As you age, it’s smart to have a plan. Not just for your finances, but for how and where you want to live. One option is 55+ communities, which are neighborhoods designed for senior living that offer assisted living, memory care, shared amenities, social events and more.
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While there are downsides, such as high fees and limited home price appreciation, there are advantages, as well.
“They tend to be quiet, safe [and] well-run, with an excellent sense of community. Studies have shown that people who live in 55+ communities have a slightly longer life expectancy than those who don’t,” Sebastian Frey, seasoned living strategist at Team Sixty Plus, wrote in an email. “In addition, these communities are often designed to reduce social isolation, which is a major risk factor for depression and illness in older adults.”
Thinking of retiring in a 55+ community? Here are three key signs you should look out for.
You Need To Downsize
“One of the first signs could be to downsize your home. You could look to a smaller residence or apartment, but many people over the age of 55 start looking at retirement communities,” Chad Gammon, certified financial planner and owner at Custom Fit Financial, wrote in an email.
According to a 2024 AARP survey, nearly two-thirds of adults would consider downsizing, and 48% of younger adults and 32% of those 50 and older would consider a 55+ community.
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You Want To Simplify Your Life
“People I have worked with mention they’re looking for an easier lifestyle,” Frey wrote. “They’re done with toiling on the landscaping and caring for the exterior. They’re just looking to simplify their lives while, at the same time, having to spend less time traveling for social activities.”
According to Frey, monthly fees for 55+ communities often include exterior maintenance and landscaping, and they may include amenities such as golf, tennis, pickleball, swimming pools, a clubhouse, community gardens and more.
Healthcare Is an Issue
“If you feel like healthcare might be an issue for you, a retirement community could be helpful with home features already designed for retirees, such as no-step entries or wider doorways,” Gammon explained, “And they can have healthcare services provided nearby, which makes getting care easier than living elsewhere.”
This saves you from the time and expense of coordinating outside appointments, transportation or home modifications down the road.
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This article originally appeared on GOBankingRates.com: 3 Key Signs You Should Retire in a 55+ Community
