How has your thinking about the ideal place evolved?

[Escort Rider]

Originally Posted by SCBaker

She may have paid that hefty fee of 6 digits (buy in fee) in addition to the $3,000 per month.

Good point. If that is the case, it certainly makes all the difference in the world. However, the poster did not say anything about an up-front buy-in fee.

[darstar]

Originally Posted by Escort Rider

$3,000 per month means $36,000 per year. Sounds extremely reasonable to me, so reasonable I'm wondering if you made a typo. I didn't know extended care could be so dirt cheap. Are you talking about a facility in which your wife's mother lives and which provides all her meals in addition to help with showering and so forth? Perhaps I have the wrong idea about what is provided, because it just couldn't be that cheap. No way.

Assisted Living is what its called. They have fees for everything, cleaning apt,Laundry. field trips,pill origination,any nurse care if needed. Meals are included. brother in law paid 150,000 cash down up front which will be refunded when she leaves to go across the street. if she is still living.( across the street constant care)..I agree the basic sounds low. Its a huge 6 story place, very nice, small pets are allowed. The Location is a north suburb, near Lake Forest, very pricy homes 2,000.000 is an average home for that area.

[catsy girl]

Originally Posted by SCBaker

I wrote in the title of my post continuing care communities. Catsy Girl mentioned continuing care communities in her post #245. My post was not a response to her. I just wanted to pass on information that I received from communication with one such facility.

ccrcs which have an entrance fee required to purchase the condo, cottage, or whatever the accomodation, can start at about $100,000 for a small condo to upwards of $250,000 for a larger place. monthly fees usually begin at about $1800 to $3000 depending on size of unit. i'm quoting fees from ccrcs ( maryland, delaware, virginia ) with which i'm familiar and which i've visited. there are certainly many more expensive than that. also, some ccrcs, usually the non-profits and /or church affiliated often have a benevolent fund that allows a person to stay if they have outlived their money.

some ccrcs , because potential residents can not get their money out of their homes for the initial large chunk of change, have begun offering their units for rental- usually at least $2100+ a month depending on the retirement community. in rental situations the resident would be responsible for all utilities, unlike the arrangement if they had purchased the unit. i feel a rental would be more appealing for me as you would pay for increasing care needs as they arose, rather than paying a large amount upfront.

i think in the future all retirement communities, ccrcs included, will have to become more flexible and creative with fees charged as many baby boomers will not have the funding to purchase as people have been able to do in the past. also i think boomers want flexibility and, regardless of financial situation, would not neccesarily want to commit to a large outlay of cash in anticipation of future needs. however buying a ccrc is really a purchase of care ,a purchase of security, rather than a real estate purchase. this has been important to past generations, but to boomers for whom independence has been a priority for many, this kind of living arrangement might not be as appealing.

catsy girl

[darstar]

Originally Posted by catsy girl

ccrcs which have an entrance fee required to purchase the condo, cottage, or whatever the accomodation, can start at about $100,000 for a small condo to upwards of $250,000 for a larger place. monthly fees usually begin at about $1800 to $3000 depending on size of unit. i'm quoting fees from ccrcs ( maryland, delaware, virginia ) with which i'm familiar and which i've visited. there are certainly many more expensive than that. also, some ccrcs, usually the non-profits and /or church affiliated often have a benevolent fund that allows a person to stay if they have outlived their money.

some ccrcs , because potential residents can not get their money out of their homes for the initial large chunk of change, have begun offering their units for rental- usually at least $2100+ a month depending on the retirement community. in rental situations the resident would be responsible for all utilities, unlike the arrangement if they had purchased the unit. i feel a rental would be more appealing for me as you would pay for increasing care needs as they arose, rather than paying a large amount upfront.

i think in the future all retirement communities, ccrcs included, will have to become more flexible and creative with fees charged as many baby boomers will not have the funding to purchase as people have been able to do in the past. also i think boomers want flexibility and, regardless of financial situation, would not neccesarily want to commit to a large outlay of cash in anticipation of future needs. however buying a ccrc is really a purchase of care ,a purchase of security, rather than a real estate purchase. this has been important to past generations, but to boomers for whom independence has been a priority for many, this kind of living arrangement might not be as appealing.

catsy girl

Good point, many of us are taking out reverse mortgages these days, and, when the time comes,most likely the Bank/Gov. will own your home. The reason for a reverse is homes are not selling for anywhere close to the appraised value of your home. as well, a lot of Seniors no longer qualify for any kind of mortgage living on a fixed income. The Banks want security, ether that you are young and work for a huge company, or the Feds. back up the loan, as in a reverse Mortgage. I am working on mine now,lots of hoops to jump through been at it for 6 months, not there yet, and my home I built myself with cash !. Took me 4 years just finished this year....almost.

