Have you considered whether a 55 and over community will meet your needs as you approach retirement?
One of the issues facing the average Baby Boomer is accessible, affordable housing. One option to that requirement is a 55+ community, which offers better accessibility for older adult active community retirement.
Monthly fees for an over 55 living community often run higher than a non-over 55 community, but normally include maintenance of the exterior and can also include housekeeping services.
The community always includes similar aged residents, although for people who like to be in the thick of things, it can make for a quiet neighborhood.
Normally the community includes amenities such as fitness facilities, and exercise programs, and also may include a pool that isn’t inundated with more energetic age groups, such as small children. Sometimes this can be a negative factor if the older adult happens to like children or young adults around.
According to the Housing for Older Persons Act, (HOPA), 55 and over community rules issued by Portal.HUD.Gov are as follows:
In order to qualify for the “55 or older” housing exemption, a facility or community must satisfy each of the following requirements:
- At least 80 percent of the units must have at least one occupant who is 55 years of age or older; and
- The facility or community must publish and adhere to policies and procedures that demonstrate the intent to operate as “55 or older” housing; and
- The facility or community must comply with HUD’s regulatory requirements for age verification of residents.
The “housing for older persons” exemption does not protect senior housing facilities or communities from liability for housing discrimination based on race, color, religion, sex, disability, or national origin.”
HOPA also states, over and above the 80 % requirement that the housing facility/community may require that at least 80 percent of the units be occupied by at least one person 60 years of age or older. The housing facility/community may require that 100% of the units are occupied by at least one person 55 years of age or older, or that 80% of the units be occupied exclusively by persons aged 55 or older.
However, the facility/community should review other state and local laws, including fair housing laws that may prohibit discrimination based on age, before establishing policies and procedures restricting occupancy based on age, or affecting survivors’ rights to property, that are not covered under HOPA.
If you feel a 55 and older community would be an asset in retirement for you, there are organizations in each state who will be happy to introduce you to communities in your area.
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If you’d like more information on retirement issues, visit these pages:
A) Baby Boomer Income, for the baby boomer who would like to supplement their income now and into retirement.
B) Baby Boomer Health, assisting baby boomers in staying physically healthy through the coming years into retirement.
C) Baby Boomer Well Being, helping baby boomers stay mentally healthy through retirement years.
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Steve