How To Pay For Independent Living
Personal income is the most common payment source for independent senior living. For low-income seniors, extra funds might be available through the Section 8 rent subsidy program. Active adult communities generally cannot accept payment sources that commonly fund nursing home care and assisted living .
To pay for retirement housing, individuals and their families commonly make these moves:
Can Someone Under 55 Live In A Senior Community
The strict age requirements for retirement communities mean that it is rare to find those with children living there full-time. However, according to their rules, adult children 18 years or older may be allowed if one of the other adults occupying the unit is 55 years old and upâthough you should check on any additional fees associated with this arrangement.
Is It Difficult For You To Connect To Friends And Family
The more isolated you are, the greater your risk for depression and other mental health problems. You may have a difficult time getting out of the house, perhaps due to trouble driving or increased mobility issues. Or your friends and neighbors may be busy with other work or family commitments, or the neighborhood may not be easy to get around. While the phone and Internet can help, nothing can take the place of face-to-face human connection.
Independent living facilities can give you a built-in social network of peers, while many also provide structured activities such as sports, arts, or field trips.
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Paying For Your Senior Apartment
How much do you need to retire? The American Association of Retired Persons states that most senior households will need at least 80% of their pre-retirement income to live comfortably.
For example, if you spend $100,000 a year before retiring, you will likely need $80,000 post-retirement. Of course, this amount varies on a case-by-case basis. However, the 80% rule is a good metric to follow if you do not wish to make any drastic downgrades to your current lifestyle.
Following the example above, that same individual can max out their Social Security benefits at around $3,000 per month. That means the retiree would have to secure $3,600 from another source, which could come from:
Specialized Care Types In A Facility
For seniors who require 24/7 medical attention, constant supervision, or specialized care for health issues, a senior living facility is a primary choice. A senior living facility includes a nursing home, respite care, hospice care, and memory care. These types of centers differ from retirement communities in that seniors are not able to have the freedoms they do in an independent living or active senior apartment. In a facility, there are statistically more seniors who are bedridden, near the end of their life, or living with debilitating diseases. Here is a breakdown of the different types of specialized care facilities for seniors.
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Senior Apartment Care Options
Senior apartments are typically for individuals who need a low level of care. These apartments do not offer medical care, housekeeping, food preparation, or senior activities. Some senior apartments offer the bare minimum in additional services, but this is not the norm. There are two other types of senior living apartments that offer more amenities and services for older adults.
For older adults who need more services, such as assistance with laundry or personal transportation, there are independent living senior apartments. These apartments are for older adults who are still active and independent, but need some extra care. Older adults who need medical care on a regular basis, help getting dressed, or assistance with eating should check with assisted living senior apartments. Keep in mind, an assisted living community does not provide around-the-clock care of nurses or other staff. However, with this type of senior living, staff members are available 24/7 for assistance.
How Do I Find Senior Apartments Near Me
If you want to live in senior apartments that are not based on income guidelines, you will need to check with privately-owned apartments and senior living facilities. Contact CCRCs, assisted living facilities, independent living centers, and active senior housing managers near you. From there you can determine exactly what type of senior apartment will be best suited for your lifestyle and expectations.
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Who Can Live In 55+ Senior Apartments
There are 2 very common questions that senior citizens ask when it comes to who can live in senior apartments. The first one is: can my children or grandchildren live with me in senior apartments? The answer depends on whether the apartment in question is a 62+ senior apartment, or a 55+ senior apartment. If you are considering 62+ senior apartments, then children and grandchildren are not allowed to live there. The only exception to this rule is if the children or grandchildren have handicaps that are legally recognized. When talking about 55+ senior apartments, things are more favorable for seniors. According to HUD regulations, at least one of the residents in every single 55+ senior apartment unit must be at least 55 years old. This means that in theory, an older adult can live with their children or grandchildren. However, HUD regulations do not force 55+ senior living apartment complexes to allow those who are younger than 55 to live there. They simply state that each apartment complex must have at least one 55 or older resident, and whether younger residents are allowed is entirely up to each senior community. Make sure you read the community rules carefully to see whether or not only 55 and older residents are allowed in the apartment units.