[SCBaker]

Originally Posted by catsy girl

ccrcs which have an entrance fee required to purchase the condo, cottage, or whatever the accomodation, can start at about $100,000 for a small condo to upwards of $250,000 for a larger place. monthly fees usually begin at about $1800 to $3000 depending on size of unit. i'm quoting fees from ccrcs ( maryland, delaware, virginia ) with which i'm familiar and which i've visited. there are certainly many more expensive than that. also, some ccrcs, usually the non-profits and /or church affiliated often have a benevolent fund that allows a person to stay if they have outlived their money.

some ccrcs , because potential residents can not get their money out of their homes for the initial large chunk of change, have begun offering their units for rental- usually at least $2100+ a month depending on the retirement community. in rental situations the resident would be responsible for all utilities, unlike the arrangement if they had purchased the unit. i feel a rental would be more appealing for me as you would pay for increasing care needs as they arose, rather than paying a large amount upfront.

i think in the future all retirement communities, ccrcs included, will have to become more flexible and creative with fees charged as many baby boomers will not have the funding to purchase as people have been able to do in the past. also i think boomers want flexibility and, regardless of financial situation, would not neccesarily want to commit to a large outlay of cash in anticipation of future needs. however buying a ccrc is really a purchase of care ,a purchase of security, rather than a real estate purchase. this has been important to past generations, but to boomers for whom independence has been a priority for many, this kind of living arrangement might not be as appealing.

catsy girl

I agree with all you have written. However, I am concerned about the benevolent funds of the non-profit & church affiliated facilities. The funding has to come from somewhere which is usually through the generosity of donations. As outlined in the letter that I received from one such facility, they are very concerned about the lack of donations. Those funds dry up, then what?

[catsy girl]

Originally Posted by SCBaker

I agree with all you have written. However, I am concerned about the benevolent funds of the non-profit & church affiliated facilities. The funding has to come from somewhere which is usually through the generosity of donations. As outlined in the letter that I received from one such facility, they are very concerned about the lack of donations. Those funds dry up, then what?

if money runs out,some facilities with which i'm famiiar use the initial lump sum outlay of funds as a spend-down against the ongoing cost of care. the balance is met by the benevolent fund, which according to the facilities that i've visited and questioned about this, has never failed to keep a resident in care. the larger the facility and the more expansive its base(such as a facility that is part of a network of communities under one management umbrella) the stronger the benevolent program may be.

if a resident on benevolent care deteriorates and needs nursing care they would apply for medicaid; once they were no longer elegible for medicare, the retirement community would agree to accept medicaid payments.

of course with "for profit" communities, i'm not certain if a benevolent fund would be in place and how viable it would be.

catsy girl

[StealthRabbit]

Originally Posted by catsy girl

ccrcs which have an entrance fee required to purchase the condo, cottage, or whatever the accomodation, can start at about $100,000 for a small condo to upwards of $250,000 for a larger place. ...

thus a "Co-op" for me... front end fee is a 'Share purchase" in the whole facility, and is fully marketable to a future share member. BUT, I have NOT found the perfect co-op yet... They seem to have plenty of issues too. (I will just have to build my OWN, before I'm too feeble.

I would not be interested in a typical CCRC, as there is usually a 'for-profit' corporation behind the books.

I would consider a Mennoite Village CCRC. They are not cheap, but at least your equity is going to sustain folks that need it, and they won't be 'kick'n you out'. This group is really quite efficient at providing care around the world.

[StealthRabbit]

Originally Posted by darstar

I want to go out of this life " exhausted" , just like the United Health Care motorcycle rider on the TV ad.... Look, my point is, all of us do not know how much time is left. My best friend turns 65 this month. Was riding high, divorced third wife, 2 kids don't care really, and has more cars to keep him busy forever in the hobby.... Yet, he last year had a stroke, now in an assisted living place, with no one who cares much.....very sad. He has become so irrational I can't bear to talk to him ether. .

Hang in their with him, you will learn as much as he (probably more, he seems to have a pretty flat learning curve)+ it is good 'training' (BTDT for 32 yrs w/ my dad, once a very powerful and great man)

Originally Posted by darstar

I am 70, still in shock, thinking about divorce myself. No kids or family left, all dead. Just finished my retirement home, but had to sell all my hobby cars to do it......Nothing last forever, even those who think we are bullet proof , like my old best friend.

