{"id":6595,"date":"2023-07-24T08:57:00","date_gmt":"2023-07-24T15:57:00","guid":{"rendered":"https:\/\/cedarrockfinancial.com\/tmp\/staging\/?p=6595"},"modified":"2023-07-26T09:55:30","modified_gmt":"2023-07-26T16:55:30","slug":"choosing-the-right-retirement-home","status":"publish","type":"post","link":"https:\/\/cedarrockfinancial.com\/tmp\/staging\/articles\/choosing-the-right-retirement-home\/","title":{"rendered":"Choosing the Perfect Retirement Home"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">This article was reviewed by\u00a0<a href=\"https:\/\/cedarrockfinancial.com\/tmp\/staging\/about-us\/chris-singer\/\">Jay Brecknell, CFP\u00ae<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Making the move to a retirement home can come with mixed emotions and uncertainty\u2014especially since most of us ignore what a retirement home can be, focusing instead on what it is not. Namely, the place you feel most comfortable: your home. But not all retirement homes are what you\u2019ve seen on TV or heard about from a friend of a friend. You can find the perfect place\u2014one that feels like home\u2014as long as you do your research. So, let\u2019s take the first step together and go through what you need to know to find a retirement home that fits you.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/cedarrockfinancial.com\/tmp\/staging\/wp-content\/uploads\/2022\/08\/HappyOldPeople_2-1024x683.jpg\" alt=\"\" class=\"wp-image-6232\" srcset=\"https:\/\/cedarrockfinancial.com\/tmp\/staging\/wp-content\/uploads\/2022\/08\/HappyOldPeople_2-1024x683.jpg 1024w, https:\/\/cedarrockfinancial.com\/tmp\/staging\/wp-content\/uploads\/2022\/08\/HappyOldPeople_2-300x200.jpg 300w, https:\/\/cedarrockfinancial.com\/tmp\/staging\/wp-content\/uploads\/2022\/08\/HappyOldPeople_2-768x513.jpg 768w, https:\/\/cedarrockfinancial.com\/tmp\/staging\/wp-content\/uploads\/2022\/08\/HappyOldPeople_2-1536x1025.jpg 1536w, https:\/\/cedarrockfinancial.com\/tmp\/staging\/wp-content\/uploads\/2022\/08\/HappyOldPeople_2-2048x1367.jpg 2048w, https:\/\/cedarrockfinancial.com\/tmp\/staging\/wp-content\/uploads\/2022\/08\/HappyOldPeople_2-800x534.jpg 800w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Choosing the Right Level of Care&nbsp;<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">First of all, you need to find a place that offers the right level of care for you and your partner. There are four main types\u2014independent living, assisted living, memory care, or skilled nursing\u2014and understanding the differences is key to making the right choice, as well as knowing what you\u2019ll need for the future.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><em>Independent Living<\/em><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Independent living is ideal for people who are active, self-sufficient, and desire a vibrant community without the need for extensive care. Choose independent living if you can cook and clean for yourself, maintain your daily routines, and enjoy socializing and participating in activities with minimal assistance.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><em>Assisted Living<\/em><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Assisted living is suitable for individuals who require assistance with daily activities, such as bathing, dressing, medication management, or meal preparation. Consider assisted living if you need a supportive environment where trained staff are available around the clock to provide assistance and support as needed.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><em>Memory Care<\/em><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Memory care is designed for individuals living with Alzheimer&#8217;s disease, dementia, or other memory-related conditions. Opt for memory care if you or your loved one require specialized care, a structured environment, and personalized assistance to ensure safety, cognitive stimulation, and emotional support.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><em>Skilled Nursing<\/em><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Skilled nursing provides 24\/7 medical care and support for individuals with complex medical conditions, post-surgery recovery, or chronic illnesses. Choose skilled nursing if you require regular medical supervision, rehabilitation services, or assistance with managing complex medical needs.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><em>Reviewing Your Options&nbsp;<\/em><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Choosing the right type of retirement home based on the level of care requires a thoughtful and thorough evaluation of your current and future needs.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Begin by evaluating your current health condition and any specific care requirements you have.&nbsp;<\/li>\n\n\n\n<li>Consider your future needs and how they may continue to evolve over time.&nbsp;<\/li>\n\n\n\n<li>Think about factors like mobility, assistance with daily activities, medication management, and healthcare support.&nbsp;<\/li>\n\n\n\n<li>Consult with your healthcare provider to better understand your present and potential future care needs.<\/li>\n\n\n\n<li>Evaluate the costs associated with each level of care and consider how they align with your budget and financial resources.