Three Things to Consider Before Moving to a Retirement Community

During retirement, many people choose to move into independent living communities. These offer plenty of socialization opportunities and a low-maintenance lifestyle, but they do have their downsides. MoneyWise says there are a few things you need to think about before moving into a 55-plus community.

Retirement living can be costly. The national median monthly cost for independent living in a retirement community is $3,000. Most also have a hefty buy-in fee.

Amenities are expensive. One of the appeals of a retirement community is the variety of activities, entertainment, and enrichment classes you can take. Residents typically pay a sizeable monthly fee to cover these costs. If you aren’t going to take advantage of the amenities, then you might want to consider lively elsewhere.

Lack of diversity. Retirement communities cater to a specific demographic — older Americans — and this could present challenges.  According to an expert on aging, “intergenerational connections and sense of purpose associated with these types of living and learning arrangements foster health, positive attitudes and well-being.”

The Seniors Trust is committed to improving the lives of America’s retirees through passage of The Social Security Expansion Act. It will give retirees an immediate benefits increase of about $200 a month, a fair annual cost-of-living adjustment (COLA), and increased minimum benefits. This bill will also ensure the long-term solvency of the Social Security program.