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Jun 3, 2022 11:00:00 AM | 6 Min Read

6 Types of Housing for Retirement: Pros & Cons

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6 Types of Housing for Retirement: Pros & Cons

Retirement can provide some of the best moments of your life. From seeing your loved ones more often to having more free time for your favorite activities, reaching retirement can be an enjoyable experience. However, as you’re nearing the end of your career and cashing in that last paycheck, you must consider where you’ll live.

In this post, we’ll discuss six types of housing options for retirees, including the pros and cons of each:

55+ Communities/Independent Living

Are you 55 years of age or older and still living an independent life? If so, you may consider moving into a 55+ independent living community. These facilities are just like living in a luxury condo or apartment, but there are also fun amenities like golf courses, restaurants, and even onsite movie theaters. Who wouldn’t like that?

While these 55+ independent living communities often involve new building developments, some facilities use repurposed buildings, such as retired hospitals, old schools, and other downtown spaces. One downside of this living arrangement is that the monthly rent can be costly.

Aging in Place

As you may be looking to sell your home and move somewhere new, consider if that’s what you want to do. Many older adults move out of homes they’ve been in for years, only to realize they regret the decision. If moving out of your home is too much to handle, consider staying. Aging in place is a living option that involves staying in your home no matter your ability level or care requirements. Seniors can still live at home and have a social, healthy, and fulfilling life.

A common first step to age in place involves making a few modifications to the home, such as installing grab bars and non-slip floors. However, this step can be expensive, stressful, and time-consuming. But no matter your needs, aging in place is possible for many older adults. Professionals typically come over to offer a wide range of services, like cleaning, cooking, and providing medical care.

Moving in With Family

While there are many great options when looking for a place to live during retirement, moving in with family is a top consideration. You will spend more time with your loved ones, but they can also assist with everyday tasks. Many retirees even help out with bills or chores around the house.

This living option is great for seniors, and families love it too! Grandkids spend more time with their grandparents, which provides joy for the whole family. However, as family dynamics can be complicated, this living arrangement doesn't work for everyone.

Home Sharing

If living with family isn’t feasible, consider moving into a shared housing situation with other older adults. Not only can this help you save some money, but you can also form some strong relationships in the process. If you’re able to stay in your home, you could rent out a spare bedroom to another like-minded individual. After splitting rent and utilities, you could have enough money to enjoy your favorite hobbies and activities! One disadvantage of this approach is that living with roommates can sometimes be a hassle.

Assisted Living

As seniors age, moving into an assisted living community isn’t bad. These living arrangements are much like living in a luxury apartment; only there are usually several top-of-the-line amenities. From group fitness classes to even live concerts, assisted living communities are full of life. In addition, if you need help with everyday tasks, team members are there to help. These professionals can provide medical services and even 24-hour care.

Assisted living communities are often the bridge between skilled nursing facilities and independent living. However, some communities have a high price tag, and some have waitlists.

Our communities have a transparent pricing model. Learn more.

If you’re looking to live with like-minded people and have professional help on an as-needed basis, assisted living could be right for you.

Life Plan Communities

Life Plan Communities are here for whatever life throws your way. Whether you’re looking for skilled nursing services, memory care, or assisted living, a Life Plan Community can help. These communities involve several living arrangements, all on one single campus. Seniors can easily transition from one living option to another without moving across town. This option could be a cost-effective, less-stressful living arrangement in the long run. However, the costly initial entrance fee is one downside to consider.

To Stay at Home or Move Out of State?

When approaching retirement, many seniors wonder if they should stay at their residence or move out of state. Where to live after retirement is often a difficult decision for older adults. While you want to try somewhere new, maybe you can’t leave your friends or family. However, if you’re ready for a change, adventuring to a new state could be an experience you’ll never forget. It could even change your life for the better!

No matter what living arrangement you choose, go out there and enjoy retirement!

Full of Life Experiences

Topics: All About Assisted Living, Costs & Budgeting Tips

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