Downsizing to a Retirement Living Community

There are many different types of housing options for seniors.

Some people are comfortable moving into an independent living facility. Others may prefer staying in a nursing home.

Retirement Living offers several different types of options. There may be some similarities between them. But each one offers something different.

The option that best suits you depends on your lifestyle and financial needs. It is important to consider your options before deciding on what will work for you. Here are some considerations to take into account while you are deciding:

Independent Living

Description: This includes retirement communities, retirement homes, and senior accommodation. This is typically for people who have already retired. Units come in sizes that range from 350sqft to 600sqft. Think of these as self-contained vacation homes.

Best suited for: Active seniors who are self-sufficient and can look after themselves. They don’t need help to manage their daily activities e.g. meals, hygiene, and medication. A great option for seniors who want to get away from home maintenance chores.

Approx. cost: Depending on the location and amenities. The typical range is anywhere between $3,150 and $10,000 per month.

Assisted Living

Description: This option allows seniors to continue living independently while still under supervision. The staff at assisted living offer support, but the residents are in charge of their own lives.

Best suited for: Adults who need some degree of help from professionals. For example, nurses, physical and occupational therapists or social workers. Assisted living offers a unique opportunity to enjoy life to the fullest. Residents are able to make their own decisions and enjoy a social life while they age in place.

Approx. cost: The cost of assisted living varies depending on the level of care required. Each facility has its own cost structure. But usually it’s in the $4000 to $8000 range.

Memory Care Living

Description: Memory care living offers individuals with cognitive impairments supervised living. The facility offers a secure environment with options geared to helping such individuals. Trained memory care providers help individuals with memory loss manage their daily lives.

Best suited for: For people who need help with normal daily activities. But they also need special care due to the onset of Alzheimer’s or dementia. Memory care facilities are more comforting and hospitable to residents with memory loss.

Approx. cost: Costs vary depending on the level of care required. Anywhere between $4,500 and $6,000 per month is typical.