Which Senior Living Option Is Best for You
Now that Gen-Z-ers are having babies, a massive generational shift is happening. More and more baby boomers are retiring, and the demand for senior living options is increasing rapidly. The most significant expense that seniors have to deal with is the cost of housing. Finding affordable senior living options is a big concern right now.
The time has come when you or a close loved one is about to retire and decide where they want to live out their retirement. There are so many options available it's hard to narrow down what's good for you. Let's go through the different factors you need to consider before picking a senior living option.
How Active and Healthy Are You
If you are an active individual who likes to stay fit and can take care of yourself independently, then assisted living options maybe aren't for you. You might enjoy the help, giving you more time to socialize and have fun. Still, if you want to save a little money, you can go for independent living options like an old apartment building or an independent living community.
On the other hand, if you have severely debilitating mental or physical issues and require constant supervision, an old home or nursing home with 24/7 medical staff may be your choice. There are in-between options for people who feel in-between these two poles. If you are not so active to fully take care of yourself but do not require help 24/7, a blend of assisted and independent living will be an excellent choice.
Do You Wish to Stay Close to Your Family?
If you wish to stay close to your family, you could spend your retirement at home. This is not uncommon. In fact, according to an AARP survey, 90% of seniors wish to keep living at home. However, it might not be possible for many seniors to take care of themselves.
The help of a caretaker or subscribing to a Village membership could be the perfect solution to this problem. The Village movement is a nationwide not-for-profit organization providing help to the elderly with local volunteers. A Village is an affordable way to keep living at home, especially if living in a rent-controlled apartment and living elsewhere isn't an option.
Do You Want to Socialize with People Your Age?
If you want to socialize with people your age with similar interests, then moving to a senior community, apartment building, or center is the best opportunity. There are options of living with other seniors for independent and assisted living.
The cheapest option for communal living is a cooperative housing society for seniors. These communities work together to pay for utilities and handle as much administration work themselves to save money. Another option is senior foster care. Here, groups of seniors live together and are monitored by the local family services department. This is another great option for low-income individuals who aren't very ill.
On the other end of the financial spectrum, there are senior communities where the houses are compact and built with seniors in mind. There are community activities and gatherings and options for assisted living as well. These are much more expensive than cooperative living or foster care.
Time to Decide
Once you know what you want, it's easier to narrow down your options. For example, an active independent senior who wants to live near family can do so without issues. If he wants to live with other seniors, he can move to a fully independent low-cost senior apartment.
Someone who requires more assistance with everyday tasks can subscribe for a Village membership if they wish to stay home or a senior foster home if they want to live with other seniors. If they can afford it, they can also live in an assisted living senior apartment complex or housing community.
If you are severely debilitated and require constant supervision, you can only live at home with 24/7 nurse care and regular doctor visits. Your desire to live at home would be costly, but it could be possible if your relatives want to help you achieve that. If you want to live with other seniors, nursing home with round-the-clock care is the best option. Unfortunately, finding a very affordable option becomes difficult when you require constant care.
All in all, the more active and healthier you are, the easier it is to save money on senior housing. If you have a loved one who is disabled due to their age, consider helping them out with their living expenses or volunteering some of your time to take care of them or do some chores for them. Take your time to evaluate each option and choose the right one.