&nbsp;<\/li>\n\n\n\n<li>Research long-term care insurance options, government assistance programs, and payment plans offered by retirement homes to help manage costs effectively.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Many retirement homes offer a continuum of care, which will allow you to stay in the same retirement home as your care needs change over time. This is a great option as it means you can have a smoother transition, removes the need for relocation, and gives you consistent support and familiarity. It\u2019s worth checking if the homes you\u2019re considering have this option, as it can make things much easier in the long run.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/cedarrockfinancial.com\/tmp\/staging\/wp-content\/uploads\/2023\/07\/AdobeStock_234695006-1024x683.jpeg\" alt=\"\" class=\"wp-image-6601\" srcset=\"https:\/\/cedarrockfinancial.com\/tmp\/staging\/wp-content\/uploads\/2023\/07\/AdobeStock_234695006-1024x683.jpeg 1024w, https:\/\/cedarrockfinancial.com\/tmp\/staging\/wp-content\/uploads\/2023\/07\/AdobeStock_234695006-300x200.jpeg 300w, https:\/\/cedarrockfinancial.com\/tmp\/staging\/wp-content\/uploads\/2023\/07\/AdobeStock_234695006-768x512.jpeg 768w, https:\/\/cedarrockfinancial.com\/tmp\/staging\/wp-content\/uploads\/2023\/07\/AdobeStock_234695006-1536x1024.jpeg 1536w, https:\/\/cedarrockfinancial.com\/tmp\/staging\/wp-content\/uploads\/2023\/07\/AdobeStock_234695006-2048x1365.jpeg 2048w, https:\/\/cedarrockfinancial.com\/tmp\/staging\/wp-content\/uploads\/2023\/07\/AdobeStock_234695006-800x533.jpeg 800w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Location and Activities<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">What\u2019s the point of retirement if you aren\u2019t having fun?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Location is essential to enjoying your retirement. You\u2019ll want to find a place that\u2019s in a convenient spot\u2014whether that means close to friends and family or close to activities you enjoy. You\u2019ll also want to research options to check whether the retirement home offers activities that you\u2019re interested in. If not, remember that you can always ask for a new group to start, or start something yourself!&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">There are a number of common social activities to keep an eye out for while you\u2019re researching. If you\u2019re unsure, you can always call the retirement home and ask, or go on a tour\u2014they\u2019ll be happy to give you more information.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Keep in mind that many of these options are more specific to assisted living but can still be offered in independent living communities!<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><em>Recreational Activities and Entertainment<\/em><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Most retirement homes offer a variety of recreational activities, including fitness classes, yoga, tai chi, swimming, walking clubs, movie nights, and sports activities tailored to seniors&#8217; physical abilities. The activities are designed for you, giving you the chance to get some great exercise, improve mobility, and even friendly competition. There\u2019s also more relaxed entertainment on the weekly schedule, including guest speakers, entertainers, musicians, and performers.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><em>Craft and Social Groups<\/em><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Many retirement homes organize art classes, painting sessions, pottery workshops, and other creative activities. You\u2019ll get the chance to try new skills, and maybe find a creative gift you didn\u2019t know about!&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This is also the perfect chance to make friends with people who share similar interests. Retirement communities typically create and encourage social clubs and groups based on residents&#8217; shared hobbies. Whether that\u2019s book clubs, gardening clubs, card-playing groups, cooking classes, music or choir groups, you\u2019ll be able to connect with like-minded people as you explore your passions.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><em>Group Outings and Excursions<\/em><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Retirement homes often organize group outings to local attractions, museums, theaters, parks, or shopping centers. You\u2019ll get the chance to explore the community, make friends, and enjoy new experiences outside the retirement home.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><em>Volunteer Opportunities<\/em><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Many retirement homes offer volunteer programs within their communities or with local organizations. You could take part in meaningful volunteer work, such as tutoring students, participating in mentorship programs, assisting at local charities, or participating in community service projects, which is a great way to stay involved and make a positive impact.