Careful, Careful....Don't go throwing in the towel without first enjoying that new house for a spell. Building your retirement dream @ age 70 is no ez task for either of you. Take a deep breath and give each some space (and respect).. lots of water under the bridge, I sure wouldn't want to 'capsize' at age 70. Like your friend... could be a couple lonely decades ahead. (we can only hope to 'check-out' in the express lane )

I too lost 3 friends last yr (all in 50's / 60's with no access to healthcare). Not very comforting. At least some of them had transitioned to their dream before going through the death walk. Lengthy and expensive for all... leaving impoverished spouses from what had been reasonable nest egg. --- our (U.S.) medical payment system really stinks. (As if you didn't already know that). If age 65... These folks would have been protected (a little) via The Spousal Impoverishment Protection Law


My IDEAL spot will include:
energy efficient (hopefully a surplus producer)
space allotted for a fulltime caregiver
an abode that can easily be cared for (or rented) by surviving spouse / partner / or kids.
Flex Space (I.e. hobby space turns into caregiver / disabled housing)
Several construction techniques accomidate 'movable walls', I used those in the 1970's in some college 'residential energy projects'.
ACCESSIBLE !!! (You can get property tax credits for building ADA compliant)
EZ resale / conversion to commercial (Senior group home )

[darstar]

Originally Posted by StealthRabbit

Hang in their with him, you will learn as much as he (probably more, he seems to have a pretty flat learning curve)+ it is good 'training' (BTDT for 32 yrs w/ my dad, once a very powerful and great man)



Careful, Careful....Don't go throwing in the towel without first enjoying that new house for a spell. Building your retirement dream @ age 70 is no ez task for either of you. Take a deep breath and give each some space (and respect).. lots of water under the bridge, I sure wouldn't want to 'capsize' at age 70. Like your friend... could be a couple lonely decades ahead. (we can only hope to 'check-out' in the express lane )

I too lost 3 friends last yr (all in 50's / 60's with no access to healthcare). Not very comforting. At least some of them had transitioned to their dream before going through the death walk. Lengthy and expensive for all... leaving impoverished spouses from what had been reasonable nest egg. --- our (U.S.) medical payment system really stinks. (As if you didn't already know that). If age 65... These folks would have been protected (a little) via The Spousal Impoverishment Protection Law .

Problems are compounded when your spouse is 8 years younger and nether of us is interested in each other romantically any more. I feel now that I have achieved my last bucket list( building with all my savings) that dream place, that I have little left to do, and am not wanting to give up on one of the last human desires, a fulfilling relationship. I feel cheated, on a more rational level than my friend,( who can't enjoy much o his wealth anyway now) , but , now what do I do? 34 years of marriage is hard to throw away and financially would not work anyway, as she is the income producer in a business I created 40 years ago, and am still full pardner,just not an active one,that's the way she wants it along with all things money related. Very frustrated, I do feel like I made a wrong turn some years ago.Yet, as I said , I want to leave this life exhausted and as I do not qualify as a veggie yet, want to keep going....however unlike my friend, I do not have the funding to go it alone.We are trying family. counseling, but I have little hope that it will help...... Now If I could just find a hot attractive widow lady with lots of cash and wants to see the Country in an old car....I would be out of here, after the house is sold anyway. I am not against an open marriage ether, but I do not think she would accept it under any circumstances.
So many things go on in the mind. I have another wealthy friend( also heavy into old expensive cars), that DOES live live as if soon he will be exhausted, and , they both seem very happy and travel all over as we all did several years ago. he has kids and grand kids, I do not , so ,maybe that has something to do with it.......I am ready for another adventure now that my home is done, and I do not want to plan for the day of demise ether.If I had the money , maybe I would buy an airplane, one of the things I never did, and, I hate flying commercially, anywhere I drive. Building a retirement home complex sounds boring...as well I do not like to be around too many old people all the time, but I do respect them...... Not sure how we got onto this rambling, and maybe off topic, but I do think there is still room for feelings, even if you are old in body years, but feel much younger , most of the time.
... That's my story in a nut shell........still looking for something.


My IDEAL spot will include:
energy efficient (hopefully a surplus producer)
space allotted for a fulltime caregiver
an abode that can easily be cared for (or rented) by surviving spouse / partner / or kids.
Flex Space (I.e. hobby space turns into caregiver / disabled housing)
Several construction techniques accomidate 'movable walls', I used those in the 1970's in some college 'residential energy projects'.
ACCESSIBLE !!! (You can get property tax credits for building ADA compliant)
EZ resale / conversion to commercial (Senior group home )

Read my reply post ?