Choosing a continuing-care retirement community (CCRC) versus aging in place is a difficult financial planning and emotional decision. It’s not easy for clients to acknowledge that they are getting older and are at a point in their lives when they need to consider whether their current living situation is suitable for their old age. As an advisor, you will play an invaluable role with your clients if you bring up the issue of where they want to live as they grow older and discuss the options available to them. A CCRC may or may not be the right choice, but to be informed about it will help those at midpoint in retirement—especially in their 70s—think through the best place to age well and to be in control of their own future.
Author: Sandra Timmermann, EdD, is a nationally recognized gerontologist who focuses on aging, retirement, and the application to business. She was a vice president at MetLife and the founder and director of the MetLife Mature Market Institute from 1997–2013. Sandy is now consulting with financial services and other businesses interested in reaching the 50+ market and is representing the International Federation on Ageing at the United Nations. She is also serving as a senior fellow at the Women’s Institute for a Secure Retirement, a member of the Academy of Home Equity in Financial Planning, and has been teaching gerontology at the American College of Financial Services. In the aging field for over 35 years, she has held executive positions with AARP, the American Society on Aging and SeniorNet, and has served on several national boards and commissions. She recently received the prestigious 2019 American Society on Aging Award for her contributions to advocacy, research, and administration in aging. A frequent speaker on retirement issues, she has been interviewed by hundreds of media outlets. Sandy received a BA from the University of Colorado and MA and EdD degrees from Columbia University..
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