By Lisa Gerstner
From Kiplinger’s Personal Finance
For many retirees who choose to live in a Continuing Care Retirement Community (CCRC), a driving factor is peace of mind that they’ll have adequate care for their future needs.
CCRCs—also known as a life-plan community—allows retirees to shift from independent living to higher levels of care, such as long-term care for chronic conditions and memory care for those who have dementia. Besides care, CCRCs also provide a wide range of amenities and activities.
But is it the Right Fit for You?
The financial commitment is significant: You’ll usually have to pay a large entrance fee—an average of $414,722 in the second quarter of 2022—plus a monthly fee that averages $3,774 for independent living, according to the National Investment Center for Seniors Housing & Care….