What You Need to Know About Continuing Care Retirement Communities

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The Story:

Are you or someone you know considering living in a retirement community? What should you know ahead of time? What kind of costs might come with that?

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The Show:

Today we talk about senior living. How has the pandemic impacted it? What should you keep in mind when scouting out a place for you or your loved ones?

What are continuing care retirement communities (CCRCs)? Often with several hundred residents, there are three levels of care. There is independent living, assisted living, and the nursing care section, all in one community. You pay a substantial upfront fee to get in and then a monthly fee to cover maintenance, utilities, and activities.

What happens if you don’t like it? Or have another reason to move away? Or what happens when you pass away? Look closely at the fine print of the contract so you can be prepared. The community may need to sell your unit first before they give you any money back.

COVID has had some impact on these retirement communities. Depending on the facilities, COVID protocols made it difficult to live in these communities, especially as a healthy resident. Strict rules in 2020 were understandable, but were often frustrating to residents.

If you or a family member is considering a continuing care retirement community, make sure to explore and consider all possibilities. Some are starting to offer rental options. Are you aware of all options within the retirement community? If you already have a long-term care insurance policy, you likely have more options upfront and can save a lot of money. Always ask for an annual financial report. Don shares several questions you’ll want to ask when seeking out the right place. Be sure to ask current residents what they think of the place!

In today’s Cash Connection we hear from Mary in Red Bank who says she’s 59 years old and her husband died four years ago. She’s now engaged to get remarried but is wondering if she is able to receive Social Security as a widow based on her husband’s income at age 60. Don’s shares why it might be worth putting off getting remarried. What other factors and rules should she consider?

Listen to the entire episode or use the timestamps below to skip ahead to a particular topic.

[0:37] – Spring has sprung!

[1:57] – Senior living communities struggling financially.

[5:14] – What if you don’t like it?

[6:24] – How has COVID affected these communities?

[8:18] – Are people usually satisfied living in these communities?

[10:15] – What suggestions does Don have when considering a CCRC?

[12:24] – What questions should you ask and assess?

[18:50] – Cash Connection: Collecting Social Security as a widow?

[22:51] – Getting to Know You: What did Don do with some raffle winnings?


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Additional Resources:

Phone: (732) 784-2867

Email: don@donaldcash.com

Website: http://www.donaldcash.com/

About Don:

Donald W. Cash – CPA, CFP® is an independent advisor. Don began his career in 1985 as an accountant after graduating Rutgers University. In 1990 he entered the field of Estate Planning with a concentration in long term care planning. Don has been advising clients in the baby boomer and retirement market for 20 years. He has helped over 1,000 families with their planning needs. He advocates a holistic approach to Estate and Financial Planning as has relationships with other professionals including Attorneys, CPA’s, Mortgage Specialists, Insurance Specialists and Asset Managers. Don is married to Cathy and have 4 children, Carly, DJ, Nick and Tori. They live in Freehold, NJ.

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