No one wants a more complicated financial life. That becomes especially true for older adults who are aging alone; that is, without a spouse or trusted partner to help with financial decision-making.
According to the Pew Research Center, older Americans live alone more often than other parts of the world. In fact, 27% of adults age 60 and older in the U.S. live alone, and this number is expected to rise.
This article will discuss the financial benefits, or what could be called financial simplification, of choosing a continuing care retirement community (CCRC) like Edgewood Summit.
High-Level – How does a CCRC simplify my financial life?
Consider your financial outlay every week, month and year while living in your home. Even if you no longer pay the mortgage, it’s considerable. Maintenance, repairs, property taxes, utility bills … the list goes on.
At a CCRC, you pay a one-time entrance fee plus monthly fee that consolidates practically everything you need to enjoy a robust life. It’s important to note: The one-time entrance fee is highly refundable to you or your estate if you move out of Edgewood Summit for any reason.
Think of your simplified financial life like this: A single monthly check covers the cost of a lovely, right-sized apartment home; a dining plan that features healthy and delicious chef-created menus; a fitness center with a personal trainer; a country club-like social life; daily activities and entertainment options. The monthly fee also covers utilities and property taxes.
Keep in mind, your new home will be maintained by a staff dedicated to the beauty and cleanliness of the community, indoors and out. Leaky faucet? Sticky door lock? Scuffed wall paint? Just pick up the phone and someone will be there to make it right. Floors are vacuumed, lawns mowed, snow shoveled – by others. It’s all included in the monthly fee.
How’s all that for simplifying your retirement planning!
Dig Deeper – What else can I stop worrying about at a CCRC?
The important words here are “stop worrying.” CCRCs create an ongoing value when you move in as an independent senior. You’ll live confidently and enjoy every day more, knowing you have access to on-site senior care if you ever need it. This advantage is even more important to solo agers. Imagine the relief of having a plan like this – if you ever need assisted living, memory care or skilled nursing, there will be no need for a disruptive move during a vulnerable time in your life. You’ll know exactly where and by whom you’ll receive the care. Better yet, they’ll already know you, your needs and all your preferences.
That’s a significant benefit that residents often cite as one of the main reasons for choosing Edgewood Summit. However, it could be seen as an intangible benefit, and this article is about finances. So, let’s talk dollars and cents.
The tremendous financial advantages of a CCRC like Edgewood Summit.
There are few events more threatening to an older person’s nest egg than the prospect of needing and paying for long-term care on the open market.
Edgewood Summit to the rescue! Your one-time entrance fee creates a safety net against the ever-rising costs of long-term care you may need in the future. When you move into independent living, you’ll get a 20% discount on all future care, protecting your estate and your heirs from what could be a financially draining situation – that is, being forced to seek care outside the community.
What a great (and simple) idea the CCRC is: true independence plus all the care you need, all in one place. As a reminder, it’s in the name: continuing care retirement community.
Simplify your way to a wonderful lifestyle.
Edgewood Summit is Kanawha Valley’s only locally owned, not-for-profit CCRC. At our beautiful mountaintop community, you can expect fun, friendships and a simple yet powerful plan for whatever the future holds.
Let us help take the complexity out of your financial planning and dream retirement. Contact us today to learn more about independent living and all the advantages of choosing Edgewood Summit.