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Did you know that baby boomers in America over 70 hold more than 30% of the nation’s wealth?
While younger generations might find this surprising, these seniors have amassed substantial generational wealth, often to enjoy their golden years in comfort and style. Gone are the days of traditional retirement settings; instead, a new wave of luxury senior living communities is emerging, designed to cater to this discerning demographic.
What is luxury living for seniors in retirement?
Forget rocking chairs and bingo nights. Today’s generation of retirees is redefining what it means to age gracefully. For affluent seniors familiar with a finer (posh) lifestyle, traditional retirement communities often cannot compare. Enter luxury retirement villages, where tradition is a reimagination that reflects a first-class experience.
They offer a world-class experience
Luxury isn’t just housekeeping, laundry, and medication management. It’s about elevating everyday experiences and leaving behind trinkets of memory that evoke a dream we all want to achieve—something our seniors have!
This is what to expect:
- Spa & salon services: In-house pampering keeps residents feeling their best.
- Fine dining: Forget institutional meals. Enjoy gourmet cuisine prepared by chefs.
- State-of-the-art fitness: Well-equipped gyms and personalized wellness programs keep residents active (this includes personal trainers).
- Resort-style amenities: Heated pools, tennis courts, and even golf courses create a vibrant social atmosphere.
Luxury retirement prioritizes accessibility and resident well-being:
- Universal design: Features like elevators, ramps, and grab bars ensure mobility.
- Transportation options: Private chauffeurs or shuttles offer convenient ways to get around.
- Highly trained staff: Multi-skilled caregivers provide attentive and compassionate support.
- 24/7 medical care: Round-the-clock medical professionals meet residents’ health needs.
Today, technology is vital in upscale retirement communities, with advanced health monitoring and in-home care services. This focus on resident well-being and a luxurious lifestyle sets these communities apart.
Can seniors afford luxury senior living facilities?
Whether seniors can truly afford luxury senior living facilities is pertinent, especially when considering the financial landscape of today’s retirees. According to the Federal Reserve Board data, the median net worth for Americans in their late 60s and early 70s stands at $266,400, while the average net worth is relatively higher at $1,217,700.
This disparity highlights the influence of high net-worth households on average figures, making the median more accurately reflect typical retirement savings.
Older Americans have seen substantial financial growth, adding $14 trillion in net worth since 2019. An aging population and rising home values largely drive this increase. Here’s a closer look at the average and median net worth by age group:
- Ages 55-64: Median – $364,500 | Average – $1,566,900
- Ages 65-74: Median – $409,900 | Average – $1,794,600
- Ages 75+: Median – $335,600 | Average – $1,624,100
While these figures suggest a significant portion of seniors have substantial assets, it’s crucial to recognize that, for example, luxury independent senior living costs more than standard retirement options. Despite the apparent wealth accumulation among older Americans, this higher price tag can be prohibitive for many.
Level of care in luxury assisted living communities
Luxury assisted living communities are designed to provide an elevated level of care beyond the basics, offering residents a lifestyle filled with comfort, support, and premium services. Here’s what you can expect:
1. Personalized care plans
Each resident in a luxury assisted living community receives a tailored care plan. This plan is developed in collaboration with healthcare professionals, residents, and their families to ensure all individual needs and preferences are met. Regular assessments are conducted to adapt the care plan as needs change, providing continuous, customized care.
2. Highly trained staff
The staff in luxury assisted living communities are caregivers and geriatric care experts. They undergo rigorous training and continuing education (with certification) to stay updated on the latest in elder care, including specialized care for residents with dementia and Parkinson’s. Expect compassionate, attentive, and skilled assistance available around the clock.
3. Comprehensive health and wellness programs
Luxury communities offer comprehensive health and wellness programs that encompass physical, mental, and emotional well-being. Residents have access to:
- On-site medical care: Regular visits from doctors, specialists, and therapists.
