When it comes time to choose a retirement community, you have a lot of options to consider. There’s lifestyle, location, amenities, services ... and payment style. You might not know this, but there are several types of retirement community fee structures.
“The two payment type choices are rental communities, like Waterstone at the Circle, or buy-in communities, which are generally Lifecare or Continuing Care Retirement Communities (CCRC) offering a full spectrum of senior services,” says Jake Quigley, Executive Director of Waterstone at the Circle. “Both are excellent options, but you’ll want to carefully consider what it is you’re looking for in a community and whether or not a rental or buy-in community will work best for your needs.”
While buy-in communities have been all the rage previously, Jake says that there’s been a shift in the senior living space to offer more rental-style communities as the Baby Boomers have aged. “We designed Waterstone at the Circle as a rental community because we believe it offers active, independent seniors the best and most flexible options for their retirement needs,” he says. “This delivers the ultimate in convenience for our residents and allows us to focus on delivering an exceptional senior lifestyle like none other.”
The Benefits of a Rental Community
The ultimate in flexibility.
The biggest draw for many seniors, with regards to a rental community, is the flexibility and convenience it offers. Buy-in communities can require a hefty payment up front that tethers you to that place. And then you have to pay a monthly fee on top of that. A rental community, on the other hand, only requires you to pay rent every month. No buy-in or lengthy contracts. If you decide you wish to move somewhere else for whatever reason, you can easily and affordably do so.
It’s all the upsides of homeownership with none of the downsides – for one price.
No more paying separate bills to various utility companies and maintenance workers. Everything’s included in your monthly bill, so there are no surprises. No more worrying about the heater going out, or the trees getting trimmed or even the house getting cleaned. Everything’s taken care of for you – even meals, if you’d like. That means less worry about chores and more time to enjoy everything retirement has to offer.
It allows you to choose the best healthcare services possible.
There are upsides to moving to a buy-in community, particularly ones where skilled nursing, assisted living and memory care are available on-campus. This peace of mind is important for seniors who want the security of knowing they’ll never have to move, even if their needs change. However, in a rental community, there’s a surprising benefit to not having all the healthcare services located on site.
“Oftentimes, senior living communities that offer comprehensive services are the ‘best in the area’ for one of their services, like assisted living or memory care,” says Jake. “However, it’s highly unlikely that the community will be ‘the best’ for all of their services. So you may choose a place where the independent living services are exceptional, but the assisted living and memory care services are only so-so. Because you’ve already bought in to the community, you’re kind of stuck with what’s there unless you pay a hefty sum.” By contrast, he says, a rental community allows you to go to the “best” option for whatever care or services you need – cleanly and affordably.
You won’t pay for services you don’t need.
Moving into a CCRC is great for some folks, and can be excellent for peace of mind. It’s like life insurance in that way – you know you’re covered if something major strikes. But how likely is it that you will need additional care? Sure, as society lives longer, it’s more likely that we will require some form of long-term care. But until that time, do you really want to pay for something that you may or may not need? You’ll have to run the numbers yourself, but it’s very possible that moving to a rental community, and then relocating if the need arises, would be more beneficial – socially, physically and financially.
You have the freedom to change your mind.
A rental community like Waterstone at the Circle allows you to live in the moment and make a choice that’s best for you now. You’re welcome to change your mind in the future, if you wish – in fact, that’s encouraged. It’s a balancing act between the ant and the grasshopper (to quote Aesop’s Fables): being thoughtful and planning ahead is important, but so is living for today. A rental community can allow you the benefits of both.
Questions to Ask Yourself
If you’re wondering whether a CCRC or a rental community like Waterstone at the Circle is right for you, here are some questions to consider:
- What are my health needs now? What do I expect for the future?
- What type of lifestyle am I looking for in retirement?
- What are my priorities? Do I want the convenience of never having to move again, or would I prefer to reassess what’s right for me as necessary?
- What is my gut telling me?
“Waterstone at the Circle is luxury retirement living designed for active, independent seniors – and we’re proud of that,” says Jake. “Since we’re located in the heart of Boston, we have relationships with fantastic care providers and other servicers to provide our residents with the very best care possible. We aren’t striving to be an ‘okay’ option for all care levels. Instead, we work to be the premiere luxury retirement community for seniors who want to embrace life and enjoy their retirement years to the fullest. We’re here for you during this exciting time, and if and when you require more services or needs, we will work with you and our community partners to find the very best solution to give you the lifestyle you deserve.”
If you’d like to learn more about the benefits of a rental retirement community, or if you’re wondering how a luxury retirement community like Waterstone at the Circle can help you live a vibrant, active and fulfilled life, contact us today at 617.431.1880.
Luxury Senior Living in Boston
Waterstone at the Circle, located in Boston’s historic Cleveland Circle neighborhood, is more than just Independent Living in Boston … it’s a sophisticated urban setting for today’s active seniors. Enjoy best-in-class service and a vibrant lifestyle with arts and cultural, and historical attractions right outside your front door. From high-end amenities to gourmet dining and more, experience the best of city and suburban life at our upscale senior living community located on the crossroads of Brookline and Chestnut Hill.
Elegant Independent Living Apartments
Each of our 92 Independent Living apartments is the height of luxury and modernity, with sophisticated design, upscale features and stunning views of the city. Create the urban senior living experience you want with one- or two-bedroom apartments, a variety of floor plans and monthly rentals.
Senior Living Supportive Services
As an over-62 community, residents may require support from time to time. That’s why we’ve developed an on-site coordinated care program, in cooperation with our premier community partners, that allows our Independent Living residents to receive the assistance they need.
The best part? Residents don’t have to leave our senior living community – or even their apartment – to receive high-quality support. They can receive the services they need, when they need it, in the comfort of their own homes or in our on-site therapy gym.
Waterstone at the Circle is the opposite of retiring. . . it’s a place to enhance your active, on-the-go lifestyle. Call 617.431.1880 for more information or to schedule a visit to our vibrant Boston Independent Living community and discover The Circle lifestyle today!