Pros and Cons of 55+ Communities
Category: Uncategorized
December 12, 2023 – We are often asked about the pros and cons of 55+ communities vs. retiring in a traditional community. In fact just last week one of our Members criticized the usefulness of our new Community Explorer because of its concentration on 55+ and active adult communities, to the exclusion of cities and towns. It is clear that people of retirement age are split – some want the 55+ or active adult lifestyle for their retirement, some want to live in a traditional community, and another significant portion isn’t sure about what to do.
The Pros and Cons of 55+ Communities
We might not change any minds with this discussion of the pros and cons of 55+ communities, but at least we can help those who are on the fence decide on which option is better for them.
First let’s look at the pros of living in a 55+ development with the active lifestyle.
Comments on "Pros and Cons of 55+ Communities"
David says:
I live in adult managed community and like it a lot. At first, I had my reservations about it, but I think it was the best choice for both of us. We have met a number of nice people that are at the same stage of life with similar interests, and it just makes sense.
Christine Dydzak says:
I visited a friend who lives in a gated 55+ community. I loved the beauty and cleanliness of the community, great clubhouse, lots of amenities and classes/trips. All residents greeted me with a smile and a "hello." I just wish developers would build some smaller (1/2 BR) housing options in the community for those of us single seniors who do not need a large home to take care of.
Marilyn says:
Has anyone out there had any direct experience with reverse mortgages. As a senior with no direct heirs, I am considering it.
Admin says:
Great question Marilyn. We have written several articles on this topic. The net is that for some people, reverse mortgages can be a great way to use the equity in their home either to stay there when other income isn't enough, or to purchase a new home. See https://www.topretirements.com/blog/the-retirement-piggy-bank-you-might-have-never-considered/ (great link to a how to article) and https://www.topretirements.com/blog/hud-programs-has-the-facts-about-reverse-mortgages/. Reverse mortages, HECMs, sometimes have a bad reputation, but used correctly in the right circumstances they can be a valuable tool.
Bill Bamber says:
Look forward to Relocating to a +55 Community. No Work, No Kid's telling me How to Live My Life. & know it is the last stop; so am going to enjoy!! Maybe even Misbehave; somewhat!! Yep!!
Jay says:
Definitely lot's of pros and cons to 55+ communities! My wife and have visited several recently. There's a lot we like and some things we don't. We haven't found one that's perfect for us yet and might not? We've found very few communities that offer large RV garages which is a must for us as we like to travel with our RV a few months a year. Many of these communities also offer many amenities that we won't use and frankly don't want to pay for if we're not going to use it. We do love the security of gated communities and most are clean and well kept up which is wonderful! Not sure if we'll find the right fit for us but we're a few out from full retirement and plan to keep looking with another trip planned for next spring.
Toni says:
In our 55+ community we have an area just off-site for campers, etc. but there is a long waiting list. Most people with RV's use the new huge storage companies that have sprung up where you can park your RV or in some cases they have covered parking and/or huge garages. I'm sure it is expensive but....we've lived in our 55+ community for 12 years now and I get a kick out of the "if we aren't going to use an amenity, we don't want to pay for it". You can't look at any gated community from that standpoint. We have lots of amenities but what we have found is when we moved in (and were younger) we used different amenities than we use now but wouldn't trade our community for anything cheaper to save a few dollars. It's beautiful, well maintained, we have nice preserve areas with wildlife, etc. Come take a look sometime - Pelican Preserve, Fort Myers, FL
Marci says:
Pros: built-in friendships with people in a similar age category. Lots of activities and a beautiful lodge.
Cons: the HOA is run by people who do not understand how to manage our vendors and our finances. There are too many ridiculous rules.
John says:
There are many HOAs that have problems. But the answer to that is for you to volunteer for the board. Or at least, read the boards statements, attend meetings, and offer your opinion. Otherwise, like elected officials everywhere, you get what you deserve.