Author Topic: Retirement Communities  (Read 3784 times)

JoJo

  • Handlebar Stache
  • *****
  • Posts: 1717
Retirement Communities
« on: December 30, 2019, 09:26:38 AM »
I think the crowd here tends young, but curious if anyone's long term plans involve staying at a Retirement Community, 55+?  Would it be a year round thing or a snow bird thing?

I stayed at one last year (at age 45), at a place you had to be 55+ to own a mobile home but any age for RV camping.  I stayed in my van for 40 days and loved it!  The amenities were great and there were a few younger people around and I got along with some of the long time residents too... they loved when I played bridge. 

Any particular parks you recommend?  I like the tax advantage of FL or TX, maybe buy a place, and travel during the hot parts of the year.

DaMa

  • Pencil Stache
  • ****
  • Posts: 575
Re: Retirement Communities
« Reply #1 on: December 30, 2019, 10:01:18 PM »
I would like to be a snowbird.  I'll be 55 in 4 years.  My first choice would be San Diego, but that's highly unlikely to be affordable.  So inexpensive place in FL or AZ might work.

My FIL had a place east of Scottsdale that was basically an RV park.  His was a travel trailer that never moved which he bought.  I've wondered what that would cost.

JoJo

  • Handlebar Stache
  • *****
  • Posts: 1717
Re: Retirement Communities
« Reply #2 on: December 31, 2019, 08:56:09 AM »
Some that I've been looking at in mobile home parks are 20K-100K, with annual rent around 4,000 for the lot, maybe some but not all utilities included in that. 

Cost seems dependent on location, age of mobile home (manufactured home). 

spartana

  • Handlebar Stache
  • *****
  • Posts: 2188
Re: Retirement Communities
« Reply #3 on: December 31, 2019, 09:52:27 AM »
My Mom moved to a place a couple of miles from the beach in SoCal when she retire called Leisure World www.lwsb.com. Small one and 2 bedroom co-op apts that are relatively inexpensive for the area with one bedrooms starting at $125k and monthly fees around $300 including prop taxes. My Mom bought hers during the big housing market downturn and paid $27k. Yes twenty seven thoudand and monthly fees less than $200
« Last Edit: December 31, 2019, 09:56:55 AM by spartana »

BECABECA

  • Bristles
  • ***
  • Posts: 481
  • Age: 39
  • Location: Huntington Beach, CA
  • Retired since July 2017, not bored yet!
Re: Retirement Communities
« Reply #4 on: December 31, 2019, 09:57:34 AM »
My Mom moved to a place a couple of miles from the beach in SoCal when she retire called Leisure World www.lwsb.com. Small one and 2 bedroom co-op apts that are relatively inexpensive for the area.

I was just coming on to post about leisure world! I live in Huntington Beach, but if I was 55+ I would totally move into leisure world. One of the local Mustachians lives there and she invited us out for a visit. Itís quite nice, and the 1bd 1bth 600 sq ft side by side units in the quadplexes start at ~$150k. Thereís a nice bike path that goes to the beach, and they have free shuttles to the beach for residents.

JoJo

  • Handlebar Stache
  • *****
  • Posts: 1717
Re: Retirement Communities
« Reply #5 on: December 31, 2019, 06:25:41 PM »
I'd be looking for a place ideally in one of the income tax free states - WA, TX, FL.  Or perhaps Mexico.

Most of my assets are tied up in deferred income. 

BECABECA

  • Bristles
  • ***
  • Posts: 481
  • Age: 39
  • Location: Huntington Beach, CA
  • Retired since July 2017, not bored yet!
Re: Retirement Communities
« Reply #6 on: December 31, 2019, 06:36:53 PM »
I'd be looking for a place ideally in one of the income tax free states - WA, TX, FL.  Or perhaps Mexico.

Most of my assets are tied up in deferred income.

Living on Mustachian spending levels, I donít think much of your income would be taxed, even in high income tax states. I found this income tax bracket visualizer to be helpful (itís federal tax only though)
https://engaging-data.com/tax-brackets/

States with no income tax have higher other taxes (property tax, sales tax, etc.)  to generate the revenue they need. You might end up paying more overall tax in those other states, depending on your situation.
« Last Edit: December 31, 2019, 06:42:02 PM by BECABECA »

Villanelle

  • Magnum Stache
  • ******
  • Posts: 4007
Re: Retirement Communities
« Reply #7 on: January 01, 2020, 07:34:41 PM »
We don't know where we will end up forever, but Sun City in Las Vegas is a contender.  My parents live there and love it, and I am attracted the the huge of activity of activities.

Sun City Summerlin has everything from small condos to golf course homes that I think are 3000ish sqft.

I can't imagine it being part time.  I long for stability after years of moving around, and hauling our shit to Canada for 4 or 6 months a year sounds awful.  And detrimental to the sense of community that is most important to us. 

(NV also has no state income tax, for those for whom that is a consideration.)

