Retirement Homes for Seniors

Different Types of Retirement Homes

Retirement homes and communities typically offer residents entire homes, condos, or apartment-style rooms or suites. You’ll at least have a bedroom, living area, bathroom, and kitchen space. However, since every retiree has a unique set of needs, wants, and desires, retirement homes don’t all offer the same things. There are several types of retirement homes, each one suited to meet seniors’ different needs.

Faith-Based Retirement Homes

Many people find the support of those of like-minded faith comforting, especially as they get older. According to the latest Religious Landscape Study conducted by the Pew Research Center in 2014, religion is very important to older adults.1

Of adults ages 65 and older:

• 65 percent believe religion is “very important”
• 83 percent consider themselves to be Christian
• 48 percent attend weekly religious services
• 65 percent pray on a daily basis
• 53 percent meditate at least once a week
• 42 percent read scripture at least once a week

If faith plays a significant role in your life, a religion-based retirement home might suit your needs. Fortunately, there are many faith-based facilities providing such care, including:

• Christian
• Catholic
• Jewish
• Baptist
• Lutheran
• Presbyterian
• Episcopal
• Methodist
• Adventist
• Mennonite
• Quaker
• Jehovah’s Witness
• Buddhist

When you choose a faith-based community, you’re choosing to live amongst peers who share many of your values and beliefs. You’d have no trouble finding people to attend faith-based events, study scripture, or attend weekly worship services. The retirement community will likely celebrate your faith-based holidays, cook meals honoring religious holidays or diets, and host on-campus religious activities. It might even have a pastor, chaplain, rabbi, or other spiritual leader on staff to offer spiritual guidance.

Provider-Specific Retirement Housing

Although you can find individually owned retirement communities, many are owned by large senior living providers — similar to how a company might own hotels across the country.

Some large senior living providers with retirement housing options include:

• Sunrise Senior Living: This company owns 264 senior living communities throughout the U.S. and 15 in Canada. Many communities offer various levels of care, allowing you to age in place. Like pets? All communities have at least one community cat or dog adopted from a local rescue. With more than 40 years of experience, this provider understands what older adults want and need as they age.
• Brookdale Senior Living: Brookdale has more than 670 senior living communities in 41 states. Independent living residents enjoy maintenance-free living, social events, excursions, on-site classes, and access to support they need, such as help with activities of daily living. Brookdale’s offerings and programming focus on enhancing your quality of life through emotional, physical, social, and spiritual engagement.
• Good Samaritan Society: The second-largest not-for-profit senior living organization in the U.S., Good Sam provides “senior housing and services, rooted in God’s love.”23 Although a Christian organization, Good Sam serves older adults of all faiths, beliefs, and walks of life. Independent living setups include multi-unit apartment buildings, twin homes, duplexes, casitas, cottages, and villas. Residents can enjoy meal programs, housekeeping services, maintenance, transportation services, and a variety of programs targeted at fulfilling spiritual, recreation, and wellness needs.
• Oakmont Senior Living: A nationally recognized leader in developing high-end senior communities in the western United States, Oakmont has more than 60 senior living locations. Sixteen locations offer retirement living with varying sizes of apartments. Community amenities may include an onsite movie theater, fitness center, salon and day spa, walking path, pet park, library, bar and lounge, bistro, swimming pool, and restaurant-style dining options.
• National Senior Communities (NSC) and Erickson Senior Living: NSC supports the largest network of nonprofit continuing care retirement communities in the United States. Erickson Senior Living develops and manages the communities. Together, the partnership supports 27,000 residents in 11 states.4 Communities feature an integrated health and wellness system, resident councils to give seniors a voice, and a commitment to sustainability.

Masonic Retirement Homes

Are you a Freemason or related to one? You might consider spending your retirement years in a Masonic senior living facility. These facilities uphold masonic values like brotherhood, philanthropy, self-improvement, and giving back to the community.

If that sounds good, but you aren’t a Mason, you aren’t out of luck! Many Masonic senior communities have opened their doors to the general public. Eligibility can vary between locations, though. And Masons and their family members typically enjoy priority admission and discounts.

Veteran Retirement Homes

Although many veterans opt to live among the general population, some choose to live in communities that cater to veterans, sometimes exclusively.

