Full service retirement communities are growing in popularity. Commonly known as continuing care retirement communities, or C.C.R.C., these communities promise that its residents can stay for their entire life. Entrance fees can range from a few hundred thousand dollars to more than a million. But what happens if after you have lived there for 10 or 20 years and the owner goes bankrupt or has to raise it fees or reduce services? A recent N.Y. Times article: “7 Ways to Judge a Retirement Community’s Financial Health” offers several keys to consider when looking into the finances of a C.C.R.C. These include: Occupancy – 90% is a good indication that it is well managed. Rate increases – A
The Alzheimer's Association has released their annual facts and figures report: 2018 Alzheimer’s Disease Facts and Figures. Here are a few highlights of topics covered in the report: An estimated 5.7 million people have dementia in 2018. Almost two-thirds of Americans with dementia are women. Approximately 1 in 10 people age 65 and older has Alzheimer’s dementia. The lifetime risk of developing Alzheimer’s at age 65 is approximately 21% for women and 11.6% for men. The estimated lifetime of health care and long term care costs for someone with Alzheimer’s is $341,840.00. Here’s a link to the report: https://alz.org/documents_custom/2018-facts-and-figures.pdf
Some retirees in China are living in resorts. About an hour from downtown Shanghai, seniors reside in a complex with 2,000 households, a hospital, a worship space, a gym, and a cinema. In order to get in, seniors must buy life insurance from a company called Taikang Life Insurance Co. According to a Wall Street Journal article, China’s insurance companies have spent $10 billion on retirement communities. The goal is to find a way to care for the 1.4 billion Chinese who will be 60 or older by 2050. Due to the government policy restricting children, the country is not prepared to care for the aging population. These new developments are certainly a luxury. A life insurance policy costs $300,00
