Financial Considerations When Choosing a Retirement Facility

We have all made poor financial choices at some point in our lives. It could have been a wrong choice in cars, jobs, or investments. While you could recover quickly in your youth, as you age, it is harder to take risks, especially when it applies to your retirement years.

Choosing the best retirement facility should not be played like a game of roulette. Recovering from a wrong decision in this season of life can be extremely difficult. There are a few financial considerations you should be aware of when choosing a retirement facility. At Wesley Enhanced Living, we can educate you on moving to a continued care retirement community or CCRC. We understand that you need to make the best decision for your situation.

5 Things to Consider Before Moving into a CCRC

When planning where you will live during your golden years, it is essential that you take everything possible into account. Here are five suggestions to begin with:

  1. Types of Communities: There are many different options for retirement communities. You can find duplexes, free-standing houses and high-rise apartment units. Some communities provide traditional housing with selected services. Others are called continuing care retirement communities (CCRCs) which provide stair-step levels of care over time. You can start in an independent living area, move up to assisted living, and then on to skilled nursing as your health needs change. The up-front costs are higher as they take your long-term health care needs into account.
  2. Owning vs. Leasing: Whether you own or buy your retirement unit is a very personal decision. If you are considering purchasing a unit, think about resale value. The market may not make reselling profitable as demand shrinks. If you need cash, leasing may be a better option. Renting gives you flexibility, but if you run out of money, you can be evicted.
  3. How the Community is Governed: If you are considering buying, check into the finances of the community. If they are out of order, you could be at risk of continual raises in fees or a decline in the level of service received.
  4. Issues with Estate Planning: Estate planning can be tricky even if you own your unit. Depending on the type of buy-in for your chosen community, your heirs may have to wait a while to get their money back. If you leave your unit to your children and they are too young to live there, they may have to sell the residence. You should check  what restrictions may come into play.
  5. Fees and Services: Accept the fact that you will probably have to pay monthly or annual fees. It is essential that you find out who sets the prices and what the charges actually cover. You should ask about the last time they went up and by how much. You might even need to take tipping the staff into account.

Living in a retirement community can be a fun experience filled with new friends and opportunities. When choosing your retirement home, conduct thorough research and seek out the assistance of others. When you are ready, contact one of Wesley Enhanced Living’s several Philadelphia area locations and find out how we can help you or your loved one find the perfect CCRC. Our staff will be glad to discuss your needs, give you a tour, and inform you of our services.

Wesley Enhanced Living provides high-quality CCRCs for you or your senior. Please visit our communities to learn more or click here to request more information today.

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