As more and more Baby Boomers reach the age of retirement and beyond, the need of housing and care continues to grow as well. Some families are fortunate enough to be able to house an elderly parent in their own homes, but for many, this isn’t a feasible option; that’s where assisted living facilities may play a huge role. Assisted care facilities and senior independent living centers can provide a safe, productive, and social environment where they’ll feel right at home. It is crucial to start planning for this time sooner rather than later, especially with the news of one recent survey.
Senior independent living costs are on the rise, but only slightly, according to Healthline.com; the study was issued by A Place for Mom (APFM), a senior housing referral service (aptly named when you consider 74% of assisted living residents are female). The study found that the average cost of assisted living facilities and senior independent living rose by 2.7% from 2014 to 2015. According to the real estate brokerage firm Redfin, the housing market overall has increased by about 7% in that same time period.
“One of the ways that many families fund senior living is through the sale of their home,” Charlie Severn, a marketing executive with A Place for Mom, told Healthline “[n]ow it makes financial sense to do that if that was indeed the way a family was hoping to finance that transition.”
Research shows that when you become part of a senior independent living retirement community, you’re more likely to make new friends and try new things, according to the 2009 Independent Living Report by the ProMatura Group, LLC.
The reality is that most people vastly underestimate the likelihood of needing long-term care at some point in their lives. According to Age Wave, approximately 37% of people age 50 and up believe they may need long-term care in the future, when in reality, that number will actually end up being about 70%.
Having a safe, healthy environment to live and grow old in is a luxury this country is fortunate enough to have available. As the costs continue to grow ever so slightly it’s important to start planning for it today.