Where Pre Retirees Live

Where Do Senior Amercians Want to Live, Retirement?

Where DoPre-Retirees Want to Live?

A national study of pre-retirees ages 50-65 showed women were particularly open to new ideas for retirement living.

Of those pre-retirees who expected to leave their homes eventually, 51% considered being in a community of family and friends as the factor they considered most important in deciding where to live during retirement.

 

Probably all seniors and non-seniors alike have a horror of spending their retirement living with adult children. Even worse, though, is the thought of ending life in a nursing home. If you have not yet experienced a loved one in a nursing home, read Barry Corbet’s Nursing Home Undercover: Embedded in the January/February 2007 edition of AARP. Corbet’s undercover descriptions are almost as horrifying as actually witnessing a nursing home in action. 

So where does an Americans close to retirement want to live?

In 2004 a national study of pre-retirees (ages 50-65) was conducted by the Mature Market Institute (MetLife) and AARP’s Healthcare Options. Eighty-six percent of those surveyed said aging in their own homes would be their first choice. However, that is not always possible and not all pre-retirees expect to be able to remain in their homes. 

“As the boomers reach age 65, their retirement will not resemble that of their parents or grandparents,” said Sandra Timmermann, Ed.D., director of the MetLife Mature Market Institute. “We are beginning to see trends that could signal major changes for the aging baby boomers and their retirement living plans. The women in this group, particularly, are open to new ideas for living in retirement. They are more likely than men to live a long life and find themselves alone. Therefore, living with friends and having access to an important support group during retirement is an idea that could resonate with women. “

Of those who expect to leave their homes eventually, being in a community of family and friends is the factor pre-retirees consider most important in deciding where to live during retirement (51% identify it as one of the three most important factors), followed by not having to follow anyone else’s rules (42%), and the weather/climate (38%) as the third most important factor. Of those surveyed, 34% were interested or very interested in a clustered living community, in a campus-like setting, that included private space and communal areas such as a dining room, kitchen, library, entertainment center and laundry facility– a situation that sounds very much like cohousing.

Some retirement communities might meet that requirement but most will be considerably more expensive than living in a senior cohousing community. 

According to US News, an assisted-living residence charges a national average monthly fee of $2,968 for room, board, and services such as laundry, transportation, housekeeping, and medication management. The fee goes up for higher levels of service. 

Senior cohousing residents provide those services for themselves and their cohousing friends at a fraction of the cost, with more community, and probably much more enjoyment of living.

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