- Holistic wellness: Programs include yoga, meditation, and physical therapy.
- Mental health support: Access to psychologists and counselors to support emotional well-being.
4. Advanced health monitoring
Luxury assisted living communities provide advanced health monitoring systems, leveraging the latest in healthcare technology. These systems track vital signs, manage medications, and alert staff to potential health issues in real-time, ensuring timely and proactive care.
5. State-of-the-Art facilities
Luxury assisted living facilities boast state-of-the-art amenities designed to promote health and wellness. These include:
- Hydrotherapy pools: For physical therapy and relaxation.
- Fitness centers: These facilities are equipped with the latest machines and staffed by personal trainers specializing in senior fitness.
- Medical suites: On-site clinics for routine check-ups and urgent care needs.
6. Gourmet nutrition
Diet and nutrition are crucial aspects of senior care. Luxury assisted living communities employ gourmet chefs who prepare nutritious, delicious meals tailored to each resident’s dietary needs. Residents can enjoy meals in elegant dining rooms or deliver them to their private suites.
7. Concierge and personal assistance services
In luxury communities, the standard of care extends to daily living conveniences. A dedicated concierge service helps with everything from arranging medical appointments and transportation to planning social events and outings. Personal assistants are available to help residents with everyday tasks, ensuring a seamless and stress-free living experience.
8. Social and recreational activities
Luxury assisted living communities offer a rich calendar of social and recreational activities to keep life engaging and fulfilling. These might include:
- Cultural outings: Trips to theaters, museums, and concerts.
- Educational programs: Guest lectures, book clubs, and continuing education classes.
- Recreational activities: Gardening, art classes, and hobby groups.
10 Best luxury retirement communities in America
You may have heard of the following names, but let’s list them so you know how big these retirement brands are!
- Sunrise at East 56th, New York City – New York
- Winchester Gardens, Maplewood – New Jersey
- The Watermark, Beverly Hills – California
- Del Webb at Lake Oconee, Greensboro – Georgia
- The Villages, The Villages – Florida
- The Residences at Turner Hill, Ipswich – Massachusetts
- The Preserve at SaddleBrooke – Tucson, Arizona
- Atria West 86, New York City – New York
- Encanterra, San Tan Valley – Arizona
- Sarasota Bay Club, Sarasota – Florida
So, are you ready for senior living luxury?
Even if you are not, that is okay. Traditional senior living settings offer an exceptional level of care, if not the same. The only difference is that with a luxury setting, every day would feel like a vacation at one of the best resorts in the world!
In conclusion, while a segment of the senior population may comfortably afford luxury senior living, many will find these options financially out of reach. Balancing desires for upscale living with financial realities is essential for a sustainable and enjoyable retirement.
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FAQs
What is the highest level of assisted living?
This form of senior care is often known as enhanced assisted living, which refers to far-reaching hands-on support with various ADLs whenever required. This is generally common in luxury senior living and is for older adults who need a lot of attention, with assistance. It can be due to their cognitive health problems or is provided as an extensive service as part of assisted living.
How much are senior homes in Las Vegas?
Surprisingly, the average living cost of senior communities in Las Vegas is between $3,300 – $3,600, depending on the facilities provided. Keeping aside the cost of luxury senior living in Las Vegas, the average price is lower compared to Reno or even Carson City.
How much does luxury senior living cost?
Though it depends as the cost will vary from state to state, including the number of luxury facilities being provided, the baseline average cost can go up to $6,000 and above. Given that luxury senior living has more facilities, including dedicated staff to attend to individual needs, the price can be almost 30% higher than ordinary senior living communities.
What are some of the best retirement communities?
Depending on the state and the number of facilities being provided, The Villages is considered to be one of the best senior living communities in the US, Florida specifically. For example, if you are looking for a small and comfortable senior living home in Phoenix, Arizona, that specializes in memory care, then Brookdale Central Paradise Valley is a great choice.
