Another housing choice for later years is a Continuing Care Retirement Community (CCRC). These communities have independent living, assisted living, and nursing home all on the same campus. Sometimes they are in the same building. As you need more care, you don't have to move to a new retirement community. And you don't lose your friends as you are all on the same campus.
The kind I have been looking into for has a substantial entrance fee ($80K or more) and then monthly fees for room, 2 daily meals, and utilities (except phone and cable TV). Assistance and nursing care is additional.
In these CCRCs, the entrance fee is a guarantee that you will always have a home and care, even if you do not have enough money to pay increased monthly fees.
I've been planning to help a 76-year-old friend when she is forced into retirement next year. I'll pay the entrance fee. Her monthly income and small savings (from being an elementary school teacher then a part-time librarian) will last for awhile. Then medicaid will help with the nursing home when that is needed.
I ran the numbers and this scenario is much cheaper than buying her a cottage next year and her using the equity in that when she sells at nursing home time. She is in Oregon where she wants to stay as her daughter lives a few hours away.
CCRCs vary. Some require you buy your condo / cottage. Other CCRCs operate on a monthly fee only with no guarantees.
If you want to read more about CCRCs and view the website of one with a solid endowment (so the capital is not touched) here are some websites:
Info
https://www.mass.gov/service-details/continuing-care-retirement-communities
A modestly-priced CCRC in California
https://www.hollenbeckpalms.com