At Utah Senior Planning, we’re proud to provide senior planning services with a comprehensive eye toward the future. We want to keep you or your loved ones as comfortable as possible as retirement age approaches, plus provide an understanding for several important areas you have to address.
One of the biggest areas we help with is senior placement, which involves matching seniors with a proper assisted living facility when the time is right. For many seniors, a trend has developed over the years: Before moving into such a facility, many choose to first downgrade from their previous home into a condo or townhouse. But today’s market and financial landscape actually make this an unadvisable move for some seniors – let’s look at why, and why certain kinds of facilities might be better options.
Great Senior Sell-Off
In a recent study, a large percentage of real estate agents expressed their opinion that most baby boomers who are reaching retirement age prefer to trade down out of their home into a smaller one – something like a condo or townhome – when the time comes to leave their larger home. Baby boomers are a huge portion of the population, and if trends continue in this direction, it will lead to a major increase of single-family homes on the market as they’re sold by downsizing boomers.
This is what some in the industry call the “Great Senior Sell-Off,” and it could have real impacts on senior finances. For starters, condos and townhomes will become more expensive – this has already begun, in fact. For another, introducing another move into the process can be costly, both financially and from a mental and physical standpoint.
Instead, allow us to suggest an alternative option: A CCRC, or continuing care retirement community. These facilities can meet many of the same needs as condos or townhomes, but without an additional move and expenses.
CCRCs put all the services a senior could require in one place, and this has several benefits. Nearly half of Medicare enrollees, for instance, have functional limitations – these facilities help attend to these in low-impact ways. Rather than seniors finding themselves forced to move again in a few years from a condo or townhome after realizing they aren’t fully able to care for themselves a CCRC combines independent living with the care seniors need now or in the future.
Better Cost Benefits
In addition, CCRCs are fantastic in terms of the cost benefits you receive. They’re generally cheaper than standard assisted living programs on average. Skilled nursing costs at CCRCs are far lower than comparable facilities, with much better amenities and services offered as well.
For more on why a CCRC might be beneficial when compared to a condo or townhome for a senior, or to learn about any of our senior planning services, speak to the pros at Utah Senior Planning today.