As more Baby Boomers are getting close to retirement age, attention has been drawn to the lack of housing options available to many in their respective states. This generation of retiring adults is more diverse than previous generations have been, which is the reason more choices for retirement are needed today. There are options available, however. If you or a loved one are close to retirement, you owe it to yourself to be aware of your options so you know what choice will suit you in advance.
Senior citizens with limited incomes and retirement funds have the option of filing for subsidized housing. With subsidized housing, the amount of rent paid for an apartment or house is regulated to meet the economic needs of residents. Each state will have different qualifying criteria for these programs. The time it takes to be accepted into one of these programs can be lengthy. This is why, if you feel this is a good housing option, you should meet with a housing counselor as soon as possible. This can be done through a local non-profit housing organization or via the Department of Housing and Urban Development (HUD).
If you would prefer to live with adults in your age group and don’t need any additional living assistance, an age-restricted community might be your best choice. These housing communities are of varied types and include single-family home neighborhoods, condos, townhouses and apartments. Each community is composed of either homeowners or renters. Also, these communities often cater to people with specific interests or lifestyles. For example, there are age-restricted communities that were established near prominent colleges because the residents preferred to live in a community of intellectuals. Often, these communities feature parks to promote a healthy lifestyle, as well.
Assisted Living Facilities
If you will require assistance associated with daily living, an assisted-living facility might suit you better. These are housing facilities that have workers who help residents with cooking, cleaning, bathing and other common daily living chores. A limited level of medical assistance is provided as well. Meals, transportation, housekeeping, laundry, recreation rooms and exercise rooms are included. Local and state departments regulate the quality of care in these housing facilities.
Taking the time now to consider your retirement options is critical for your future well-being. Involving family members and other loved ones in the decision-making process can help you make the right decision.