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><em>Dining and Socializing<\/em><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Shared dining areas and communal spaces in retirement homes provide plenty of opportunities for you to chat with other residents and build relationships. Meal times in particular are a great social hub, giving you the chance to chat with your neighbours, share a table, and enjoy eating together.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><em>Educational Programs<\/em><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Do you ever wish you could go back to school\u2014but skip all the exams? Now\u2019s the time! Retirement homes often provide educational programs, lectures, and workshops on a wide variety of topics. These programs can cover areas such as history, literature, science, technology, health, and personal development, which is a great way to keep your mind active and learn all about new topics you might not have been exposed to before.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The types of activities each retirement community offers will vary depending on the home and level of care, and one place won\u2019t have everything, so look for a nice balance of activities you enjoy.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/cedarrockfinancial.com\/tmp\/staging\/wp-content\/uploads\/2023\/07\/AdobeStock_86138587-1024x683.jpeg\" alt=\"\" class=\"wp-image-6603\" srcset=\"https:\/\/cedarrockfinancial.com\/tmp\/staging\/wp-content\/uploads\/2023\/07\/AdobeStock_86138587-1024x683.jpeg 1024w, https:\/\/cedarrockfinancial.com\/tmp\/staging\/wp-content\/uploads\/2023\/07\/AdobeStock_86138587-300x200.jpeg 300w, https:\/\/cedarrockfinancial.com\/tmp\/staging\/wp-content\/uploads\/2023\/07\/AdobeStock_86138587-768x512.jpeg 768w, https:\/\/cedarrockfinancial.com\/tmp\/staging\/wp-content\/uploads\/2023\/07\/AdobeStock_86138587-1536x1024.jpeg 1536w, https:\/\/cedarrockfinancial.com\/tmp\/staging\/wp-content\/uploads\/2023\/07\/AdobeStock_86138587-2048x1365.jpeg 2048w, https:\/\/cedarrockfinancial.com\/tmp\/staging\/wp-content\/uploads\/2023\/07\/AdobeStock_86138587-800x533.jpeg 800w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Paying for Retirement Homes<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">A big concern surrounding retirement homes is how to afford them. Fortunately, you have a number of options!&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Retirement Income: Many retirees rely on their accumulated retirement savings, such as Registered Retirement Savings Plans (RRSPs) or private pensions, to cover the costs of living in a retirement home. These savings can help supplement monthly expenses or be used for a lump sum entrance fee, depending on the retirement home&#8217;s payment structure.<\/li>\n\n\n\n<li>Sale of Property: Selling a primary residence is a common method to fund retirement home living. The proceeds from the sale can be used to cover the costs associated with moving into a retirement home, including entrance fees, monthly fees, and ongoing care expenses.<\/li>\n\n\n\n<li>Long-Term Care Insurance: Some retirees opt to purchase long-term care insurance policies before moving into a retirement home. These insurance policies can help cover a portion of the costs associated with long-term care, including those incurred in retirement homes.<\/li>\n\n\n\n<li>Family Support: In some cases, family members may contribute to the costs of retirement home living. This could involve children or other relatives providing financial assistance to help cover expenses.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><em>Privately-Funded Retirement Homes<\/em><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Some are completely private, where you will need to cover the entire cost. This gives you much greater flexibility and choice in selecting a retirement home, as you can have control over the level of care and amenities you want.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Independent living in these types of retirement homes typically ranges from $5,000 to $8,000 per month. This depends on various factors such as location, facility amenities, and the size of the living space.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Assisted living, which provides additional support and care services, generally incurs higher costs. The average costs for assisted living range from $10,000 to $15,000 per month but can again vary depending on the retirement home.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><em>Government Subsidy Retirement Homes<\/em><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Some retirement homes use income testing to determine the financial eligibility of residents. Income testing ensures that individuals with limited financial resources receive appropriate support. Government subsidies may be available to eligible individuals, helping to offset the costs of retirement home living. It is important to note that not all retirement homes offer income testing or government subsidy programs, so your options will be more limited.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Evaluating Retirement Homes<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Once you have a solid idea of the type of care you need, the amenities you\u2019re looking for, and how you\u2019re going to fund your stay, it\u2019s time to get out and start visiting the retirement homes you\u2019ve been researching! If you have caregivers, their feedback and involvement is important during this process.