Designated Housing Plan And Preference
HACM has a HUD-approved designated housing plan in effect at this time. A designated housing plan allows us to designate some of our locations for elderly occupancy and some locations for mixed occupancy of elderly and adults with disabilities. Applications received are all date and time stamped. Preference on the list is given in this order: 1) elderly and persons with disabilities and 2) the near elderly .
Because the buildings were originally built for the elderly, no minor children are allowed to live in them. If you have minor children, or anticipate having minor children live with you, our family waiting list is closed at this time. In addition, these buildings are specifically designated for elderly, disabled and near elderly individuals only. Individuals under the age of 50 who arent disabled are not eligible to live in these buildings. Single individuals may apply for our family housing program when that waiting list is open. Our family waiting list is closed at this time. Visit the Housing page for information about additional housing options.
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Senior Townhomes For Sale
Senior townhomes for sale are generally available in most areas. These properties are often existing homes for sale, but some areas also have new construction options. In all cases, if you plan to buy a townhome, you will need to have the funds available to do so. Also, consider your goals such as what types of amenities you need onsite. You also may wish to consider the layout and choose a space that is comfortable for you.
How Much Does It Cost to Buy a Senior Townhome?
For those who wish to buy a senior townhome, it will be important to consider the locations, size, features, and overall type of home. This will make a big difference in the cost of these homes. The good news is that most areas offer various options to fit any need.
How Can You Pay for a Senior Townhome Purchase?
Buying a senior townhome means you will need to pay for it out of your pocket. You may be able to sell an existing home and use the results from that sale to cover the new purchase. You may also be able to obtain a new mortgage for the purchase. Seniors who are veterans may qualify for VA loans as well.
How To Find A Senior Apartment
Finding a senior apartment is an important step in your new journey. If youve lived alone for a while or youre contemplating a change in scenery, a senior apartment may be a good change.
I recommend reviewing your budget before deciding how much youre willing to pay for rent. I also recommend reaching out to local senior centers or finding county-based senior housing resources in your state. You can search for local senior or 55-and-up housing communities near you to inquire about rentals. Look into square footage, amenities, pet-friendly units, and whether the complex youre looking at has a supportive staff and community.
For more information about apartments, homeownership, or general housing advice, check out the following guides:
- Which is better: senior apartments or assisted living?
Both options are great for older adults, but it all boils down to preference and need. If youre looking for independent living with a supportive network of seniors, Id recommend senior apartments. If you need assistance with medication management or other personal care services, Id recommend an assisted living facility.
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Are There Senior Townhomes Near Me
If you are thinking about buying or renting a senior townhome, it will always be important for you to consider your goals, budget, and overall needs for that space. The good news is that there are many options available in most areas. Work with your local senior center or look for senior communities with townhomes in your local area online. You can often find options available for most needs through a variety of local resources. You can also work with a local real estate agent specializing in helping seniors.
What Are Some Of The Benefits Of Retirement Communities
Age-restricted communities can be an excellent solution for older adults who are ready to live a stress-free lifestyle but who do not yet need regular personal care assistance. Though medical care and daily assistance are not readily available at these communities, residents still reap many benefits, including:
- Maintenance-free living
- Socialization and opportunities to form relationships with neighbors
- Planned activities, events, and outings for residents
- Senior-friendly design features like single-floor living and walk-in showers
- Safety and security provided by a locked gate, on-site security guards, alarm systems, or a combination of the above
- Convenience to on-site amenities and local destinations like shopping centers
- Coordinated transportation for residents to run errands or visit other local attractions
- An active lifestyle with fitness amenities on-site
- The ability to retain complete independence while letting go of cumbersome tasks like yard maintenance
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Supporting A Loved One In A Move To Independent Living
Any move for an older person can be stressful, even one thats welcomed. One of the biggest stressors is often fear of the unknown, so make sure your loved one knows what to expect from an independent living or retirement home.
Acknowledge your loved one’s feelings of loss. Even in the best of situationswhere your loved one willingly chose to movegrief and feelings of loss are to be expected. Don’t minimize their feelings or focus excessively on the positive. Sympathize and respect feelings of loss and give them time to adjust.
Keep your loved one involved in all the planning and decision-making about their new home. It will help your loved one to feel a sense of control over the move. Let your loved one decide which activities are most important, for example, or which possessions they wish to bring along.