• Armed Forces Retirement Home (AFRH): Eligible veterans from all military branches and qualifying spouses can apply to live in one of two AFRH locations: Washington, D.C., or Gulfport, Mississippi.5 Units come partially furnished, and the monthly resident fee covers your room, three daily meals, maintenance, utilities, activities, and access to on-site amenities, such as the fitness center. AFRH also provides assisted living, long-term care, and memory support services.
• State-run Veterans Affairs (VA) retirement homes: VA retirement homes are for low-income veterans who want to spend their retirement years with “comrades” in arms. Eligibility requirements vary, but most state-run homes have long waiting lists. These homes are licensed by the state and must provide comparable services to those offered by private sector equivalents.
• Military officer retirement communities: You can also find nonprofit retirement communities designed for retired military officers and leadership-level federal government employees; for example, Army Distaff Foundation’s Knollwood in Washington, D.C., and Vinson Hall Retirement Community in McLean, Virginia. At both, residents enjoy maintenance-free independent living surrounded by others who dedicated their lives to serving the nation.

University-Based Retirement Homes

Colleges and universities aren’t just for people in their 20s. There are more than 100 university-based retirement communities on or near colleges and universities in the United States.6 Residents live near a college campus and have access to on-campus amenities and programs, such as classes, medical services, fitness centers, libraries, research projects, and activities. Many are continuing care retirement communities, so you can stay put even if your needs increase. Waiting lists for these communities tend to be long, so be sure to look into this option right away if spending your retirement years in a college town sounds intriguing.

Luxury Retirement Homes

Each person’s definition of luxury varies, so luxury retirement homes provide various levels and types of luxury. Some offer retirement homes with a view of the ocean and access to private beaches. Others feature luxurious furnishings, appointments, and amenities, such as chauffeur-driven transportation, on-site spas and pools, five-star restaurants, and concierge services. Just keep in mind that whatever type of luxurious senior living you’re looking for will cost more than a standard retirement community.

How to Choose the Right Retirement Home

Choosing the right retirement home will take time. Here are a few things to keep in mind as you figure out where you’d like to live after you retire:

Consider Your Budget

To enjoy a stress-free retirement, it’s important that you can afford your living situation. Run the numbers to determine how much money you’ll have coming in each month during your retirement years. Look at your savings, investment accounts, and the value of any assets you might sell, such as your current home. Then, determine what your budget is for renting and owning after subtracting taxes.

Decide If You Want to Buy or Rent

Now that you’ve determined your budget, you can narrow your search to homes that fit within that budget, either rented or owned. Most retirement communities charge monthly resident fees that cover rent, utilities, access to amenities, and, in some cases, meals. Others require residents to purchase homes or condos outright and then pay monthly homeowners association or condo association fees.

Each option comes with different costs and will affect your budget in different ways. If you’re buying the property yourself, don’t forget to factor in property taxes, maintenance costs, home insurance, and tax deductions like mortgage interest into your budget. Consider the benefits of building equity versus the flexibility of a rental.

Think About What Help You Need

It’s wise to live somewhere that can meet your needs now and in the future — both the layout of the home or apartment and the services offered by the community.

Make a list of the things that you’d like off your plate during your retirement years; for example, cleaning your home, maintaining a yard, shoveling snow, or cooking. Consider what tasks you currently need help with. Perhaps you don’t drive anymore or struggle walking up and down stairs.

You should also consider what needs you may have later in life. For example, do you anticipate needing assisted living services or memory care in the future? If so, are those services available in the community you’re looking at? If not, living in a continuing care retirement community might give you more flexibility as your needs change.

Think About Where You Want to Live

Are you planning to stay local or move to a new area? Knowing where you might like to live will narrow your search for a retirement community. As you think about moving to a new place, consider its proximity to the following:

• Family and friends
• Hospitals, doctors’ offices, and pharmacies
• Houses of worship
• Part-time jobs
• Volunteer opportunities
• Airports, train stations, and other transit options
• Nearby grocery stores, shopping centers, and libraries

Consider the climate as well. There’s a reason lots of retirees live in Florida and California. You can enjoy warmth and sunshine year-round without worrying about shoveling snow or driving on icy roads. If you’re a fan of snowy Christmases and skiing, however, Florida won’t rank high on your list!

