Retirement Complexes: Are They the Right Choice for You?

10.20.2025 | Category: Retirement Planning

Summary: Choosing a retirement complex impacts your lifestyle, finances and well-being. This guide covers senior living options, costs and key factors to help you decide if a retirement community is right for you.

As you approach retirement, you’re probably thinking about your future more these days. Now’s the time to start retirement planning and ensure you’re prepared for the next chapter.

Perhaps your home feels too large, or you’re concerned about maintaining the yard as you age. Maybe you’ve heard friends discuss moving to a retirement complex and wonder if it’s something you should consider as well.

The senior living options available today aren’t what they used to be. Gone are the days of sterile facilities with bland food and limited activities. Modern retirement communities offer vibrant lifestyles, gourmet dining and amenities that rival luxury resorts. But is this lifestyle right for you?

Let’s walk through what you need to know about retirement communities, from costs to lifestyle changes, so you can make the best decision for your future.

What types of retirement complexes are out there?

Retirement complexes come in various shapes and sizes, each offering unique features and services to meet different needs. Let’s explore the types available to help you find the right fit.

Independent living communities

Think of independent living for retirees as apartment living designed specifically for active seniors. You’ll have your own space with a full kitchen and bathroom, plus perks like housekeeping, maintenance and activities for seniors to help find purpose in retirement.

Here’s what you can typically expect in the best retirement communities:

Your own apartment or cottage with privacy and independence
No more yard work, snow shoveling, or fixing leaky faucets
Social activities, fitness centers, and organized trips
24-hour security and emergency response
Transportation for shopping and medical appointments

Independent living for retirees is ideal for healthy, active retirees who want to simplify their lifestyle while enjoying built-in social opportunities.

Assisted living facilities

Assisted living might be ideal if you need some help with daily tasks but want to maintain your independence. These communities provide personal care while respecting your autonomy and dignity.

At some facilities, you’ll get help with the following:

Medication management and daily activities
Three meals a day in community dining rooms
Housekeeping and laundry services
Transportation to medical appointments
24-hour staff for emergencies

Continuing Care Retirement Communities (CCRCs)

CCRCs are akin to having a complete care plan for life. You can start with independent living and move to assisted living or skilled nursing care as needed, all without leaving the community.

The most significant advantages of CCRCs include:

Predictable costs and comprehensive healthcare coordination
Access to all amenities regardless of your care level
Strong community connections

Financial reality: What will this cost you?

Retirement complexes can be expensive. However, understanding the costs upfront helps you plan better and avoid unexpected costs later. Unplanned post-retirement expenses can quickly deplete your savings.

Monthly fees typically cover:

Your apartment or home rental
Meals, utilities, and basic maintenance
Access to amenities and activities
Some healthcare coordination

You might pay extra for:

Entrance fees (especially for CCRCs, ranging from $80,000 to $750,000¹)
Personal care services beyond basic assistance
Premium apartment locations or upgrades
Additional healthcare services

Many retirement communities require entrance fees with different refund policies. Some are fully refundable to your estate, others are partially refundable and some aren’t refundable at all.

Avoid signing anything until you fully understand the terms. Don’t forget about insurance coverage. Medicare supplement insurance can help cover healthcare costs, while long-term care insurance can help offset future care expenses if your needs change.

Is this lifestyle right for you?

Deciding if retirement community living is the right choice for you involves considering your lifestyle preferences, needs and future goals.

Consider your health and future needs

Be realistic about your current health and what you might need down the road. If you have mobility issues or chronic conditions that require management, assisted living or a CCRC might make more sense than independent living.

Think about:

How well you can manage daily activities now
Your family history of age-related health issues
Whether you need help with medications
How important it is to have healthcare support nearby

Take your social preferences into account

Some people thrive on community interaction, while others prefer more privacy. Retirement communities can be quite social. Consider whether that appeals to you.

Ask yourself:

Do you enjoy group activities and making new friends?
Are you comfortable with community dining versus cooking at home?
How important is privacy versus social connection?
Do you want structured activities or prefer to create your own schedule?

