Accessibility Tools

How to Choose a Retirement Community

America is home to millions of seniors over the age of 65—and their numbers are rapidly increasing. According to data from the Department of Health and Human Services Administration on Aging, there were more than 39 million seniors in 2009. They expect the senior population to increase to more than 72 million by 2030.

While disease and age-related health concerns will require some seniors to move in with relatives or take up residence in nursing homes, many others want to live on their own for as long as possible. If you’re among them, buying or renting property in a retirement community is a viable way to eliminate the burden of home maintenance while preserving your independence.

Of course, selecting the right retirement community can be challenging. From 55+ and 62+ neighborhoods featuring single family homes to apartments within a senior housing complex, you’ll find numerous types of residences from which to choose. Fortunately, you can make the process easier if you consider the following factors before signing on the dotted line.

Your health – Do you suffer from decreased mobility? Do you need assistance with day-to-day activities or are you able to bathe, dress, shop and cook for yourself? If you’re in excellent health, an independent living retirement community may be right for you. On the other hand, if you need help with chores or find it difficult to get around, you may want to consider an assisted living retirement community.

Location – Whether you prefer to walk, drive or take public transportation, a retirement community that is close to shopping, dining and entertainment can make getting out and about easier. While some communities have onsite fitness centers, pools and cafeterias, maintaining a connection to the outside world is beneficial for many seniors.

 

Adaptability – If you plan to live in this home throughout your senior years, you’ll want to make sure the property you purchase is adaptable. Most seniors lose some mobility as they get older, which can make navigating stairs and standard bathrooms difficult. Unless the property allows you to add outdoor ramps and adaptive devices—such as bathroom grab bars—to the interior, you might want to pass.

Residents – Whether you’re looking for a retirement home or a neighborhood reserved for senior homeowners, get to know more about the people who reside there. What is the average age of the residents? If most are older than you are, you may find the community provides fewer of the services those in younger age groups desire. Ask about community-sponsored activities and events.

Rules – Like any neighborhood or apartment complex, retirement communities come with rules. Some of the most important to consider—especially if you have grandchildren—are those regulating visitors. While many communities welcome visitors under the resident age limit with open arms, others restrict the number of days your children and grandchildren may spend on your property. Additionally, not all retirement communities allow pets.

Your retirement years should be among the best of your life. If you’re concerned about the possibility of declining health as you age, long-term care insurance can relieve some of your worries. Talk to your insurance professional about your options today.

Older Drivers Can Save on Auto Insurance

Older Drivers Can Save on Auto Insurance

Savvy seniors know how to save money. They may curb extraneous spending, order the Early Bird Special at restaurants, or use their AARP membership card at movie theaters, hotels, airlines and retail establishments to secure substantial AARP discounts. But did you know there are ways for older drivers to obtain substantial savings on auto insurance as well?

According to the Centers for Disease Control and Prevention (CDC), licensed drivers ages 65 and up numbered 33 million in 2009. While driving during your senior years can help you maintain your independence, the risk of injury or death due to an automobile accident increases as you age. In fact, in 2008, 5,500 seniors were killed in motor vehicle crashes. Another 183,000 were injured.

Learning to drive defensively can reduce your chance of becoming involved in an accident—and some insurance companies offer their senior customers a discount off their normal rates if they complete a driver safety course. The AARP Driver Safety course will teach you defensive driving techniques in addition to refreshing your understanding of the rules of the road. You can find a classroom course in your area at www.aarp.org/drive or sign up for online study.

Of course, you don’t have to stop there. From adjusting your coverage to buying a new car, there are other ways you can reduce your senior auto insurance costs. Consider the following:

  • Paying your insurance premiums annually can save you money – If you’re able to make your yearly auto insurance premium in one payment, you’re likely to receive a discounted price. Make payments bi-annually, quarterly or monthly and the cost will go up.
  • Combining policies usually results in savings – If you obtain any combination of homeowner’s insurance, life insurance, long-term care insurance and auto insurance from the same carrier, they’ll generally offer you a multi-policy discount.
  • Driving less can help you save as well – Some carriers offer discounts to low-mileage drivers. If you no longer have a daily commute and only use your vehicle for errands around town, check with your insurance professional.
  • Adjusting your coverage can also help – If you’ve paid off your car and it is worth less than ten times your annual insurance premium, experts suggest dropping collision and comprehensive coverage can yield substantial savings.
  • When you buy a car, choose one with the newest safety features – Air bags, automatic seatbelts, antilock brakes and daytime lights can all add up to premium savings at some insurance carriers.
  • You should also consider a low-profile vehicle – If you choose an automobile that is expensive to repair, notoriously easy to steal or has a poor record for safety, any insurance carrier is going to charge you a higher premium. Instead, check out vehicle risk ratings from the Insurance Institute for Highway Safety at iihs.org/iihs/ratings.

If you currently have an auto insurance policy and are not receiving any discounts, talk to your agent. If your insurer does not offer a means to reduce your rates, you can always contact your insurance broker and shop around for new, money-saving coverage.