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In-person visits are important to fully evaluate and get a proper sense of the home. Schedule your visit ahead of time to guarantee that someone will be able to give you a tour and explain all the features. Take a guided tour, interact with staff and residents, and assess the overall atmosphere and quality of care. Ask about specific services, activities, healthcare support, staff-to-resident ratio, and safety protocols related to the level of care you require\u2014it\u2019s a great idea to have a list of questions ahead of time so you don\u2019t forget anything.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">While you\u2019re there, talk to residents and their families who have firsthand experience with the retirement homes you are evaluating. Their insights can provide valuable perspectives and help you make a well-informed decision.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/cedarrockfinancial.com\/tmp\/staging\/wp-content\/uploads\/2023\/07\/cdc-F98Mv9O6LfI-unsplash-1024x683.jpg\" alt=\"\" class=\"wp-image-6598\" srcset=\"https:\/\/cedarrockfinancial.com\/tmp\/staging\/wp-content\/uploads\/2023\/07\/cdc-F98Mv9O6LfI-unsplash-1024x683.jpg 1024w, https:\/\/cedarrockfinancial.com\/tmp\/staging\/wp-content\/uploads\/2023\/07\/cdc-F98Mv9O6LfI-unsplash-300x200.jpg 300w, https:\/\/cedarrockfinancial.com\/tmp\/staging\/wp-content\/uploads\/2023\/07\/cdc-F98Mv9O6LfI-unsplash-768x512.jpg 768w, https:\/\/cedarrockfinancial.com\/tmp\/staging\/wp-content\/uploads\/2023\/07\/cdc-F98Mv9O6LfI-unsplash-1536x1024.jpg 1536w, https:\/\/cedarrockfinancial.com\/tmp\/staging\/wp-content\/uploads\/2023\/07\/cdc-F98Mv9O6LfI-unsplash-2048x1366.jpg 2048w, https:\/\/cedarrockfinancial.com\/tmp\/staging\/wp-content\/uploads\/2023\/07\/cdc-F98Mv9O6LfI-unsplash-800x533.jpg 800w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Finding the Right Fit<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Finding the perfect retirement home that suits your needs can be an exciting journey! It takes some time and effort, but with the right approach, you can make a decision that brings you joy and comfort in your golden years.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Remember, this process is all about enhancing your quality of life and ensuring your well-being. Take your time, ask questions, and trust your instincts. With careful research and consideration, you&#8217;ll find the perfect retirement home that will bring you comfort, happiness, and a fulfilling retirement experience.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If you\u2019re wondering how you\u2019ll afford a retirement home or have any other questions about making this life change, schedule a call with us! We\u2019d love to walk you through your financial options and help you make the right decision.<\/p>\n\n\n<div class=\"cta\" style=\"background-image: url(https:\/\/cedarrockfinancial.com\/tmp\/staging\/wp-content\/uploads\/2022\/01\/Asset-4.png);\"\r\n>\r\n    <button id=\"cta-close\" aria-label=\"Close CTA\"><\/button>\r\n    <div class=\"cta__content\">\r\n                    <a href=\"https:\/\/cedarrockfinancial.com\/tmp\/staging\/retirement-planning-ebook\/\" target=\"_self\">\r\n                        <h2><strong>Download Our Free Retirement Guide today<\/strong><\/h2>\n        <span>Learn More<\/span><\/a>    <\/div>\r\n<\/div>\r\n","protected":false},"excerpt":{"rendered":"<p>This article was reviewed by\u00a0Jay Brecknell, CFP\u00ae. Making the move to a retirement home can come with mixed emotions and uncertainty\u2014especially since most of us ignore [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":6596,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4,12,14],"tags":[],"class_list":["post-6595","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-planning","category-personal-planning","category-retirement-planning"],"acf":[],"_links":{"self":[{"href":"https:\/\/cedarrockfinancial.com\/tmp\/staging\/wp-json\/wp\/v2\/posts\/6595","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cedarrockfinancial.com\/tmp\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cedarrockfinancial.com\/tmp\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cedarrockfinancial.com\/tmp\/staging\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/cedarrockfinancial.com\/tmp\/staging\/wp-json\/wp\/v2\/comments?post=6595"}],"version-history":[{"count":14,"href":"https:\/\/cedarrockfinancial.com\/tmp\/staging\/wp-json\/wp\/v2\/posts\/6595\/revisions"}],"predecessor-version":[{"id":6624,"href":"https:\/\/cedarrockfinancial.com\/tmp\/staging\/wp-json\/wp\/v2\/posts\/6595\/revisions\/6624"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cedarrockfinancial.com\/tmp\/staging\/wp-json\/wp\/v2\/media\/6596"}],"wp:attachment":[{"href":"https:\/\/cedarrockfinancial.com\/tmp\/staging\/wp-json\/wp\/v2\/media?parent=6595"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cedarrockfinancial.com\/tmp\/staging\/wp-json\/wp\/v2\/categories?post=6595"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cedarrockfinancial.com\/tmp\/staging\/wp-json\/wp\/v2\/tags?post=6595"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}