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To live where you want, do the math

By TOM VALEO
Published March 28, 2006

People tend to postpone as long as possible the decision to move to a continuing care retirement community, but the longer you wait the higher the costs become, according to Jennifer R. Salmon, assistant professor in the School of Aging Studies at the University of South Florida.

"Most people want to stay in their own home, and that's what most people do," she said. "If you own your own home and don't intend to leave it as an inheritance, you can get a reverse mortgage and stay in it until you die or move to a nursing home.

"But you have to make the calculation that the money won't run out before you do."

While it may be hard to face such difficult decisions about the future, it's important to do so, Salmon said.

"Most of us are not planners," she said. "We're teenagers at heart. We think we're indestructible.

"But if you don't do the planning, you lose a lot of personal control, and it's important to have a sense of personal control.

"Good research shows that when people move and they don't get to pick where they go, the transition is much more difficult.

"People need to start thinking about long-term care."

A checklist Salmon has created to help people assess some ALFs is at www.fpeca.cas.usf.edu/chltc/PDF_Files/ALFEVAL.pdf.

- TOM VALEO

Pros and cons of retirement living options

Stay in own home

Pros: Private. Familiar location. Can get reverse mortgage. Can leave house to children.

Cons: Maintenance can become expensive and more difficult as you age. Property taxes can rise. You may need costly in-home nursing assistance.

Downsize to condo

Pros: Private. Little hands-on maintenance. Can leave condo to relatives.

Cons: Condo fees can rise. You still may have to buy costly in-home nursing assistance.

Retirement community

Pros: Lots of activities. Large pool of potential friends. No hands-on maintenance. Some meals provided.

Cons: Fees can rise.

CONTINUING CARE RETIREMENT COMMUNITY

Pros: Lots of activities. Large pool of potential friends. Provides levels of nursing care as needed. Provides transportation. Once accepted, resident can't be evicted.

Cons: Costly. Neighbors consist exclusively of older people.

Assisted living facility

Pros: Provides assistance with activities of daily living and some medical assistance.

Cons: Costly. May not provide enough medical care.

[Last modified March 28, 2006, 09:20:58]