Retirement Communities: Are They for You?

As 79 million Baby Boomers near their retirement years, there is a corresponding boom in retirement communities. New active adult retirement communities are cropping up in metropolitan areas across the nation as well as in more traditional retirement destinations such as Phoenix and Florida. Compared to yesterday’s retirement communities, today’s generation of retirement communities appeals to Boomers’ interest in active living.

As you forge ahead with your retirement planning, consider some of the benefits of retirement community living and whether it fits your personal needs:

• Many homes in retirement communities are less expensive than primarily multi-bedroom homes. With the exclusion of up to $500,000 in capital gains made possible by the 1997 tax law, downsizing from a family home to a retirement community may help you retire sooner than later.
• Retirement communities offer homes you can live in for the rest of your life. Single story homes with open floor plans, wide hallways and safety features are the norm in new retirement communities.
• Social networking is a breeze in retirement communities. With a broad array of social activities - - ranging from golf and tennis, hiking and fitness, to cooking and painting classes - - it’s easy to cultivate like-minded friends who share your interests.
• Today’s retirement communities offer the amenities of suburbia without the high maintenance and upkeep of a house, making your retirement more manageable and enjoyable.
• If your children are still at home, there are new communities that are multi-generational and accept all age ranges.
• Today’s retirement communities offer in a vast array of price ranges and locations, including states where taxes are low.
• Many retirement communities today make it easy to entertain visiting family and friends. You’ll even find some communities with hotel-like rooms for your guests.
• The quality of the community, architecture and the construction today is far superior to most of the retirement communities available to our parents when they retired.

If retirement community living appeals to you, be sure to check out all your options before you commit to your next home. Whether it’s a peaceful country retreat, an upscale country club or metropolitan community close to medical and cultural facilities, you’ll find that there are plenty of great choices available today.

For more information on retirement planning, visit www.afteriretire.com, a popular online resource for retirement planning.