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Rewind a few decades, and the main choices for senior housing consisted of your current home or a nursing home.
Not so today. Vast improvements over the past years have led to a wide selection of senior housing developments. And, today’s market offers housing arrangements that focus on helping residents maintain a healthy, active lifestyle.
“There are so many options, each one with different financial implications,” says Frank McAleer, director of retirement solutions at Raymond James Financial Inc. in St. Petersburg, Florida. “Often, it makes sense to downsize, renovate, or sometimes not change a thing.”
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To narrow your choices, focus on what services you need now or anticipate needing in the future. And while cost is definitely a factor, ultimately finding a place you enjoy and are comfortable with will play a key role.
Read on for 7 of the main senior housing choices available today and how to determine which one is a good fit for your lifestyle and needs.