It takes about 30 to 90 days to become acclimated to a new home, so keep in regular contact, especially in the first three months to reassure your loved one that they are still loved and cared for. Continue to include your loved one in family outings and events whenever possible. At the same time, give your loved one enough space to explore their new neighborhood and make new friends.
Get more help
What is Independent Living? Guide to independent living and retirement communities.
Who Lives In 55 Plus Communities
Contrary to common belief, these communities are not old-age homes. Residents must be at least 55 years of age, but do not have to be retired. In fact, many residents are in their peak earning years of their careers in their mid-fifties. Many are choosing to ease into retirement by phasing into a part time work schedule. Some 55+ Communities might offer medical assistance services, but as a general rule, 55 Plus Communities are not like the health care facility near you. Most residents are still leading active and productive fully mobile lives.
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Maximum Income And Family Size
The San Francisco Mayor’s Office maintains a table that covers the median income based on percentage and the number of family members for the city’s HUD Metro Fair Market Rent Area. These are inclusionary areas determined to need diverse populations that aren’t restricted by the high cost of rent. For example, an individual applicant at 20 percent of the median income has maximum $16,150 in annual income. If this is a family of four, the income cap goes up to $23,050. The scale adjusts based on the target median income: An individual at 50 percent median income caps at $40,350, while the family of four caps at $57,650. Elderly can receive subsidies for rentals in these areas if they meet these guidelines.
Renting A Senior Apartment
The majority of apartment residents rent from an apartment manager. In addition, most senior living apartments are income-based according to government guidelines. These are considered affordable living apartments for older adults or low-income housing. To meet these income requirements, you must earn below an income guideline. Also, you cannot have assets in your name that could be considered income and will increase your overall income level.
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How To Choose And Find 55+ Communities Near You
Just like other real estate options, 55 Plus Communities have a variety of styles, amenities, and pricing. There are multiple locations in every state, with popular warm weather locations having a multitude.
Most importantly, where do you want to live? This is a personal decision and should be weighed with much thought and planning. Would you prefer to live in a warm climate? Or, is staying close to grandkids or other family members more important? If considering moving to another state, consider tax implications of that new state. There are 55+ Communities in every state with multiple price ranges.
According to AARP, over the next 8 years 1 in 4 drivers will be 65+. Location matters. Many of these local 55+ communities are conveniently located to points of interest and medical services. Consider what you want to have close by. Will family members be visiting or are you looking to be near family? What are your hobbies or interests? Or, where do you work or want to work?
Pricing in each 55+ community varies by design, what is offered, and location. Some communities have membership levels which are tiered pricing for use of desired amenities by group. An example of this would be unlimited golf vs. a pre-set number of rounds of golf, vs. pay as you play.
Finally, many adults will ask: how do I find 55 plus communities near me? Search and compare communities, amenities, pricing models and your important criteria. Use our 55+ community locator.
How Do I Qualify As Low Income For Hud Senior Housing
Low-income housing for senior citizens is available through the U.S. Department of Housing and Urban Development. There are 23 programs available for seniors age 55 and older or 62 and older depending on the program. While low income is typically considered to be less than 50 percent of the median area income, there are exceptions in some programs.
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How Much Is Independent Living
What’s great about independent living is that you can find facilities at nearly every price point. Wealthier seniors can comfortably afford a high-end, luxury facility or one in a high-income area, which tends to cost the most. Seniors with limited resources can apply for Section 202 low-income housing to move into a low-income senior apartment. There’s often a waitlist, so the sooner you send in your application, the better.
Independent living facilities typically cost a few thousand dollars per month. The cost might seem steep, but remember, it includes more than rent. Most facilities bundle together the price of rent, utilities, and access to amenities. Some places include laundry, housekeeping, and linen service in the monthly price too. At others, you’ll need to pay extra.
What Are The Fair Housing Acts Housing For Older Persons Exemptions
The Fair Housing Act specifically exempts three types of housing for older persons from liability for familial status discrimination. Such exempt housing facilities or communities can lawfully refuse to sell or rent dwellings to families with minor children only if they qualify for the exemption. In order to qualify for the “housing for older persons” exemption, a facility or community must comply with all the requirements of the exemption.
The Housing for Older Persons exemptions apply to the following housing:
The 55 or older exemption is the most common of the three.
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