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Things to think about in choosing a retirement community

Wherever your retirement pad may be, find one that enhances and enriches your life.

Retirement can include many changes, including moving to a new home. Senior living communities are growing in popularity among those in their golden years. Within a span of 50 years, it’s predicted that the number of residents moving into these communities will grow from 15 million in 2000 to 27 million in 2050.1

There are a plethora of retirement communities to choose from that match seniors’ personal preferences and specific needs — including care level, security and safety, price point, and community. You are sure to find one that you’d like to call home.

Types of retirement communities


People who are 55 and older can live in a community of their peers. Those who choose to buy a single-family home, apartment, townhouse, or mobile home in one of these communities can count on paying a homeowner’s association dues that cover maintenance (such as lawn care) and community amenities.1

These age-restricted communities typically don’t offer assistance, but the buildings and residences are often designed for residents who might have limited mobility now or down the road.2

Niche communities

Among the 50,000 senior communities, niche retirement communities are growing in popularity. They appeal to groups of people passionate about a particular lifestyle. Environmentalists, yoga practitioners, academics, and even Jimmy Buffett fans can find a homebase with other like-minded individuals who seek authentic connections in their living community.3

Independent living

This living arrangement is good for older adults who value organized recreational, social, and physical activities, along with meal plans and on-site restaurants.1

Assisted living & memory care

As the years add up, you might need more day-to-day help. Taking it up a notch, assisted living is like independent living but with help with activities of daily living (ADLs) such as getting dressed, taking medications, and housekeeping.1

Memory care communities help residents who have cognitive health issues and require help with their daily health and social needs.1

At the start of their retirement, some choose life-care or continuing care retirement communities (CCRCs), a sort of one-stop shop that addresses and supports evolving health, well-being, and social needs as they age. That way they don’t need to worry about moving homes later in life. There are a total of 1,900 CCRCs nationwide.4

Location, Location, Location

Many retirees want to live near family, friends, and other support systems. Others want to start a new chapter in a new place. Many locales fit the bill. However, some states seem to meet Americans’ needs more than others. Based on happiness levels, housing affordability, tax rate, and health care quality, a few states come out on top, including Pennsylvania, Florida, and Michigan.5 Be sure to explore what’s right for you.

Lifestyle in retirement

Of course, your daily routine and activities will play a big role in your life satisfaction. So be sure to do what you enjoy and perhaps take on some new hobbies. Enjoying friends, nature, art, travel, food, and books are all worthwhile pursuits. And so is being active in your community, which can also reestablish your purpose.

Retirement is an exciting time of life. Be sure to live how and where you want to live by planning for it now.

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1. Gatta, Frances. “Types of Senior Living Communities,” March 29, 2023,  

2. Gavidor, Leorah. “10 Types of Senior Living Options,” February 16, 2022,

3. Daspin, Eileen. “Niche Retirement Communities Are Growing — Are They Right For You?” April 21, 2023,

4. “How Continuing Care Retirement Communities Work,” January 27, 2022, 

5. “Best Places to Retire in the U.S. in 2022–2023,”, May 2023. 

This is a general communication for informational and educational purposes. The information is not designed, or intended, to be applicable to any person’s individual circumstances. It should not be considered investment advice, nor does it constitute a recommendation that anyone engage in (or refrain from) a particular course of action. If you are seeking investment advice or recommendations, please contact your financial professional.

DOFU 11-2023