Luxury 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. Luxury 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.
A 2016 National Seniors Housing Report revealed that luxury independent living residences are leading new construction projects. As people live longer, many seniors are demanding more options for luxurious retirement living. Here’s why luxury senior living is fast becoming one of seniors’ top demands.
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The Different Types of Senior Luxury Senior Living
There are many options for luxury senior living in today’s retirement markets. Luxury living doesn’t come cheap, but it has become more affordable for seniors to find places offering more upscale living options. 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 luxury living for seniors:
Luxury Retirement Communities: Luxury 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.
Luxury Assisted Living: Luxury 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.
Luxury 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.
Luxury 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. Surrounded by nurturing staff and peers, you can enjoy life to the fullest extent possible.
The Cost of Luxury Senior Living
The costs of luxury 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, SeniorLiving.org reports. There can also be an entry fee involved that could run as high as six digits.
Senior living costs rise based on the kind of amenities you want and the healthcare you need. However, it’s important to assess these options with an accountant’s eye. Great wine vintages and crystal chandeliers might be appealing, but do they really improve your quality-of-life? Does technology actually make it easier for you to manage your home, or do you find high-tech devices impossible to understand?
Destination dining, however, offers seniors different options for meals. This is the kind of critical amenity most seniors appreciate. Wellness programs could make the difference between an active lifestyle during retirement and just going through the motions. Wellness programs might mean that you have qualified medical staff on-site to handle any health situation. Only you can decide what amenities you want and what you’re willing to pay to get them.
Most upscale communities offer shared amenities to their residents at no additional cost. These might include a golf course, weekly housekeeping service, community performance venues, sports facilities, business centers, niche craft rooms, and art galleries. These communities can offer a million-dollar lifestyle at a modest price.
Where to Find Luxury 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 luxury assisted living homes no matter where you live.
It’s critical to research what’s available in your area or the area where you want to retire. Luxury facilities can be income- or age-restricted. Do research and visit the facilities you like to make a more informed decision based on amenities and costs. The right luxury senior living option for you is out there – you just need to consider all of the available choices before settling on one.
Like anything, it’s always a good idea to be aware of the latest research. We recommend comparing at least 3 or 4 options before making a final decision. Doing a search online is typically the quickest, most thorough way to discover all the pros and cons you need to keep in mind.