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The Takeaway: The New Assisted Living

Posted By Elizabeth Nolan Brown On March 20, 2012 @ 8:48 am In Bulletin Today | No Comments

[1]Retirement Resorts: Aging retirees of yore may have moved in with family, headed to a Sun Belt retirement community or took up residence in an assisted living facility. Today’s retirees? According to the Wall Street Journal [2], they’re living on cruise ships, in spas, at “fully staffed homes in Costa Rica,” shared houses with other retirees or in “backyard bungalows” on adult children’s property. Take Mr. Portnoy:

Instead of moving his mother into an assisted-living apartment three years ago, Eli Portnoy rented condos for both of them, two floors apart, at Canyon Ranch Hotel & Spa in Miami Beach, Fla.

His mother received many of the same services and amenities that would have come with an assisted-living facility-on-site doctors, healthy meals, a gym and all kinds of wellness classes-but in a far more appealing setting.

Indeed. Call it “retirement resort” living, or maybe the new assisted living? Whatever you call it, it could be cheaper than a traditional assisted living facility, where a one-bedroom unit can cost as much as $9,500 a month before any add-on services, according to long-term-care insurer Genworth.

Piecing together typical assisted living services-housekeeping, laundry, meals, activities, transportation to doctors’ appointments-a la carte takes more work, and may be tough to pull off “without the vigilance of a good advocate, typically an adult child,” the WSJ notes. But it could significantly cut down costs.

Bob Preston, a retired CPA in Sarasota, Fla., rented a home in Costa Rica for his father-including a supervising nurse, three aides, a care coordinator and a chauffeur-for $3,500 a month.

We had tried everything in this country,” Mr. Preston says, such as an assisted-living facility that cost $8,000 a month, including private help. He was frustrated by the lack of attention being paid to his father, the retired chief financial officer of a large pharmaceutical company.

Portnoy said his mother’s condo, plus round-the-clock home health aides, cost less than living in a high-end assisted living facility.

Tuesday Quick Hits

  • Huffington Post columnist Ann Brenoff asks [3] what music boomers should be listening to (“isn’t there anything new we might like?”) and finds her answer in music-streaming service Spotify.
  • The U.S. Department of Labor is not letting push-back from the financial services industry delay a new fiduciary rule for retirement plan advisers meant to make them more accountable for advice they give, according to Reuters [4].

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URL to article: http://blog.aarp.org/2012/03/20/the-takeaway-the-new-assisted-living/

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[1] Image: http://aarpblog.files.wordpress.com/2012/03/300-medcottage-retirement-alternative.jpg

[2] According to the Wall Street Journal: http://online.wsj.com/article/SB10001424052702303717304577277341462803340.html

[3] columnist Ann Brenoff asks: http://www.huffingtonpost.com/2012/03/20/is-spotify-the-answer-to-_n_1354575.html

[4] according to Reuters: http://www.reuters.com/article/2012/03/19/labordept-fiduciary-idUSL1E8EJAQX20120319

[5] a group of retired TV news anchors, reporters, personalities and technicians: http://www.philly.com/philly/columnists/kevin_riordan/20120320_Kevin_Riordan__TV_news_retirees_reflect_on_changing_era.html

[6] leading edge baby boomers (62-64) make up 21 percent : http://www.forbes.com/sites/ashleaebeling/2012/03/19/a-troubling-housing-misstep-by-boomers/

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