So, you have decided a CCRC is the best retirement move for you. Now the question is–when is the best time for you to move.
It depends
The best time to move depends on many factors, most of which are unique to your situation, and most of which have no simple answer. However, waiting too long to decide may mean missing out on some of the things that caused you to want to move into a CCRC.
Resident demographics
Average age at CCRC entry
- During the 1970s it was about 76.
- During the 1980s it was about 78.
- During the 1990s it was about 79.
- During the 2000s it was about 80.
- During the 2010s it was about 81.
The increase was probably due to better health and increased life expectancy of entrants.
Time living in each area of a CCRC
Of the total time entrants live at the CCR:
- About 75% will be spent living in independent living.
- About 13% will be spent living in assisted living.
- About 12% will be spent living in skilled nursing.
Average age
- During the 1980s it was about 80.
- During the 2010s it was about 85.
Average income
In 2015, the average annual income of new residents ranged from a low of about $20,000 to a high of about $264,000, with a median of about $66,000.
Net worth
In 2015, The average net worth of new residents ranged from a low of about $223,000 to a high of about $5,900,000, with a median of about $1,120,000.
Waiting too long
Reasons NOT to wait too long to decide to move to a CCRC:
- Too late to get in. Most CCRC contracts require that you can live independently when you move in and that you are not at an increased risk for needing assisted living or skilled nursing services. Therefore, most CCRCs require a health and cognitive evaluation of residents as a part of the application process. Applicants who do not meet the CCRC's health criteria may be rejected. If you want to live in a CCRC and wait too long to apply, your health or cognitive status may decline to the point you cannot get into one.
- Unable to participate. A major appeal of CCRCs is the vast array of services, amenities, and activities they offer, not only in the CCRCs themselves but also in the surrounding communities. Some of these things may be new and stimulating adventures for you, but only if you can participate in them. Moving to a CCRC at an earlier age allows you the opportunity to take advantage of all these benefits while you are still young enough and healthy enough to enjoy them.
- Missing out on a healthier life. A major benefit of CCRCs is their wellness programs. CCRCs strive to help residents stay healthy and live independently for as long as possible by providing qualified fitness professionals, special diet meal plans, aquatic and fitness centers, fitness checkups, exercise classes, wellness education classes, etc. along with emotional, intellectual, vocational, and spiritual experiences. This is not only good for you; it also helps keep the CCRC's health care costs down. For many residents, this may be the first time they have ever participated in these type programs, so their overall health improves. The wellness programs generally make residents mentally, physically, and emotionally stronger, so the sooner they move to a CCRC the better it is for them.
- No time to develop friends. When asked, “What is the one best thing about living in a CCRC?” Most residents say it is the sense of community. The experience of living around peers and the development of long-lasting friendships with other residents. If you wait too long to move to a CCRC, you may not have the time to develop meaningful relationships and build strong support groups that may offer you advice, comfort, and support when you may need it as you age.
- Unable to move. Moving gets more difficult as you get older. It is more difficult to give up your current lifestyle, you find it more difficult to change your lifestyle, and you are less able to physically handle the move itself. Those who are frail often suffer from relocation stress syndrome (RSS) where they are unable to cope with change, so they resist change. Therefore, it is best to move to a CCRC while you are still relatively young.
- No vacancies. If you wait too long, there may not be a vacancy when you need one. Baby boomers are aging faster than CCRCs are being built. Here are some statistics about aging baby boomers:
One of the 77 million baby boomers reaches age 50 every seven seconds. That is around 11,960 people a day and 4 million a year.
- In 2018, 38% of the population of the United States was 55 years of age or older.
- Nearly 6,000 Americans turn 65 every day, that figure will jump to 9,000 as baby boomers age.
- In the next 25 years, there will be over a million centenarians in the United States.
Move sooner than later
When making your decision of when to move to a CCRC; remember, it is usually better to move sooner than you think you should, or you may regret it later. You want to be young enough and healthy enough to participate in and enjoy the many benefits available at CCRCs.
You are who you socialize with
Losers socialize with losers, that’s why they continue to be losers. Successful people socialize with successful people, that’s why they continue to stay successful. Active people socialize with active people, that’s why they continue to be active. Old people who socialize with inactive even older people tend to become less active and age more quickly.
One thing to consider when deciding when to move to a CCRC is whether you are ready to live around a lot of “old” people all the time. The minimum age at most CCRCs is 62, but no matter what CCRC marketers say about how active their residents are, most people who live in CCRC’s are more than 80.
There’s nothing wrong with being over 80, we all will become that old if we live long enough; but while on a tour of a CCRC, look around at all the “old” residents and ask yourself, “Am I at the time in my life when I’m ready to live around a lot of old people all day, every day?”
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