Finding the Right Retirement Community

As the baby boomer generation continues to move toward retirement, many of us are looking to where we would like to spend our leisurely days. Continuing care retirement communities or CCRCs are facilities that provide not only independent living but also assisted living and nursing home care. These all-inclusive retirement communities are there to assist retirees as they transition from one stage of life to another. When choosing a CCRC, it is important that you do some research and decide what type of retirement community you would enjoy more. We have gathered some tips to help retirees make that decision.

Be Aware of Your Options Concerning Retirement Communities

It is important that you read up and educate yourself about the different types of CCRCs available. Some offer all-inclusive contracts that cover all aspects of your retirement. Others offer partial coverage for residents that covers room and board but medical is extra, and still others offer a fee for service plan that gives the retiree a menu of services for which they can choose.

The consumer guide at American Association of Homes and Services for the Aging, aahsa.org, is a great place to start researching retirement communities. Verify that the retirement community you are considering is accredited with the Commission on Accreditation of Rehabilitation Facilities, carf.org, an organization that outlines the financial performances of CCRC's.

Try Out the Retirement Community Before Committing

Many retirement communities offer public events such as lectures and concerts. Plan to attend one of these events and spend some time talking with the residents about their retirement community. When taking a tour of the retirement community, make sure to check out not only the independent living areas, but also look at the assisted living and nursing home units as well. Talk with the residents in those areas to gauge their satisfaction of the retirement community.

Get the Right Advice

Getting the right advice probably means you need to find the right advisor. To help you evaluate the right retirement community, look to a financial planner that is familiar with the retirement communities you are considering. Make sure the financial planner is a fee-only adviser who is paid by you and not by any retirement community or referral program.

Beware of a Deal Too Good

Many CCRCs that have unfilled units to fill and are in need of cash might be looking to offer some great deals. That might be a great situation in the short run for the retiree, but that may also indicate the retirement community is underfunded and may not be able to cover their assisted living or nursing home facilities. Do your due diligence and check up on the financials of the retirement community before committing to it.