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We're looking at continuing care retirement communities and both Lakeland and Orange City have nice affordable ones. The main difference is that one is gated community.
Can anyone offer any information on living conditions in Lakeland vs Orange City?
We're looking at continuing care retirement communities and both Lakeland and Orange City have nice affordable ones. The main difference is that one is gated community.
Can anyone offer any information on living conditions in Lakeland vs Orange City?
Lakeland is a nice little town. It is close to Tampa and to Orlando. It is fairly safe and has a beautiful lake right in downtown. There is a Civic Center where there are concerts and other events. It is hotter during the summer and it is also colder during the winter than cities on the coast. You are in the middle of the state and while hurricanes can affect the area it is usally rain with some wind. There are lots of restaurants too.
All in all it is a nice area. I think Winter Haven is also a nice little town.
I would be more concerned about buying into a CCRC (anywhere) than deciding between Lakeland or Orange City. I think a whole lot of CCRCs will have financial problems down the road (IMO - they're based on economic assumptions that are unrealistic). Robyn
I actually think that with the boom coming in boomers steasdly retiring such communties will boom also.I fact it will bring a boom and demographic chnages never seen before .Actaully think mnay other type community have and will be inmuch worse financial shape really.basic bommers control alot of welth as a group and we see what the downturn has done in many communties builtup during the 2000's. There are alot of articles written on now bommers will change the idea of what retirement is with their nubers.
I would be more concerned about buying into a CCRC (anywhere) than deciding between Lakeland or Orange City. I think a whole lot of CCRCs will have financial problems down the road (IMO - they're based on economic assumptions that are unrealistic). Robyn
I agree with this.
They have to be looked at with a jaundiced eye, especially if a private business venture.
There are some backed by "religous" based organizations that are into such more for humane purposes then for profit, but even they could/might eventually cut their losses and run.
I don't think a non-profit is a guarantee of anything. IIRC - Cypress Village here in JAX was run by a religious non-profit - and hit the rocks. And then was bought in either a distress or bankruptcy sale by Brookdale (a public corporation).
The simple fact of the matter is that the cost of living (especially in terms of ALF and SNF health care) is going up a lot faster than these outfits can make investment returns on the money you're paying up front. I don't think any of their economic models ever contemplated a prolonged "zero interest rate" environment.
Also - one never knows what kind of care one will need. Will you go from senior independent living to an ALF - or a SNF - or directly into the ground? Also - various facilities have better or worse facilities depending on the level of care required. My 93 year old father lives in an independent living senior facility (quite good) - a rental - which has a small mediocre ALF - and no SNF.
I really think rentals are the way to go at a certain point in some peoples' lives. A rental insures maximum flexibility. Robyn
We wouldn't even consider a for-profit CCRC. Both the ones we're looking at are non-profits, one is run by religous group.
Thanks for the comments. We've never thought about rental community but we'll look into it. The only concern was that one spouse could be left to make all the decisions and not every 90-year-old is capable of making good financial ones.
Lots to think about.
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Interesting outlooks
