When Is the Right Time to Explore a Life Plan Community?
Everyone’s life goals are different. However, no matter the age or background of the independent living residents you talk to in the halls and common areas of a Life Plan Community like Plymouth Harbor, they’re sure to tell you they wish they had moved in sooner. That’s because whether you dream of world travel or enjoy more solitary pursuits, community living can help you get even more out of life.
With our upcoming expansion — North Bay Tower at Plymouth Harbor — we’re providing an extraordinary opportunity to enjoy a retirement that’s as expansive as our panoramic bayfront views.
How Owning a Home Can End Up Owning You
Regardless of how old your home is, it’s going to need upkeep and maintenance. Granted, the newer your home, the fewer costly repairs it will likely need — but there’s always something that requires attention. If your home has high-end finishes and appliances, maintenance costs will be higher than for a home with lower-end finishes and appliances. That’s why it’s important to have a plan for eventual repairs.
Here are two popular ways to estimate what you’ll need each year to maintain your home:
The 1% rule: This rule recommends budgeting at least 1% of the home’s purchase price for annual maintenance expenses. For example, if you purchased a $500,000 home, you should budget a minimum of $5,000 for upkeep and repairs. If you purchased your home decades ago, it may be more helpful to use the current market value in your neighborhood. Older homes are more likely to require additional repairs, so you may want to set aside up to 4% of your home’s value. In the example of a $500,000 home, that could mean maintenance costs of up to $20,000 per year.
The square-footage rule: With this approach, you should plan to set aside $1 per square foot of your home each year for repairs. Keep in mind that home maintenance and repair labor costs vary based on the cost of living across the U.S., so your budget should reflect local rates.
When to Move to a Life Plan Community
While many seniors think they’ll move only when they need care, there are advantages to moving into a Life Plan Community rather than later. To help you make the best choice, consider these five questions:
- Are you ready to give up the chores and expense of home maintenance and upkeep?
- Would you like to cook and clean less?
- Do you want to socialize and travel more?
- Is it time to learn a new hobby or make time for an old one?
- Would you like to decide your future rather than have your family decide for you?
If you answered “yes” to any of these questions, it may be time to seriously consider independent living.
Moving to a Community Has Its Benefits
If you’re an active adult, choosing a Continuing Care Retirement Community (CCRC) — like The Forum — with a full continuum of on-site care can provide a smart plan for the future. However, there’s more to community living than just health care. Moving while you’re still healthy can give you access to a more active and social lifestyle than you may be able to enjoy at home.
Daily driving: Is driving something you do because you want to, or because you have to? Independent living communities can significantly reduce the time and distance you need to drive by offering many essential services on-site. Plus, scheduled transportation is available for shopping and medical appointments.
No more cooking: Today’s independent living communities feature restaurant-style dining options, grab-and-go cafés, and more. This means you no longer have the responsibility of cooking or cleanup — while still enjoying a full kitchen where you can cook when the mood strikes.
More wellness opportunities: It can be difficult to get enough exercise, prepare nutritious meals, and pursue other wellness goals on your own. A community with a strong health and wellness philosophy will already offer classes that exercise your mind, body, and spirit, along with health-conscious menu options that make meeting your goals easier and more convenient.
More social opportunities: Two studies reached the same conclusion: as we age, social engagement helps keep our minds sharp and may even help prevent dementia. Community living offers a variety of interesting neighbors and a calendar full of stimulating recreational, cultural, and social events.
Can You Wait Too Long?
Who knows what the future holds? But like so many things, retirement is all about timing. You could be in great health today and plan to move to a community someday. Or you could wait until you think you need it — but who will make that decision? Here are three reasons to consider making your decision sooner rather than later:
- Maintain your independence: Typically, to move into independent living, you must be able to live on your own. Some people wait too long, experience an unexpected health issue, and then only qualify for assisted living.
- Choice of floor plans: If you want a specific residence or floor plan, waiting could mean missing out. If you’re already planning to move to an independent living community in the future, joining a waitlist now can help secure your preferred option.
- Plan for the future: Deciding to move now allows you to choose the community that best fits your lifestyle and budget. Plus, selecting a community with access to health services helps remove worry and uncertainty for your loved ones.
Discover Just How Amazing Your Future Can Be
Choosing a Life Plan Community is an important decision. If you’re doing your senior living planning, consider North Bay Tower. Our new expansion combines an upscale lifestyle with breathtaking bay and Gulf Coast views. To discover more, attend one of our Priority Club events by calling 941-367-2554 or visiting our events page.
