Sweet Values: Buy or Rent A Retirement Residence? Experts Offer Some Wisdom
July 9, 2015
There is little debate that retirement communities are usually safer and offer greater opportunities for social interaction than staying in one’s own home. However, retirement communities vary widely and options can range from a returnable entrance fee to a simple rent structure. On June 19th, The Merion welcomed managing director of Principal Financial Group, David Nelson and estate planning and elder law attorney, Matthew R. Margolis of Margolis Weldon LLC, to discuss the pros and cons of renting versus buying into a retirement community.
“The risks to our health and financial well-being increase as we age,” said Nelson. “There are ways to mitigate these risks and choosing to live in a retirement community is an excellent option. But the choices among retirement communities are vast, and range from buying into a community that has many levels of care to a community such as The Merion which offers independent living with optional health care services on site 24/7.”
Nelson suggested that people do the math: what are all the expenses associated with staying in one’s own home such as mortgage, taxes, insurance, home and lawn care, groceries, outings, transportation, etc.? How does that compare to the cost of the retirement communities? And aside from the financial benefits, many communities like The Merion have a swimming pool, game areas, work-out spaces with classes and areas for private parties and gatherings. The Merion cuisine is freshly prepared by their Chef. What are these worth?
Choosing The Merion’s 13-month residency program gives financial flexibility if it is preferred not to tie up capital, and the option to leave if children or friends should move from the area and someone wants to remain near them; or if the community’s management, food, maintenance or financial stability become unappealing.
The sixty-plus guests at the informational event, had many specific questions about The Merion for Nelson, Margolis, and Director of Leasing, Margaret Gergen. “The Merion is a very unique community and is well-integrated into the fabric of Evanston and its urban, academic lifestyle,” said Gergen. “We encourage people from Evanston and the surrounding neighborhoods to join our clubs and enjoy our fine dining and musical events. On the other hand, we encourage our residents to eat, shop and participate in classes in the community at-large, in addition to the services and amenities we offer at The Merion.”
According to these experts, now is the time to enjoy all the wonderful opportunities afforded at a retirement community. Residents can better secure a future financial position even if their health needs change. Grandkids love having things to do when they visit and there is comfort of knowing the place chosen to live is especially designed to accommodate one’s future.
The Merion is a luxury senior apartment community for active, independent retirees seeking a hassle-free rental home in Evanston. Formerly known as The North Shore Hotel, The Merion has been totally renovated with upscale finishes and amenities. For additional information, visit www.MerionEvanston.com.
As seen in PRWeb.