As you plan for the next stage of your retirement, you might be wondering if it’s best to stay in your home or move elsewhere. But what’s the difference between a retirement community, assisted living facility, and a nursing home?
Whether you’re eager to participate in a vibrant community of fellow retirees or want to safeguard your health, the following places will serve your needs.
Retirement Community: A Social Place with Lots to Do
A retirement community is populated with other active retirees, as well as amenities to keep you active and sociable with your neighbors. A fitness center and even a pool are often on-site.
You won’t have to worry about cutting the grass or cooking your meals, and home maintenance will also be permanently off your to-do list in a retirement community.
The appeal of a retirement community is high, but it comes at a price, which can continue to climb after you’ve moved in.
“Always check the fine print associated with a move to a retirement community. Many facilities ask you to make an upfront payment and then ongoing monthly installments. The costs can add up quickly,” writes U.S. News & World Report contributor Rachel Hartman. “After some research, you may find the price is simply too high.”
Related: How to Plan Your Retirement Using Age Banding
Assisted Living: Support with Everyday Tasks
An assisted living facility provides support with tasks such as meal preparation, dressing, bathing, medication, and traveling to and from appointments and other transportation needs, according to Senior Path.
As a resident of an assisted living community, you won’t have to worry about time-consuming chores around the house. Scheduled activities will help you socialize with other residents, and you’ll still have a level of privacy.
Senior Path adds that the cost of an assisted living facility is typically lower than the price of a nursing home.
“The facility has on-site medical care, but the care is not ever-present,” reports Senior Path. “Because an older adult’s health situation can change quickly, assisted living offers the benefit of a flexible living arrangement that can quickly adapt to changing needs.”
Certain medical issues and moderate dementia will prevent acceptance to an assisted living facility, notes Senior Path; another downside of assisted living can be following set rules and regulations.
It’s not too late to start saving for retirement. Read more >>
Nursing Home: Round-the-Clock Medical Care
An illness or injury that forces you to seek rehabilitative care may turn your attention to a nursing home.
According to the Mayo Clinic, the round-the-clock care from medical professionals is ideal for patients and long-term residents who are not capable of taking care of themselves or managing their medical treatment on their own.
Although the care provided by a nursing home staff is comprehensive, it is costly.
Minster Bank Can Help with Retirement Planning
The decision of where to move is complicated, and the best way to figure out which situation is best for you is with a lot of research and planning.
Talk to representatives from various facilities and consider your health. And consult with a financial expert like one of Minster Bank’s Financial Advisors, a trusted loved one, or even an attorney to help decipher complex contracts before you commit to a move.
Published by Minster Bank
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