Senior Living: What It Is and How Much It Costs

Baby boomers are retiring, and history’s biggest generation is expected to demand new options for their retirement years. Senior living offers retirees more ways to enjoy life in communities of their peers – and it comes with high-end services, customized amenities, and exciting social activities foster wellness.

The Different Types of Senior Living

There are many options for senior living in today’s retirement markets. Baby boomers are aging and creating a competitive market in assisted living. These seniors have more discretionary income than any previous generation in history, and many choose to use that income during retirement.

There are four types of living for seniors:

Retirement Communities: Luxurious retirement communities often offer gated homes, townhouses and condominiums where seniors can live in a luxurious environment year-round. Most of these communities offer perks like gourmet kitchens, onsite spas and salons, 24/7 concierge service, golf courses, and more.

Assisted Living: Assisted living not only offers upscale amenities, but also provides assistive services for seniors such as help with grocery shopping, therapeutic options like music and singing, medication management, and other programs to help seniors who can’t do everything they once could. You can enjoy a lifestyle that revolves around your needs.

Nursing Homes: Nursing homes are designed for people who need more intensive care. However, that doesn’t mean you can’t have just as many luxuries such as tailored therapy programs, swimming pools, fitness centers, and proactive group activities such as dances, concerts, picnics, and events.

Memory Care: Memory and dementia care are no longer the kinds of services where elder patients are ignored or mistreated – especially in upscale memory care facilities. These facilities can offer apartments or homes with personalized care, astonishing amenities, and stimulating programs to entertain retirees and provide luxury-in-place care.

The Cost of Senior Living

The costs of senior living vary widely. Costs depend on location, technology options, types of amenities offered, and any associated healthcare services. The average cost of a luxury apartment ranges from $2,000 a month to $5,000 a month or more, reports. There can also be an entry fee involved that could run as high as six digits.

Where to Find Senior Living Facilities

The National Investment Center for Seniors Housing and Care states that there are about 4,060 retirement communities in the United States for independent living. The CDC reports there are more than 15,600 nursing homes. It’s not difficult to find assisted living homes no matter where you live.

If you’re interested in finding a senior living facility, start a search today.

Featured Tip

Worried about retirement? You aren’t alone. Motley Fool reports 24% of Americans don’t have any retirement savings at all, and nearly 40% are worried about living comfortably as seniors.