When you first started planning for retirement, how did you envision spending your retirement years? Maintenance-free? Stress free? Having more time to do the activities you enjoy or maybe trying new hobbies?
If retirement living isn’t “living” up to its fullest potential, whether that’s because you’re trying to maintain an older house, or certain activities that you do on your own (e.g., shopping, laundry, cleaning, etc.) are now taking longer to complete or leave you prone to injury, it might be time to consider the value of moving to a retirement community.
Let’s explore the health (both mental and physical) and monetary value of retirement living.
Health Benefits of Retirement Communities
Why do people prefer living in a community environment vs. living alone? Having the opportunity to meet with friends to discuss current events over a cup of coffee or play a game, like bingo, chess, or cards, is essential to our social wellbeing. But as we get older, that is sometimes harder to come by, especially if we can no longer drive or our close friends have moved away.
Mental Health Value
According to the National Institute of Mental Health, there is a link between older adults and depression. And certain risk factors, such as loneliness or feeling isolated, can put you at higher risk of experiencing depression-like symptoms.
Retirement communities, like the ones at Primrose, offer residents endless opportunities to meet new friends, stay social, and experience the type of family togetherness many of us need.
Ready for the Added Benefit?
Moving to a retirement community doesn’t mean you need to lose your independence. You can still enjoy your own private apartment or townhome, but when you’re ready to get social, you don’t need to travel far, because your friends are just right around the corner.
Of course, moving can be stressful to think about. In fact, it’s considered one of the top 10 major life transitions. But at Primrose, our goal is to help you feel at home the moment you arrive. Our team builds lasting relationships with every resident we have the privilege of supporting. And we’re there alongside you as you embark on this new, exciting chapter of life.
Physical Health Value
This brings us to the next reason why retirement homes, like Primrose, are a good investment: as your physical health needs change, our support and services change right along with them.
We want to make it possible for you to enjoy living in our communities longer. So, if you need to transition from independent to assisted living care, we can work with you to find the best solution without creating inconvenience to your lifestyle.
Benefits of Assisted Living Accommodations Include:
- Access to 24/7 Nursing Care
- Private apartment
- Home-made meals
- Safety features, such as handrails, security systems, wide halls and wide doorways
- Housekeeping and laundry services
Most people who are considering moving to a retirement community worry about the cost of living. But thinking long-term, you should also consider the costs of staying in your current home.
According to real estate experts, the rule of thumb is to calculate your annual maintenance and repair budget using two key components:
- Original purchase price of your home
- Current age of your home (5-25 years)
“A good view of annual maintenance and repair budget for your house is between 1-4% of the purchase price of the home….Homes between 5 and 25 years old might vary between the 1-4% budget,” (Forbes).
Let’s use a real-world example:
You purchased your current home for $200,000, and it’s less than 5 years old. If we calculate 1% of that total, that would equal an estimated $2,000 a year in repairs/maintenance. Now, let’s say it’s the same purchase price of the home, but it’s more than 25 years old. You’d need to calculate 4% of the total, which works out to $8,000 a year in repairs.
Car maintenance is another issue entirely. If your car is older than 10 years, the average maintenance required can range between $6K-$10K and that’s not including gas or insurance costs.
When you move into a retirement community, those unexpected home repair/replacement expenses are gone. You don’t need to worry about replacing a broken fridge or fixing the pipes in your bathroom. You get to let our team handle the heavy lifting while you enjoy the freedoms of maintenance-free living!
And if you decide to forgo your vehicle, you can wave goodbye to those car expenses, too. In fact, at Primrose, everything you need is right around the corner, including our local chapel, fitness center, library, pub, ice cream parlor, theater, and more. And if you do want to venture out into the local neighborhood, we offer convenient transportation services to get you where you want to go.
So, Are Retirement Homes Good Investments?
We look forward to answering all your questions and helping you discover why Primrose truly is carefree living!