Choosing the right retirement community is a significant decision, especially for non-traditional retirees. Unlike traditional retirees who may have pensions and other structured financial support, non-traditional retirees—such as freelancers, gig workers, and those retiring early—require flexibility and tailored amenities.
This guide will help you understand what to look for when choosing a retirement community that fits your unique needs.
Types of Retirement Communities
Independent Living Communities
Independent living communities are designed for active retirees who want to downsize but remain independent. These communities offer minimal assistance but provide social activities and a sense of community.
Assisted Living Communities
For those who may need help with daily activities like meal preparation or medication management, assisted living communities are a good option. They offer more support while still encouraging independence.
Continuing Care Retirement Communities (CCRCs)
These communities offer a continuum of care—from independent living to assisted living and skilled nursing. As your needs change, you can transition within the same community without moving to a different location.
Co-Housing Communities
A growing trend among non-traditional retirees is co-housing. In this model, residents live in private homes but share communal spaces like kitchens, gardens, and workspaces. This arrangement encourages collaboration and a sense of community.
Factors to Consider When Choosing a Retirement Community
Location
The location of your retirement community can significantly impact your quality of life. Consider proximity to family, healthcare facilities, and recreational opportunities.
Urban vs. Rural
- Urban Communities: Offer access to hospitals, public transportation, and cultural activities. However, they may come with higher costs and a faster pace of life.
- Rural Communities: Provide tranquility and lower costs of living but may lack immediate access to medical care and social activities.
Affordability
For non-traditional retirees without a steady pension, affordability is a crucial factor. Evaluate the monthly fees, entrance costs, and potential healthcare expenses associated with the community.
Amenities and Services
Non-traditional retirees often have unique needs. Look for communities that offer:
- Flexible Workspaces: If you plan to work part-time, a community with shared workspaces or high-speed internet is ideal.
- Recreational Activities: Whether it’s yoga, hiking, or creative workshops, the availability of social and recreational activities is key to maintaining a vibrant retirement lifestyle.
- Healthcare Services: Some communities provide on-site healthcare facilities or regular health screenings, which can be a major benefit as you age.
Community Culture
The social atmosphere of the community is essential for non-traditional retirees who might not align with the conventional retiree lifestyle. Attend community events, talk to current residents, and gauge if the environment aligns with your interests and values.
The Benefits of Retirement Communities for Non-Traditional Retirees
Community and Social Engagement
Retirement communities offer a built-in social network. For non-traditional retirees who may not have a large circle of retired peers, this can be a way to avoid isolation and stay socially active.
Access to Resources and Support
Living in a retirement community means having easy access to healthcare, transportation, and recreational facilities. These resources can make retirement more enjoyable and less stressful.
Safety and Security
Many retirement communities provide 24/7 security and emergency services. For retirees living alone or those who travel frequently, this added layer of safety can provide peace of mind.
Customizing Retirement Communities for Non-Traditional Retirees
Work-from-Retirement Options
Non-traditional retirees may still engage in freelance work or consulting. Retirement communities that offer co-working spaces, business centers, or private offices can accommodate this lifestyle.
Multi-Generational Living
Some retirees prefer to live in communities that are not exclusively for older adults. Multi-generational communities can offer a more dynamic and varied social environment, which may appeal to non-traditional retirees who want to interact with people of different ages and backgrounds.
Travel-Friendly Communities
For retirees who spend part of the year traveling, look for communities that offer “lock and leave” services—where your home is secure even when you’re away. Some communities also offer travel clubs, making it easier to explore new destinations with like-minded individuals.
Financial Planning for Retirement Communities
Entrance and Monthly Fees
Retirement communities often require an upfront entrance fee along with monthly maintenance fees. Non-traditional retirees need to carefully assess how these fees fit into their financial plan.
- Entrance Fee: This one-time cost can range from $100,000 to over $1 million, depending on the community.
- Monthly Fees: These cover the cost of maintenance, amenities, and sometimes healthcare. Fees can range from $1,500 to $5,000 per month.
Buy-in vs. Rental Options
Some communities offer the option to buy into the community, while others are rental-based. Renting may offer more flexibility for those who want to move again in the future, while buying may provide a more secure, long-term investment.
Long-Term Care Costs
If you’re considering a CCRC, understand how long-term care costs are structured. Some communities offer long-term care as part of the monthly fee, while others require additional payments.
Choosing the Right Time to Move
When Should You Move?
Deciding when to move into a retirement community is a personal decision. Some non-traditional retirees choose to move early, while they are still active and independent, to take full advantage of the community’s amenities. Others wait until they need more assistance.
Trial Stays
Many retirement communities offer trial stays or short-term leases to give prospective residents a feel for the community before making a long-term commitment.
Conclusion
Finding the right retirement community as a non-traditional retiree involves understanding your unique needs and lifestyle preferences. By considering factors like location, amenities, cost, and community culture, you can make an informed decision that enhances your retirement experience. Whether you’re seeking a vibrant social life, access to healthcare, or a space that supports your work-from-retirement lifestyle, there’s a community out there that fits your vision of the ideal retirement.
If you have any further questions feel free to comment down below or contact retiresmart for any help!
FAQs
What is the best type of retirement community for non-traditional retirees?
The best type of retirement community depends on your lifestyle. Independent living communities are ideal for those who want to remain active, while co-housing or multi-generational communities offer more social variety.
How much do retirement communities typically cost?
Costs can vary widely depending on the community. Entrance fees can range from $100,000 to over $1 million, while monthly fees typically fall between $1,500 and $5,000. It’s important to evaluate the total cost, including potential long-term care fees.
Can I still work in retirement while living in a retirement community?
Yes, many retirement communities offer work-friendly amenities like co-working spaces and high-speed internet. This can be ideal for non-traditional retirees who want to continue working part-time or freelancing.
What are the advantages of living in a retirement community?
Retirement communities offer social engagement, security, and access to healthcare services. They can also reduce the stress of home maintenance and provide a sense of community that can be beneficial for mental and emotional well-being.