Think About What You Want to Do

How do you plan to spend your time during retirement? The answers to the following questions can help you narrow down your options:

• Do you want to travel or take classes?
• Do you want to learn a new language or take up a new hobby?
• How do you envision spending your days?
• Is there a nonprofit that you’d like to volunteer with?
• Is there a college that you’d enjoy taking classes at?
• What sports or other outdoor activities do you enjoy?
• Do you want to work part time during retirement? If so, what type of job?
• Is there a particular house of worship that you want to attend?

For example, you might determine that you’d like to live near the beach so you can spend your free time scuba diving. In that case, you can cross Colorado off your list of potential locations! Or perhaps you’ve envisioned a residential community with lots of artists, book lovers, and gardeners. Prioritize retirement communities that support those hobbies. Or, if you’re a fan of pickleball, look for communities that offer courts or have courts nearby.

How Much Do Retirement Homes Cost?

You can find retirement homes and rentals at nearly any price point. However, you get what you pay for. Wealthy retirees can afford gated communities with luxury accommodations and amenities. If finances are tight, you can find low-income senior apartments that still let you age among peers.

The average cost of living in a retirement home varies from city to city and provider to provider. For example, Brookdale senior living advertises that its independent living base prices range from $870 to $7,545 per month.7

• Retirement community costs are affected by several factors, including:
• Amenities provided
• Services offered
• Floorplan
• Private vs. semiprivate accommodations
• Meal plans/options
• Type of care, ranging from independent living to memory care

At a typical retirement community, you can expect to pay a few thousand dollars per month. The cost will include your rent, utilities, and access to common areas and standard amenities. Housekeeping, meal plans, outings, and medical services will often cost more.

Ways to Pay for Retirement Homes

Most people pay for retirement homes out of pocket, mainly because you can’t use Medicare, Medicaid, and long-term care insurance to cover retirement communities. Those resources commonly fund higher levels of care, such as skilled nursing or memory care.

To pay out of pocket, you might need to:

• Use Social Security, pension payments, or other monthly income
• Cash out investment or retirement accounts
• Sell your primary residence or a vacation home
• Take out a home equity loan or home equity line of credit
• Withdraw money from savings
• Rely on financial assistance from family
• Work part time

Some seniors can access financial assistance based on their service history, organization affiliation, or income level. Examples of available programs include:

• Masonic home financial assistance for qualifying Masons and their relatives
• Veterans resources such as the VA Aid and Attendance Program, VA Pension, and VA Housebound benefit
• The Housing of Urban Development’s Section 8 Housing Choice Vouchers Program for low-income seniors

What If I Can’t Afford to Live in a Retirement Community?

Living in a retirement community isn’t the right fit for everyone. It might be beyond your budget in general. Or the communities where you’d love to live might cost too much. Fortunately, you can still enjoy some of the same benefits of living in a retirement community while living in a single-family residence or renting an apartment.

Here are a few ideas:

• Move to a location with a dense population of seniors, such as Florida.
• Move into the same apartment with retired friends to create your own mini-community.
• Rent a room in your home to another retiree.
• Connect with a local senior center to socialize with other seniors.
• Visit your local library and ask about cultural, educational, and social events.
• Hire a housekeeper and lawn maintenance person.
• Subscribe to a prepared meal delivery service, such as Magic Kitchen, Mom’s Meals, Silver Cuisine by bistro MD, or The Good Kitchen.
• Find nearby SilverSneakers community classes and exercise with fellow retirees.

How to Find Retirement Homes Near Me

Ready to search for the right retirement home?

First, check out our senior retirement guide. It’ll help you understand your various retirement housing options, including aging in place, renting within a retirement community, and buying a new retirement home.

Next, use our senior housing finder to search for retirement communities. Simply enter your ZIP code (or the ZIP code for the area you’d like to live in). Then answer a few questions about what you’re looking for. Our search tool will create a free downloadable list containing your results.

If you’re not sure where you’d like to retire, you can also do a simple internet search based on the type of retirement community that you’re looking for. Here are a few example searches to help you get started:

• Beachfront retirement communities
• Luxury retirement communities
• University retirement communities
• Retirement communities for Catholics
• Retirement homes in Florida