Home>Is It Time To Downsize To A 55+ Community?

Is It Time To Downsize To A 55+ Community?

February 07, 2017
No Comments

As the saying goes, where did the time go?

Isn’t it funny that when we were freshman in High School we couldn’t wait to be Seniors’.  Then in college we strived to make it to our Senior year and get our diplomas.  For years it seems we were looking forward to something and embracing it with enthusiasm.  The years went on and suddenly we find ourselves dealing with the word Senior once again.  Where did the time go?  The time is fast approaching or is already here when we are called Seniors again. 

Each of these “Senior stages” are really marking milestones in our lives indicating our maturity and vast amount of knowledge and experience we’ve obtained.  So celebrate! You are now in your mid sixties and classified a senior.  Your children are married and deeply in trenched in their careers and their own children's lives just like you were.  

As you settle in you're are probably sitting in your recliner, in that great big house, and the lyrics to the song Cats in the Cradle by Harry Chaplin begin running through your mind “… I've long since retired, and my son's moved away…..”.  Looking around the house you remember when you invested into your home.  You probably thought your children and grandchildren would visit often.  However life gets busy and they either geographically cannot or do not have the time.

Getting into your “retired” routine you realize without the children or grandchildren coming over why waste the utility expenses heating all the rooms in the winter or cooling them in the summer.  So you start closing off the rooms in the house which are either seldom, or never, used anymore.  You may find it more difficult to climb the stairs for your ritual daily cleaning, or maybe even just going upstairs to go to bed.  What does this mean for your future?

What to consider when downsizing?

Remember discussing with your aging parents about their house being way to big for just the two them?  Well life has come full circle. Now you and your family find yourselves having that same discussion. You find yourself thinking about moving to a 55+ community or downsizing your life, neither of which are usually easy to decide.  

The best way to start this process is to sit down and make yourselves a list of questions that will help you in making the right decision for everyone involved.  Here are a few things to consider before relocating:

  • Do I like doing home improvements or even want to anymore?
  • Will you be downsizing your home?
  • Should you consider one story luxury home floor plans?
  • Are there tax consequences of selling your home?
  • Do you want to be mortgage free?
  • Are you ready to move to one of the 55+ active living communities?

Should Long-Term Care Services Factor In To Your Decision?

Aging can play tricks on your mind.  Everybody would like to think they will always be mentally and physically capable to perform all the normal activities of daily living (ADL). However, you find your body starts to betray you.  This requires you to think about your future capabilities.  Therefore you will need to plan for the unexpected.  Doing so will help you sleep better at night.  As the Boy Scout Motto states “ Be Prepared”.

According to recent statistics approximately seven out of ten individuals who live to the age of 65 will need some sort of long-term care services.  So when evaluating the types of long term care facilities and services we encourage you to become familiar with following activities of daily living:

  1. Bathing
  2. Dressing
  3. Using the Toilet
  4. Transferring (to or from a chair or bed)
  5. Continence
  6. Eating

How many of you are thinking this will not happen to you?  Statistically one in three males, and one in two females, will need some form of long term care services.  Therefore if you live into your late 80’s or early 90’s there is a high probability you will experience a decline in the ability to do at least two of the ADL’s mentioned above.  There is always a possibility you might be one of the lucky ones that do not need help, but why gamble.


So you’re getting older and you’re trying to make the decision to enter a 55+ community?  If you are like your aging parents you probably think you are going to kick the bucket before needing any long term care services.  However, as the statistics have shown there is a high probability you will need some form of long term care services.  Therefore as you consider downsizing from your current residence, to what may be your last residence, make sure you work with someone who can help you navigate the challenges of downsizing.



This material was created for educational and general informational purposes only.  The opinions voiced in this material are not intended to provide specific advice or recommendations for any individual regarding tax, legal or investment advice.