This article first appeared on the iSeniority blog.
The first and most obvious benefit of retirement village living is community. Being part of a community of like minded 55+ or 50+ people and enjoying the social contact, interaction, companionship and physical and emotional security that it provides is priceless.
The second benefit of retirement village living is lifestyle and convenience. Most retirement villages offer a range of shared common areas and facilities and relatively low maintenance homes and gardens that you can “lock and leave” if you want to travel. Many are geographically situated in desirable locations and are close to appropriate amenities and services.
The third benefit of retirement village living is flexible services. Most retirement villages offer independent living units (ILUs), which are sometimes called self care units or apartments, and provide a range of general services for the benefit of all residents. Many also offer additional services, sometimes including personal care, on an “as required” and “pay as you go” basis. So as your needs change, the services you receive can be adjusted accordingly. Some retirement villages also offer serviced apartments, which are sometimes called assisted living units or apartments. These apartments are usually offered with a standard package of services, such as housekeeping, meals and laundry and linen. If you require more services than the village offers, you can also arrange additional home care services privately.
The fourth benefit of retirement village living is purely economic. Facilities and services can be provided to a community of seniors more efficiently than they can be provided to a dispersed group of individuals. It is of course important to ensure that the benefit of this efficiency is equitably shared between the operator (as profit) and the residents (through lower costs and charges).