Explore location options

Where you choose to live affects everything from your daily happiness to your long-term costs.

Consider:

Climate preferences and weather tolerance
Distance from family and current friends
Access to quality healthcare facilities
Cost of living in the area
Transportation options if you stop driving

Real benefits of community living

Community living offers a range of benefits, from social connections to added convenience, that can enhance your quality of life in retirement.

Here are some vital benefits of independent living for retirees:

Companionship: The built-in social network is often the biggest draw. You’ll have neighbors who understand the stage of life you’re in, as well as plenty of opportunities to stay engaged and active.
No home maintenance headaches: No more worrying about the furnace breaking down in winter or finding reliable contractors. These types of issues are handled for you.
Safety and security: With 24-hour security, emergency response systems, and staff nearby, you’ll have peace of mind that help is always available.
Healthy lifestyle: Many communities offer comprehensive wellness programs, including regular health checkups and a heart-healthy exercise Additionally, they provide other healthcare services to help you stay active and catch potential health concerns early.

What are the downsides?

Living in retirement complexes comes with its own set of trade-offs. You’ll have less privacy than living in your own home, and community rules might feel restrictive at first. The financial commitment is also significant; once you’re in, it can be difficult and expensive to change your mind.

You might also struggle with the timing. Move too early, and you pay for services you don’t need yet. Wait too long, and you might have fewer options or face a more difficult transition.

Making your decision

You can do the following to help you arrive at a decision that best suits your needs and comfort:

Do your homework: Visit multiple communities, talk to current residents and don’t rely just on the sales tour. Eat a meal there, attend activities and get a feel for the daily atmosphere.
Get professional help with finances: The financial implications are complex, so consider working with a financial advisor who understands retirement planning. Review your retirement savings, insurance needs and estate planning to ensure this choice fits your overall financial picture.
Try before you commit: Many communities offer trial stays or respite care options. Take advantage of these to experience community life before making a permanent decision.

Your next steps

Choosing a retirement complex is a big decision that deserves careful thought and planning. The right community can enhance your quality of life, provide security and offer social connections that make retirement life truly enjoyable.

Remember, there’s no one-size-fits-all solution. The best choice is the one that aligns with your values, meets your needs and fits your budget. Take your time, ask lots of questions and trust your instincts.

If you’re considering this move, now might be a good time to review your overall financial plan and insurance coverage. At Mutual of Omaha, we understand that retirement planning involves more than just managing money. Our financial professionals can help you with retirement planning strategies and insurance options tailored to support your future lifestyle goals.

Frequently asked questions (FAQs)

What’s the difference between a retirement complex and assisted living?

A retirement complex is an umbrella term for various senior living options, including independent living, assisted living and skilled nursing. Assisted living specifically provides personal care assistance while maintaining your independence.

How much should I expect to pay?

Costs vary widely by location and services. Independent living may cost between $2,000 and $5,000+ per month, while assisted living can average between $3,000 to $6,000+. Continuing Care Retirement Communities (CCRCs) may require significant entrance fees in addition to monthly expenses.

When’s the best time to make this move?

Most advisors recommend moving while you’re still healthy and can enjoy all the amenities. This also gives you time to build relationships before you might need additional care.

Will Medicare cover any of these costs?

Medicare doesn’t cover room and board in retirement communities, but it may cover certain healthcare services. Long-term care insurance may help cover the costs of assisted living.

Can I bring my pet?

Many communities welcome pets, though policies vary. Check size restrictions, pet deposits, and care requirements before choosing a community.

Disclosures:

Registered Representatives offer securities through Mutual of Omaha Investor Services, Inc., Member FINRA/SIPC. Investment Advisor Representatives offer advisory services through Mutual of Omaha Investor Services, Inc. Mutual of Omaha Advisors is a division of Mutual of Omaha Insurance Company.

All investing involves risk, including the possible loss of principal, and there can be no assurance that any investment strategy will be successful.

Mutual of Omaha and its representatives do not provide tax and/or legal advice, and the information provided herein is general in nature and should not be considered tax and/or legal advice.

Not all Mutual of Omaha agents are registered representatives or financial advisors.

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