A New (old) Way to Afford Retirement

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Remember your first day at college? Meeting your dorm mate was almost as exciting as being away from home for the first time.  If you look back on that experience fondly, you’ll be happy to hear that a recent post at Financial Buzz said that professionals in the housing and retirement industry are predicting an increase in the number of seniors looking for roommates to offset their retirement costs. 
“According to the vice president of the NGO, Rachel Caraviello, close to 130,000 such senior-partnership households exist in the US. Where, the youngest cohabiter is at least 50 years old, and there exists no family ties or romantic relationship between the cohabiters.”
 This idea should be attractive to a large number of seniors for a variety of reasons: 
  • Many retirement communities charge a “2nd person” fee, but it is still much cheaper than paying for an apartment alone.
 
  • Moving into a community without knowing anyone can be intimidating. How nice to have a built-in friend to navigate the experience along side you!
 
  • Safety is always a concern for seniors living alone. While retirement communities like John-Wesley Villas have 24 hour staff, and emergency response systems, having another person in the apartment to alert the staff to an emergency is a great perk.
 
  • Nothing beats loneliness like a new friend. There are numerous agencies that provide matching services, along with background checks, to help you find the perfect companion.
 With the number of new retirees each year, you can bet that the “roommate plan” will soon be a staple at retirement communities.