Some people dream for years about moving to a retirement community. You might be able to forge new friendships and pursue interesting leisure activities in a community that caters exclusively to retirees. However, some retirees are disappointed by an age-restricted community that doesn't meet their needs.
Here's how to avoid retirement community regrets:
Get to know your new neighbors before making a move.
Consider whether you want to live exclusively among retirees.
Don't move away from the amenities you will need.
Consider how easy it will be to change your mind.
Carefully consider your budget, desired activities and whether you want to spend your retirement years with primarily other retirees or among people of all ages before relocating to a retirement community.
Get to know your new neighbors before making
a move
Walk around potential retirement
neighborhoods and talk to the residents. "Get their opinions. Are they happy? What needs improvement? What do they like the most?" says Tim Sullivan, founder and CEO of Strategic Wealth Advisors Group in Shelby Township, Michigan. Sullivan says one of his clients was expecting to meet many new friends when he relocated, but found out he had very little in common with his neighbors. Another couple moved to a retirement community in Florida and discovered it was nothing like they had anticipated. "There was a lot of partying and sex, and they realized it was a swinging community," Sullivan says. "After six months they moved out."
Age-restricted retirement communities are comprised largely of older residents, such as those 55 or older. While some people enjoy the company of other retirees, you might find that you miss living in a community with people in different stages of life. Mitchell Katz, co-founder of Capital Associates Wealth Management in Bethesda, Maryland, recalls a married couple who loved to golf and found what they thought would be the perfect retirement golfing community for their early retirement. "It turned out they were the youngest people there by a wide margin," Katz says. "They didn't fit in. The people who lived there were nice, but they (the couple) were too young. It was an epic fail. They had to leave." Katz says the couple moved back home and took two years to reevaluate what retirement meant to them. "Ultimately, they moved to a different state that fit better," Katz says.
Consider whether you want to live exclusively among retirees
A small town retirement isn't right for everyone, especially if you will be far away from the services you need, including health care, shopping and transportation. If you have always lived in a city, think about whether you will be happy in more remote surroundings and how easy it will be for friends and family to visit. Katz says a couple in their mid-60s retired to a dream retirement home away from the city, but as they got older, they realized it wasn't going to work for them. The place was too isolated. They were too far from the best medical facilities and a long way from the airport. It took them 25 minutes to get to the nearest Whole Foods supermarket. "Everything was fine when they moved to their home, but as they got older, they realized it would not work going forward," Katz says. "Ultimately, they chose a place they thought would be perfect, but as they became older it became untenable for them to live there."
Don't move away from the amenities you will need
A small town retirement isn't right for everyone, especially if you will be far away from the services you need, including health care, shopping and transportation. If you have always lived in a city, think about whether you will be happy in more remote surroundings and how easy it will be for friends and family to visit. Katz says a couple in their mid-60s retired to a dream retirement home away from the city, but as they got older, they realized it wasn't going to work for them. The place was too isolated. They were too far from the best medical facilities and a long way from the airport. It took them 25 minutes to get to the nearest Whole Foods supermarket. "Everything was fine when they moved to their home, but as they got older, they realized it would not work going forward," Katz says. "Ultimately, they chose a place they thought would be perfect, but as they became older it became untenable for them to live there."
Consider how easy it will be to change your mind
The case for moving to a
retirement community
Why it's fun to grow older with people just like you. About 5% of American elderly now live in senior living communities.
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