Does Independent Living Give You Everything You’d Get at a 55+ Community?
If you’re active and over 55, you’ve probably heard about (and maybe even considered) moving to a 55+ or independent living community for their active lifestyles that caters to people in your age group. To help you find the right choice for you and your goals, here’s a brief overview of what each type of community is, how they’re similar and any important differences you should consider.
What is a 55+ Community?
These are communities designed for adults ages 55 and better who are looking for a low-maintenance or maintenance-free lifestyle. At a 55+ community, you typically buy your residence (and are responsible for selling it later, too). Like any other real estate transaction, the price you pay for your home depends on the size of the residence and its desirability.
What is Independent Living?
At first glance, independent living looks and feels a lot like a 55+ community. They both may offer the same or similar amenities. However, if independent living is part of a Life Plan Community – like South Port Square – they have on-site health care services to allow you to age in place. Typically, instead of paying additional real estate taxes required when you live in 55+ communities, residents of Life Plan Communities basically prepay for future health care needs (which may come with tax benefits). Like any important financial decision, we recommend you consult with your tax advisor on your specific situation.
Similarities Between a 55+ and Independent Living
Because both community types cater to a similar group of people, it’s no surprise that there’s a lot of overlap in their lifestyles.
- Active social life: Your neighbors will be around the same age and often have similar interests and backgrounds, making it easier to form new friendships.
- Lots of amenities: Communities typically offer amenities like pickleball and tennis courts, a swimming pool, walking trails, fitness center, art and fitness classes, housekeeping, on-site dining options and some or all yard maintenance will be covered.
- Dining: Both will offer a variety of dining venues featuring everything from chef-prepared restaurant-style meals to grab and go options. The difference is whether the meals are included in your monthly fees.
- Financial options: Regardless of which type of community you choose, the cost of your residence will be comparable to the value of homes in the area. Again, the larger your residence, the more you’ll pay. Each type of community also typically charges a monthly fee.
What is the Difference Between a 55+ and Independent Living?
- Additional Costs: Unlike an independent living community, in a 55+ community you will be responsible for real estate taxes, homeowners’ insurance and HOA (or similar) fees that cover outdoor maintenance, services and amenities. Additionally, certain utilities may not be included.
- Household Chores: In a 55+ community, you may be responsible for indoor maintenance, upkeep and housekeeping of your residence.
- On-site Health Services: When independent living is part of a Life Plan Community, residents have access to an on-site continuum of care, which may include assisted living, memory care, skilled nursing and rehabilitation services. This allows you to remain within the same community should your care needs escalate.
- Tax Breaks: Within a Life Plan Community, a portion of your entrance and monthly fees may be tax-deductible as future health care expenses. To be sure, we advise you to consult with your tax advisor.
The Lifestyle You Want with a Smart Plan for the Future
Come see why South Port Square’s award-winning independent living community is one of the best retirement communities in Port Charlotte for yourself. Contact us today to schedule your visit by using our Community Assist chat feature or contacting us here.
