If you’re retired, are entering retirement, or are aiming to retire in the near future, financial planning is essential for giving yourself more and better retirement options to support an independent senior lifestyle. By arranging your finances ahead of time, you’ll be able to afford the senior living options of your choosing—a tremendous opportunity to decide where you want to spend your retirement years, and to live the way you envision.
One of the best choices for seniors to make as they retire is to move to a Continuing Care Retirement Community (CCRC), of which The Spires at Berry College is one example. And while some seniors perceive that it will be difficult for them to pay for a CCRC lifestyle, many end up discovering that this is not the case—and that sound retirement planning makes independent living at a CCRC not only feasible, but practical and financially beneficial as well.
Want to learn why? Read on.
Fears, Myths, and Misperceptions
For most seniors, entering retirement is understandably a time of uncertainty and, often, concern about the future. Seniors tend to worry about such pain points as having enough money to last them throughout their retirement; how much healthcare will cost them if their health needs increase; whether they’re ready to leave their existing homes; and if they can afford moving to a senior living community that fits their preferences.
In the case of CCRCs, also called life plan communities, these fears have given rise to some myths and misperceptions that may prevent seniors from making sound decisions, or delaying them. Some of these myths are:
- that seniors will get kicked out of their homes if they run out of money;
- that staying at home (a.k.a. aging in place) is less expensive than moving to a CCRC;
- that “refundable” entrance fees won’t actually get refunded;
- and that long-term care insurance replaces the need for senior living healthcare services.
These statements are not true—nor are the other common myths and misperceptions that exist about CCRCs. What is true is that CCRCs such as The Spires at Berry College offer significant financial advantages for residents, especially if those residents plan wisely before making the move.
Living at a CCRC carries with it a number of significant fiscal advantages, such as:
- In the long run, moving to a CCRC is often cheaper than other options such as aging in place.
- Agreements between residents and CCRCs often provide lifelong healthcare services for residents, even if they outlive their savings. This creates predictable, fixed healthcare costs within residents’ budgets—and it usually includes premium services such as Skilled Nursing, Assisted Living, and Memory Care.
- Entrance fees help lower monthly payments—and they strengthen the community by allowing the CCRC to invest, develop, and add new services which increase the overall value of the residents’ investments.
- CCRCs are safe investments because state governments protect senior living consumers, and because most entrance fees are partially or completely refundable at the time the agreement ends.
- Moving to a CCRC eliminates many of the costly and time-consuming aspects of home ownership—such as maintenance, repairs, yard work, and more—that tend to make it more difficult over time for seniors to live independently.
- The fixed monthly costs and one-time entrance fees at CCRCs like The Spires at Berry College make it simple for seniors to plan their futures. There are no hidden or escalating costs, so budgeting is straight-forward.
Amenities and Services
Of course, there is much more to life plan communities than merely the financial benefits. At most CCRCs—and certainly at The Spires—residents enjoy a host of amenities and services which are covered by their monthly fees. These aspects create premium living options which are designed specifically to promote more independent lifestyles for seniors.
When The Spires at Berry College opens in 2020, here are just a few of the perks which residents will enjoy:
- Fine and casual dining options
- Maintenance and housekeeping services
- Comprehensive wellness, fitness, recreational, social and educational programming
- Resident programs for lifelong learning and community involvement
- Scheduled, local transportation
- Indoor warm salt water pool
- Modern fitness and wellness center
- 40 miles of natural trails
- Onsite banking, concierge, and business center
For a more complete list, check out our Services & Amenities page.
Beyond these features, The Spires also boasts a strong connection to the local Berry College campus, which enriches residents’ lives by providing additional opportunities for mental stimulation and social activity.
Independent Living at The Spires at Berry College
Most CCRCs are designed to give seniors a robust level of independence and an active, social lifestyle that promotes long-term physical and mental health. The Spires takes this concept to the next level by immersing seniors in the natural beauty of Rome, GA, mixed with the academic spirit of Berry College, to create a vibrant, passionate community of like-minded individuals.
To truly understand whether The Spires may be a good fit for you financially, answer seven easy questions with the MoneyGauge affordability calculator—a free resource to help you in your decision process.
If you’d like more information or want to reserve your space at The Spires at Berry College, contact us online or call us at 706-368-9955.