Should you stay home or move to a retirement community
It’s a big deal to decide whether to stay home or transition to a community, as this choice will shape your lifestyle, finances, and well-being for the next years. When you choose to leave your home, there is usually no going back, and moving can come with expenses, especially if there’s a buy-in fee involved.
If this is a decision you’re currently considering or you’re just planning ahead for the future, let’s see the emotional, physical, and financial factors worthy of keeping in mind.
The big leap
When you move to a retirement community, it means you will step into the unknown and trust that there are more benefits than challenges.
Explore your option
There are various retirement communities, so you can find all shapes, sizes, and price points. It’s a good idea to not dismiss it without digging into what’s out there, as you might be surprised.
Health and Safety
Retirement communities really bring safety compared to aging at home, but they have their risks as well. It’s important to understand these trade-offs to make the best choice for your health.
Here is what you need to consider:
Staying at home
Well, if you decide to stay at home, you’re already ahead of the game. You’ve paid the big upfront costs and probably have a good handle on your regular expenses, such as taxes, insurance, and maintenance.
However, as you age, new costs could pop up, like home renovations and in-home healthcare.
It’s important to get a clear picture of the potential expenses, and it’s smart to do some research. You should reach out to contractors for quotes on adding ramps, walk-in tubs, chair lifts, wider doors, or any other accessibility upgrade. Make sure you check local prices for home healthcare services and see how they fit into your budget.
Aging may come with challenges in mobility and physical ability, and many older people are disabled by the design of their environment, rather than by their abilities. It’s important to have a well-designed home, and this will make the difference in staying safe and comfortable.
Planning costs
You may need extra help with some tasks you handle on your own as you age. You should consider hiring cleaners, gardeners, and other professionals, so these may become regular expenses. To get some balance when it comes to costs, you should check if you qualify for property tax reductions, as many areas lower rates for seniors, especially if they are on low income or they have disabilities.
Moreover, you can find programs that provide financial assistance for relatives who care for you. This support can be smartly used to make staying at home more affordable and even allow you to reimburse family members pitching in with caregiving.
Retirement Community Options
When you consider moving to a retirement community, it is important to do your homework, as there is a wide range of communities to choose from. You can find all of these:
Active Adult Communities—designed for active and independent retirees.
Independent Living—offering a low-maintenance lifestyle with minimal care services
Assisted living—a real help with daily tasks like dressing or bathing
Group homes—these are smaller, home-like settings for seniors who need some level of care.
Memory care—specialized care for people with Alzheimer’s or other forms of dementia
Nursing homes—24/7 focused on medical and personal care
The continuing-care communities provide many levels of care: independent, assisted living, and nursing care—they can all be found in one location. This can make the transition seamless if you need change.
When it comes to costs, retirement communities can vary based on the type of community, care level, and location, depending on whether you’re buying or renting. Continuing-care communities may charge an upfront buy-in fee, so most services are upfront, or they require you to pay as you go.
Generally, there are nicer amenities, and with the more services offered, the price rises.
Keep in mind that Medicare doesn’t cover retirement community living or long-term care in nursing homes. Medicaid, on the other hand, may help if you meet financial qualifications and the facility accepts Medicaid patients. Medicaid can be a real help in situations when people are already in a nursing home and they run out of money. Medicaid rules can allow them to stay.
Living with your peers
In a retirement community, everyone will be at least 55 years old, and it can make you feel like you’re being part of a close-knit community. Other people prefer the variety of mixed-age neighborhoods so they can interact with people of all ages, from children to retirees.
You don’t have to be concerned about feeling too old in a senior living community. There are many options that match your energy and interests. Many communities cater to active, social residents and foster intergenerational environments through programs and events.
In 2023, the median monthly costs for assisted living were $5,350.
Community vs. Isolation
This is another very important thing to consider: living alone or being surrounded by people. Being alone at home can lead to feelings of isolation and loneliness for seniors. Retirement communities, in contrast, often have staff checking in on residents daily, even when they are independent and healthy.
For people living alone, it is common to overlook critical needs like the right nutrition, taking their medication on time, or recognizing signs of worsening health conditions. Small issues can grow into serious problems without someone nearby to notice.
That’s why retirement communities offer facilities that can make the life of a retiree easier and healthier: prepared meals, medication reminders, communal dining, and group activities. The most important thing is that communities offer you the chance to build connections with others who are seeking support and companionship.
Healthcare: Benefits and Risks
Communities provide many conveniences, but they do come with certain risks as well. For example, communal living environments can lead to a faster spread when it comes to illness. This was proved during COVID-19, but also in past outbreaks and infections in nursing homes, as shared spaces really increase exposure to pathogens.
On the flip side, they offer immediate access to medical care, this being a lifesaver in case of emergencies. Many of these communities come with age-friendly fitness programs, and physical therapy options, and help with just a call button away, amazing considering situations like falls or nighttime emergencies.
Staying at home with added support
This is another possibility you can consider as you age. You don’t necessarily need to move to a retirement community if you want to enjoy some of the benefits. Many local resources can help seniors stay in their homes safely and comfortably.
You have many possibilities, like meal delivery programs, ride services, and senior centers with social, intellectual, and fitness activities.
These at-home retirement services providing lifelong care include healthcare, nutrition, transportation, and emergency response systems, allowing you to maintain your independence.
Whatever you choose, make sure you have some goals and a vision of how you want to live and feel, and make sure your final option marks every point of your desires.
Take a look at The Four-Minute Retirement Plan, a concise yet impactful guide that shows how to preserve your past, secure your future, and live fully in the present.
If you found our article useful, read this one next: 9 Things That Could Get More Expensive for Retirees in 2025.
