Join Early Retirement Today
Reply
 
Thread Tools Display Modes
Active Senior Co-op Living?
Old 12-27-2014, 08:01 AM   #1
Thinks s/he gets paid by the post
Marita40's Avatar
 
Join Date: May 2011
Location: St. Paul
Posts: 1,847
Active Senior Co-op Living?

At the age of 58 and single, I recently moved from a condo back to a single family home. I am regretting the decision as I think about the significant work and expense ahead to fix this 100-year old place up. I've done it before--successfully--but now wonder whether it is worth my time, energy, and money. At this point I can say that it was a bad decision.

This move has been a wake up call for me in a major way; perhaps that's the good that will come out of what has otherwise been a traumatic experience. I am now, for the first time, wanting to plan a move to some type of housing that will accomodate my senior years. In short, I just can't endure the thought of moving more than one more time.

To be honest, I realized with this current move that the main issue for me is the lack of community. Yes, I am in a great, walkable neighborhood with very nice neighbors, but typical in MN I won't see most of them for 6 months out of the year due to winter. Most, too, are young families. I still work and plan to do so until at least 65, so I have lots of colleagues and I have a handful of good friends. But no family and no one to care for me if and when I need care.

There's an active senior co-op in my area that is increasingly drawing my attention. I am planning to take a tour and try to figure out how it works. Evidently you buy your apartment (condo?) at a fairly low price but then there is a monthly, rather hefty, fee. However, the place gets rave reviews for being well run, attractive, and having many and diverse amenities and activities. It is very close to my current home and work, which is comforting as I love this area.

At 58 (or, say, under 60 by the time a space opens up) it looks like I'd be one of the very junior members. But being settled in a place for the long-term is so appealing to me right now, as is the idea of a "built in" community. I'm afraid that once I retire and my small group of friends dwindles (frankly, most of my friends are older than I am--just the "crowd" I fell in with when I moved here) I'll be even more isolated than I'm feeling now.

Is there a question in all this? I guess I'd love to hear from anyone who might have opted for a senior co-op. They do seem to be "hot" here in MN as opposed to elsewhere in the country. Not sure why!
Marita40 is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 12-27-2014, 10:19 AM   #2
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Brat's Avatar
 
Join Date: Feb 2004
Location: Portland, Oregon
Posts: 7,110
I own shares in a co-op where a resident under 60 is considered young. It was designed for folks downsizing from very large homes in the early 60s. We are a community but not one where activities are sponsored or meal service provided.

One of the barriers to purchasing a co-op is that the purchase is a cash transaction except in areas of NY & NJ where banks will finance.

There are continuing care communities where the resident buys-in which provide a lot of social services. In Oregon they are almost all are not for profits, one is resident managed. Some provide for recovery of your entry fee at least in part. Here is where you should start your search: http://www.carf.org/providerSearch.aspx


The reason why the monthly nut is so high is the cost of providing services.
__________________
Duck bjorn.
Brat is online now   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Florida Active Living inkitnow Life after FIRE 15 11-07-2009 06:10 PM
standard on living or living with basic in US Enuff2Eat FIRE and Money 14 12-30-2005 10:35 AM
The End of Senior Citizen Discounts? SteveL FIRE and Money 7 08-31-2005 10:05 AM
Senior spending tapers off: Scott Burns amt Life after FIRE 32 08-17-2005 09:46 AM
Please list SENIOR BENEFITS. Deadwood Other topics 11 04-04-2004 07:27 AM

» Quick Links

 
All times are GMT -6. The time now is 07:44 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2024, vBulletin Solutions, Inc.