ready, you can start by researching retirement housing in your target area. If the information is not available on the website, you can call to get information like brochures, pamphlets, fee scales, community designs, and layouts. It's good to have this in writing.
Research the following:
- Licensing and accreditation of the retirement community
- Age or financial limits
- Minimum net income or net worth requirements
- Entry fees, deposits, and monthly charges
- Disabled access
- Transportation options
- Access to medical care and emergency response
- Schedules of recreational activities
- Ratio of staff to residents
After getting this information from different retirement communities, you can compare them at your leisure. Make a short list, and then make appointments to visit them all.
Keep in mind that the current residents are good indicators of the overall stability and reliability of a retirement community, so take a good look around when you visit. Talk to residents, and consider their overall age, health and interests. Would you fit in well? Ask them:
- If they like the staff.
- What they like and don't like about the community.
- If they receive prompt medical attention.
- Do they feel safe?
- If they enjoy the activities on offer.
Once you have decided on a retirement community, ask for a copy of the contract. You may also want to see if you can stay there for a weekend before making a final decision.
Conclusion
Choosing the right retirement community is a deeply personal decision—one that should reflect your lifestyle preferences, health needs, social goals, and financial situation. By carefully considering what matters most to you and thoroughly researching your options, you can find a community where you’ll feel comfortable, supported, and engaged. Take your time, ask questions, visit in person, and don’t be afraid to seek professional advice if needed. With thoughtful planning, your next chapter can be one of security, connection, and fulfillment.
