Ask Terry Questions Continuing Care Retirement Communities

Continuing Care Retirement Communities

By Terry Savage on September 05, 2023 | Financial Planning / Retirement

Would value your opinion on continuing retirement communities. The one that I am looking at has an entrance fee

Terry Says

So, there’s growing debate about the high deposits or entry fees, and what happens if the community cannot sustain itself. One large, highly regarded community recently declared bankruptcy, leaving the return of deposits in great doubt. And even in the best of times, it typically says your deposit won’t be returned until it can find another person to fill your place.

So check your contract carefully for the small print. Here is an article I wrote not long ago, advising on these issues. The attraction of “lifetime care” on a stepped up basis for no additional cost is attractive. But you might be better off with a long term care insurance policy (combined with life insurance of care is not needed).

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