Exploring The Right Retirement Move For You

Whatever lifestyle you want to lead in your Golden Years, there’s a way home.

As we age, our housing needs and preferences evolve. For many seniors, part of that evolution involves choosing the right retirement community that can significantly impact quality of life, access to care, and overall well-being.

Retirees are a significant demographic with wide-ranging financial resources, and retirement living is as varied as the residents they serve. Last week we looked at the option of aging in place, and we’ll now review options for those ready to leave home maintenance responsibilities behind. It takes planning and research to find the right kind of property and community to ensure the lifestyle you’re envisioning so we asked a few of our Associates who work with seniors about what to consider when making a retirement move.

The Downlow on Downsizing & Starting the Search

They say you can’t take it with you… but would you really want to even if you could? Downsizing can be an emotional, cumbersome, and time-consuming process but it can also be deeply satisfying and a little preparation will go a long way. Our agents advise the same thing when it comes to preparing for retirement living: start downsizing and start early.

Debbie Miller, an Arlington Realtor® and Certified Senior Advisor, has written Doing The Right Thing: Simple Solutions, Essential Tips & Helpful Resources for Assisting Aging Loved Ones, a guide for finding “right-sized” living, and was featured in the “The Next Chapter” Senior Care Transitions Podcast and advises clients on managing the process from beginning to end.

“It’s important to bring in help as early as possible before someone makes those decisions for you,” Debbie said. “It can take up to a year to do the research on finding the right community, time to prepare your home for listing, and time to make the move.”

Peter Crouch of Crouch Realty Group has extensive experience guiding clients through retirement moves – he was awarded the National Association of Realtors® Senior Real Estate Specialist® (SRES) Outstanding Service Award in 2018 for his expertise – and echoes Debbie’s advice. “It’s a huge learning curve. Some of these folks haven’t moved in 40+ years so it’s going to take time and assistance to work through the process.”

Realtor® Martha Floyd of McEnearney’s McLean office has worked with many clients who have made the move to retirement housing and offers these tips:

Identify the space you’re moving into to determine which furniture will make the most sense in the new layout.
Consult with your agent about resources and vendors – like Ararity, a local downsizing company – focused on who can take items for consignment, donations, and even for junk.
Employ the Four Sort Method. Get four large boxes labeled Keep, Donate, Sell, and Trash/Recycle.

Martha suggests retirees work with a family member or their trusted advisor (often their real estate agent) to determine the criteria most important to ensure an easy transition to a new home. “Pay attention to the different pay structures at retirement communities,” she advises. “What is the monthly fee, what does it cover? What amenities are available? Are there different levels of care provided? How close to my current home is the new location to the shops and services I currently visit?”

Peter noted that while some people might prefer to age in place, a drastic event like a fall can precipitate a move they weren’t prepared for. “You want to be in control of your future,” Peter counsels. “If you make your choices early you will have a better chance at being where you want to be, aging in a comfortable environment with the right care and people to spend quality time with, instead of being isolated.”

Once you’ve determined what will come with you and what type of lifestyle you want, the next step is to determine what kind of community fits your retirement vibe.

Age-Restricted Housing

Age-restricted housing is residential communities that legally limit residency to a majority population of older individuals—typically 80% over a set age, usually with a minimum of 55 years old. We say “legally limit” because under the Fair Housing Act, age is a protected status against discrimination. Therefore, in order to qualify for the 55 or older” housing exemption, a facility or community must satisfy each of the following requirements:

At least 80 percent of the units must have at least one occupant who is 55 years of age or older; and
The facility or community must publish and adhere to policies and procedures that demonstrate the intent to operate as “55 or older” housing; and
The facility or community must comply with HUD’s regulatory requirements for age verification of residents.

Operated through a homeowners or condo association, age-restricted communities offer a variety of amenities to residents that can be as luxurious as gated entries, golf courses, walking trails, dining clubs, and spas to more general offerings like fitness centers, community lounges, and scheduled group activities. As with traditional real estate, the more amenities included the higher the monthly association fee, so budget accordingly!

The stringency of the rules varies based on the individual HOA bylaws and can restrict the ages of visitors and how long they can stay, or if a younger spouse is permitted to stay in the community following the death of their senior partner. Just as with any property purchase, it’s important to read the fine print in a community’s bylaws to ensure the best lifestyle fit.

Assisted Living Communities & Continuing Care Retirement Community (CCRC)

Some 55+ housing include an option to age into assisted living, where residents have their own private apartments or villas but can access help with activities of daily living as needed. These communities often include meal plans and may offer nursing care options. Memory Care Communities specialize in care for cognitive decline and cater to seniors with cognitive impairments, such as Alzheimer’s disease or dementia. These communities provide specialized care and support, focusing on cognitive stimulation, safety, and assistance with daily activities.

“Many folks want the security of all of the options in one place,” Peter shares. “They may be independent now, but want their housing to include all the care options they might eventually need.” For those seniors, a Continuing Care Retirement Community (CCRC), also known as a life plan community, delivers independent living with various lifestyle amenities and access to onsite higher-level care as medical needs progress. Residents may enter these communities as part of the 55+ crowd who live independently in their own units, and as they age will move to smaller units within the community for increased staff assistance as medical situations dictate. The living environments as care progresses could be private or semi-private rooms and include adult day care, memory care, nursing home, and respite services.

Making It a Family Affair

Debbie, who has years of personal experience in helping her own family members move in their golden years, said it takes careful planning and communication to make sure the process doesn’t get overwhelming. “The decision is yours to make but it’s important to rely on those you love and trust to help make it as stress-free as possible.”

And for children or other confidants who are called to assist a senior, remember your role in this milestone move. “Don’t be afraid to ask the questions but understand that your role is to support, not to interfere or control,” Debbie advises.

Remember that it’s normal to expect some bumps along the way, “A lot of this will be emotional,” Debbie cautions, “But if you understand the options available and give yourself the time to make the right decision, the easier it will be to understand the process and manage it the best way for you.”

Many of our Associates specialize in helping clients find their best senior living community. If retirement is your next chapter, let a McEnearney Associates | Middleburg Real Estate | Atoka Properties agent help you make that next move.

Take a look at our website for all of our listings available throughout Washington, D.C., Maryland, and Virginia.