Independent Living

Retirement Independent Communities are oriented toward an active lifestyle, although "active" is not a criteria. These communities are enriched with numerous choices and opportunities of ways to fill your days. They usually have a minimum age restriction of 55 for at least one of the residents. Sometimes the age minimum is 60 or 62. If it is 62 then all occupants must be at least that age. Check resident restrictions before purchasing.

Active Senior Communities may offer golf, tennis, swimming pools, hiking and biking trails, exercise rooms as well as a variety of clubs and interest groups. They may be located in a resort region or a university town and offer the enriched lifestyle of the resort or the university.

Some age-restricted communities are built on in-fill sites in established cities or close-in suburbs. They attract retirees seeking to reduce their home maintenance chores usually by downsizing, but wanting to stay close to where they have lived for many years. Some cities attract well-heeled retirees seeking the culture and lifestyle characteristic of that city.

Statistics show that at the larger, recreational-oriented communities the average new buyer age is in the early 60's with an annual income above $35,000 per year.

This average age of a retirement community is different from the average age of residents in a well-established retirement community. As a community matures, the average age of residents rises. The average age of new buyers, however, may continue to be in the early 60's.

More than 50% of active adult community buyers continue to purchase their home for cash using a portion of the proceeds received from the sale of a previous home. They also tend to set a portion of the sale proceeds aside for investment, to generate additional income to supplement their annual cash flow or to use for an emergency, should it be needed. Focus groups indicate that on average, 2/3 of the cash from the sale of a home goes into the purchase of a retirement home.

To better understand the costs involved, compare the Community Association fees to your present home costs:

• Home Maintenance and Repair
• Gardening Service
• Landscaping costs including watering
• Pool and spa costs including maintenance and repairs
• Fire and theft insurance
• Country Club membership and privileges
• Golf and tennis fees
• Snow plow, trash, and other local services
• Cable access
• Costs to retrofit or remodel to accommodate aging
• Cost to commute to clubs and activities
• Cost for home security

Nebraska offers seniors many independent living alternatives; therefore, it is important that those individuals interested in exploring retirement housing take the time to understand their personal needs and what different communities offer. It is also critical to review and compare the different services available and whether additional charges are incurred or if monthly rent includes the service.

• Is an independent retirement residence for you?
• Determining what you can afford for monthly rent.
• What to look for when visiting an independent retirement residence.

Following are some questions, worksheet examples and checklists that will hopefully help aid in this important decision-making process.

IS A RETIREMENT RESIDENCE FOR YOU?

Below are a number of considerations to help you determine if a move to an independent retirement community is for you.