When children leave the nest, many families scatter across the country, or even around the globe. While it’s exciting to visit family and explore new places, everyone looks forward to coming home. Often, what we need in a home after retirement is very different from the house we’ve had for many years. When downsizing, you may consider rental communities and membership fee communities. Here at Peace Village in Palos Park, Illinois we know that understanding the advantages and disadvantages of each option can help make your decision easier.
Senior Housing Rental Option
Initially, a rental senior community seems like a less expensive housing option. There may be a small, upfront deposit and then a monthly rental fee, just like renting an apartment. However, rental rates can increase dramatically each year, often pricing out seniors who are watching investments carefully.
With retirees regularly living well into their 90s and often beyond, seniors may outlive their funds. Studies show that over 60% of baby boomers are more afraid of running out of money than actually dying. Even in the highest income brackets, nearly 8% of these seniors will outlive their funds. In a rental community, residents must leave their homes when they can no longer afford them. If family is not available, or is unable or unwilling to help, seniors may find themselves relying on only Social Security payments for living expenses. In the majority of cases, this means moving out of their home and looking for low-income housing options.
Rental communities may have limited accommodations for residents whose health begins to decline. While they may provide meals and some social activities, management typically does not provide for residents who need to rehabilitate from an illness or surgery or long-term assistance with daily living tasks. When a resident of a rental community needs these services, they may be required to pay out-of-pocket for market-rate caregivers.
Senior Housing Membership Fee Option
A membership senior community like Peace Village provides better solutions for retirees. While the upfront costs are higher than a rental community, the peace of mind provided by knowing you will always have your own home in a facility built around caring for your changing needs is absolutely priceless.
Your monthly fee is lower than a rent payment, and residents typically get back the difference in upfront fees in about 13 months. At a not-for-profit community like Peace Village, seniors do not have to be wary of large fee increases to satisfy stockholders. Funds are reinvested back into our membership community, ensuring that facilities, meals, services, activities, grounds and staff are always outstanding.
A membership senior community provides a true sense of neighborhood. Unlike rentals where tenants move in and out frequently, residents move into a real, life-long home at a membership community like Peace Village, living here for many years. Because of this confidence and stability, lasting friendships are built. Residents can become involved with dozens of social activities, spend quiet time by themselves, or find a comfortable combination of both.
You will never lose your home at a membership community like Peace Village because of your financial situation. Never. Fundraising is a large part of our not-for-profit mission. Money raised provides our benevolent fund “Lora’s Fund” with the assets needed to assist residents who have outlived their investments. The senior residents here at Peace Village have a home forever, regardless of their healthcare needs or financial status.
If you do decide to leave Peace Village, we’ll refund up to 90% of your membership fee. Often, residents opt to use their fee as healthcare needs change. When independent living options are no longer viable and daily living tasks become too difficult to manage, membership senior communities can provide the help you deserve with assisted living options. Membership fees can also provide services when health concerns make memory care or skilled care necessary.
The biggest advantage of a membership senior community like Peace Village is the overwhelming peace of mind it provides. In a membership senior community, there is always someone there to provide care when you need it, right in your own home. You’ll never lose your home because of financial reasons and you’ll build friendships that will last for many years.
When you’re exploring new homes for your retirement, explore Peace Village in Palos Park, Illinois. Our membership based Life Plan Community gives you the security and confidence of knowing that, no matter what the future brings, you are guaranteed a home for the rest of your life.
For more information on independent senior living in Palos Park, visit Peace Village today. Schedule a tour on the Peace Village website (708) 361-3683 or attend one of our upcoming events.
