U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Retirement
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 10-23-2018, 06:07 AM
 
Location: Northern VA
512 posts, read 633,942 times
Reputation: 621

Advertisements

My wife and I have been considering Active Adult / 55+ communities for our eventual retirement. I'm 54 and my wife is 50 now. I'm planning to retire at 62 and make our move, but we both have a variety of health issues that may cause us to retire earlier. We've settled on Williamsburg, VA as our preferred destination so I've been researching options. There are quite a few Active Adult / 55+ communities in the Williamsburg area but since our proposed move is 7+ years away we haven't pursued exploring any in detail. We figure as the time gets closer there will be newer communities to consider.

We spent a week in Williamsburg at the end of September for our 30th anniversary and toured Patriots Colony in Williamsburg, VA. Patriots Colony is a military retirement CCRC open only to retired officers and some level (don't remember what) of civil servants. We were very impressed with the variety of living options as well as the available activities/amenities and the friendliness of all the resident and staff that we met.

Unfortunate, all those activities and amenities come at a considerable cost. For the type of residence we were considering, the buy in was around $300,000 and the monthly costs would around $5,000 for the two of us. Granted there were sum cheaper options but I think even the least expensive buy in was well over $100,000. The most expensive options were well over $400,000 buy in. The costs did vary depending on if you wanted some percentage going to your heirs (add 35% or 75% to the buy in) and whether or not you already had long term care insurance (monthly costs were lower but not significantly so).

My retirement plans all along have been to thrive on just my military retirement pay and then anything extra (federal pensions and SS) would just be gravy. Even if I could come up with the buy in $s, the monthly costs would eat up most of our combined income (military retirement, federal pensions , and SS). I'm a retired Major and there's no way I would spend that high a percentage of my income. We'd have nothing left for activities outside the CCRC. If I had $200,000 - $300,000 available for the buy in I could use that amount instead to buy outright or make a nice down payment on many properties in Williamsburg regardless of whether or not they were Active Adult/55+. And the monthly cost would be a fraction of the $5,000 CCRC monthly costs.

Maybe its just Patriots Colony and military CCRCs in general, but I'm curious about others experience explosion and/or living in CCRCs.
Reply With Quote Quick reply to this message

 
Old 10-23-2018, 11:56 AM
 
6,307 posts, read 4,755,565 times
Reputation: 12920
The CCRCs I am familiar have somewhat higher buy in costs and monthly costs are about double what you mentioned.
Reply With Quote Quick reply to this message
 
Old 10-23-2018, 12:10 PM
Status: "Support the Mining Law of 1872" (set 16 days ago)
 
Location: Cody, WY
9,593 posts, read 10,942,364 times
Reputation: 19243
I think that my plan is actually cheaper. I intend to stay in my home for the rest of my life. If I should ever need special care, I'll pay as I go. I cannot understand people who yearn for the "facility."
Reply With Quote Quick reply to this message
 
Old 10-23-2018, 12:41 PM
 
Location: Florida
4,376 posts, read 3,712,866 times
Reputation: 4116
You might want to switch to just an over 55 community. You could also consider long term care insurance. There are some options with life insurance.
Reply With Quote Quick reply to this message
 
Old 10-23-2018, 01:35 PM
 
Location: Northern VA
512 posts, read 633,942 times
Reputation: 621
At those prices, Patriots Colony is definitely out of our consideration. We're definitely looking at the Active Adult/55+ communities but that's not an absolute. It depends on what amenities are offered and the costs. Ideally we want a fitness center, indoor/outdoor swimming pools, walking/biking trails, exterior maintenance and lawn care.
Reply With Quote Quick reply to this message
 
Old 10-23-2018, 02:56 PM
 
Location: Florida
4,376 posts, read 3,712,866 times
Reputation: 4116
Quote:
Originally Posted by djplourd View Post
At those prices, Patriots Colony is definitely out of our consideration. We're definitely looking at the Active Adult/55+ communities but that's not an absolute. It depends on what amenities are offered and the costs. Ideally we want a fitness center, indoor/outdoor swimming pools, walking/biking trails, exterior maintenance and lawn care.
Be sure the community is financial stable. Monthly fees can range from a hundred dollars to four hundred or more. The higher fees can cover all outside maintenance to your property (and be less expensive tan the 100). At the lower end you do the maintenance yourself or hire the services. The point is analysis all your costs before deciding you can not afford a community.

Also Utility costs can vary within the same community as they could be in different service areas. In my area electric cost can go through the roof if it is run by the local city government as it helps finance the city and keep takes low.

Remember you are not going on vacation so try and look at each location as a resident needing local services. If you are in a vacation spot consider the traffic at peak times.
Reply With Quote Quick reply to this message
 
Old 10-23-2018, 03:54 PM
 
2,565 posts, read 1,028,922 times
Reputation: 2004
The concept of CCRCs is great. We are on the wait list for one. Yes the fees are high (both entrance as well as monthly), but if you can afford it, you will not have to worry about being well taken care of for the rest of your lives. Keep in mind the fees usually increase at around the inflation rate every year. CCRCs require a health and financial assessment prior to acceptance. Depending on the type/extent of your health issues, you may or may not qualify. The drawback to active 55+ communities is they do not include health care. If you require extensive health care later in life, you could end up being a ward of the government, if you have exhausted your financial resources.
Reply With Quote Quick reply to this message
 
Old 10-23-2018, 04:03 PM
 
1,291 posts, read 1,750,638 times
Reputation: 702
Quote:
Originally Posted by jrkliny View Post
The CCRCs I am familiar have somewhat higher buy in costs and monthly costs are about double what you mentioned.
Similar, large buy in 300,000 plus and monthly around 7,000
Reply With Quote Quick reply to this message
 
Old 10-23-2018, 05:44 PM
 
Location: delaware
688 posts, read 865,468 times
Reputation: 2367
CCRCs are medical models, with units for totally independent, assisted living, and skilled nursing care. They range in costs of buy-in, depending on where they are located from approximately $175,000 to over $400,000. Monthly costs usually start no lower than close to $2000. up to $4000. per month. They will provide care for life with increasing costs for care as needs increase. AN exception are the Lifecare facilities, which costs are higher and fees are locked in.


55+ communities are social models, usually with a variety of housing available, and a full schedule of activities for residents. Residences are purchased, and the costs can be rather steep. I believe that there are monthly "Hoa" type fees as well. There is no medical care provided, and levels of care are not offered. it is for independent living only.


Catsy
Reply With Quote Quick reply to this message
 
Old 10-23-2018, 08:09 PM
 
Location: Sierra Nevada Land, CA
8,410 posts, read 9,157,087 times
Reputation: 13115
Quote:
Originally Posted by Happy in Wyoming View Post
I think that my plan is actually cheaper. I intend to stay in my home for the rest of my life. If I should ever need special care, I'll pay as I go. I cannot understand people who yearn for the "facility."
I strongly agree. For the kind of money the OP is talking about you can buy a lot of quality in home care.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Retirement
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top