What do you think of a retirement community with an entrance fee of 100k

[clifp]

My plan is to move into a CCRC when I am in my 70s. In talking to the residents of my mom's retirement home, and others I've visited when my sister and I were looking for a place for mom, there was a common refrain.

"I wish I had moved into this place earlier."

I really like to the option to move from independent living to assisted living and finally to skilled nursing and still have friends be able to easily visit me.

The financial viability is certainly a concern.

[Walt34]

Quote:

Originally Posted by clifp My plan is to move into a CCRC when I am in my 70s. In talking to the residents of my mom's retirement home, and others I've visited when my sister and I were looking for a place for mom, there was a common refrain. "I wish I had moved into this place earlier."

That's what my Mom said too. She cried when the house she'd been in for 40 years sold, then six months later and relieved of the household chores/maintenance issues to think about was happy she moved.

[ChrisC]

I went to a presentation for this retirement community that will open in October and was quite impressed: Welcome to Waltonwood Senior Living in Charlotte, NC.

Space is very limited but it has independent living, assisted living and memory care apartments, on a campus-like facility. This appears to be a small, nimble and flexible CCRC provider, which is moving into the Mid-Atlantic area. Unlike many others, there is no "buy-in" payment; you simply rent out an apartment with all sorts of common amenities, including meals, medication maintenance, house keeping, etc.

[ProspectiveBum]

Quote:

Originally Posted by ChrisC Unlike many others, there is no "buy-in" payment; you simply rent out an apartment with all sorts of common amenities, including meals, medication maintenance, house keeping, etc.

Do you recall the pricing (even ballpark numbers)?

[ChrisC]

Quote:

Originally Posted by ProspectiveBum Do you recall the pricing (even ballpark numbers)?

They had 3 tier pricing for Independent, Assisted Living and Memory Care apartments. Here's the pricing for independent living:

Independent Living

1 Brm/1Bath 743-893 sft from $3695 per month
2 Brm/2Bath 979-1299 sft from $4,295 per month

I believe there is one time second person fee of $675 (if someone cohabits with you), and another one time, non-refundable community fee equal to the base monthly rental.

The place struck me like a college campus. I went there for my MIL primarily but I might make a deposit myself for me and my wife; the deposit, refundable, simply places you on the preferred list of openings, when vacancies arise. Of course, you can graduate at this place by going from Independent Living to Assisted Living and then to Memory Care, but this is a very small place, not like the bigger facility mentioned by the OP.

The presentation was well attended, about half of the people there were from the Sun City community in nearby South Carolina. This place:
Sun City Carolina Lakes | Active Adult Community Ft. Mill/Indian Land NC | Del Webb homes. I sat at a table with a couple from Sun City as well as two elderly, single ladies from Sun City. And one mature lady from Sun City whose husband was in the early stages of dementia. The elderly single ladies, one with very limited mobility and the other as spry as a 20 year old, both over 70 years old, at least, were intending to move into the joint with deposits already placed!

[Live And Learn]

With no close relatives we will be moving into a CCRC. The questions are where and when. I like the concept of not being kicked out if all those retirement calculators were wrong and we do in fact run out of money !

Once I ER going to visit a couple of the CCRCs that are nearby is going to be on my near term agenda so I can get a better feel.

[Brat]

Moving into a CCRC doesn't eliminate the value of being in the vicinity of family members who can assure that all is well. Friends are very important but most of them will be our age mates.

[bmcgonig]

Quote:

Originally Posted by mickeyd DW and I have been investigating local CCRCs recently. One we really liked (about 700 residents) looked very nice. The cost of the cottage we liked (1700 sf) was about $230K plus about $3800 monthly for both of us. Both numbers are easily affordable for us. Included in the monthly fee was a $400 each meal credit. About 85% of the folks there live independently. We are thinking that it would be a gift to our kids who would not have to worry about putting us in an assisted living place or memory loss home etc. in the future. Also they would not have to worry about selling our current home after we are gone as we would sell it after moving to the CCRC. Being able to afford such a place seems to be a result of our long-time frugal living style. This must be what we saved for. We plan on visiting other CRCCs in the area to see what their facilities look like. Most also seem to offer a free lunch so you can get a sense of the food quality etc.

Mickeyd, does the price go up if u have to go into assisted living or memory care?