JoJo

  • Handlebar Stache
  • *****
  • Posts: 1717
Re: Retirement Communities
« Reply #8 on: January 01, 2020, 08:01:05 PM »
Sun City looks interesting.. I love the desert.    Close-ish to an airport that isn't so expensive is an advantage too.

sui generis

  • Handlebar Stache
  • *****
  • Posts: 2132
Re: Retirement Communities
« Reply #9 on: January 02, 2020, 10:01:31 AM »
I really want to do this when I have more limited mobility, but maybe also before then (particularly if my husband pre-deceases me).It sounds so great to have not only shelter, but a variety of activities to participate in constantly available and other people who are looking for things to do and people to do them with.  And loneliness is one of the big concerns for older people aging successfully.  I'm still in my early 40s, so expect it's at least 25-30 years away, so haven't done any actual research and partially PTF.

norajean

  • Pencil Stache
  • ****
  • Posts: 513
Re: Retirement Communities
« Reply #10 on: January 02, 2020, 10:33:53 AM »
They run the gamut from luxury suburbs to filthy prison-like elder abuse centers.   Caveat emptor.

spartana

  • Handlebar Stache
  • *****
  • Posts: 2188
Re: Retirement Communities
« Reply #11 on: January 02, 2020, 10:40:05 AM »
My Mom moved to a place a couple of miles from the beach in SoCal when she retire called Leisure World www.lwsb.com. Small one and 2 bedroom co-op apts that are relatively inexpensive for the area.

I was just coming on to post about leisure world! I live in Huntington Beach, but if I was 55+ I would totally move into leisure world. One of the local Mustachians lives there and she invited us out for a visit. Itís quite nice, and the 1bd 1bth 600 sq ft side by side units in the quadplexes start at ~$150k. Thereís a nice bike path that goes to the beach, and they have free shuttles to the beach for residents.
The guy who bought my Moms place after she died was a newly minted 55 year old FIREee from HB who just wanted to spend his time surfing and snow boarding. It was an ideal place for that. And since prop taxes in Calif are 1% of the purchase price and only go up a small amount regardless of market value increases, it can make home (apt) ownership very low here. There is also Laguna Woods
 More expensive then Leisure World but much larger and with more variety of activities. There is also a Sun City in the desert in Riverside County. If I were JoJo I'd consider renting for a year if possible before making a perm move.

JoJo

  • Handlebar Stache
  • *****
  • Posts: 1717
Re: Retirement Communities
« Reply #12 on: January 02, 2020, 10:51:36 AM »
Well, it's at least 8 years off for me... but curious what the FIRE community thinks about the idea and curious if any early retirees in this group were already doing it.

Lots can happen in the next 8 years but if I'm still single, this looks interesting.

Villanelle

  • Magnum Stache
  • ******
  • Posts: 4007
Re: Retirement Communities
« Reply #13 on: January 02, 2020, 11:22:34 AM »
They run the gamut from luxury suburbs to filthy prison-like elder abuse centers.   Caveat emptor.

I think the "elder abuse centers" are more convalescent homes, which I don't think is what we are discussing here (but I could be mistaken).  Sun City and similar are, in many ways, just regular neighborhoods.  There's no more or less opportunity for elder abuse than there is in any suburb.  It's basically a bedroom community with an underlying social program, which people are free to participate in or not. 

What might turn off a lot here is the HOA, since I know many people around here hate those.  There are lots of rules and regulations.  No unapproved lawn flamingos, no paint colors beyond the 3-5 approved color schemes, etc. 

JoJo

  • Handlebar Stache
  • *****
  • Posts: 1717
Re: Retirement Communities
« Reply #14 on: January 02, 2020, 11:39:57 AM »
From my experience staying at the RV/mobile park last year, it's mix of ages 55+, lots of social stuff, yoga classes, lots of water aerobics classes, cards, bocce, pickle ball, tennis, 4x4 riding in the desert, art, quilting, karaoke, concerts, plus access to swimming pools, spas, steam room, gym, library, puzzle room, computer lab, etc. 

spartana

  • Handlebar Stache
  • *****
  • Posts: 2188
Re: Retirement Communities
« Reply #15 on: January 02, 2020, 05:24:08 PM »
In Calif you can also live in a 55 plus community if you are younger as long as one person is at least 55. Although I think 45 is the minimum age. So at my Mom's place there were a lot of people under 55 who were married, partnered, older adult children or just co-owners with a a 55 plus person.

Villanelle

  • Magnum Stache
  • ******
  • Posts: 4007
Re: Retirement Communities
« Reply #16 on: January 02, 2020, 05:41:13 PM »
In Calif you can also live in a 55 plus community if you are younger as long as one person is at least 55. Although I think 45 is the minimum age. So at my Mom's place there were a lot of people under 55 who were married, partnered, older adult children or just co-owners with a a 55 plus person.

Sun City in Vegas is similar.  One person in the house must be 55+, and then no one under 18 (because they aren't zoned for schools). 

JoJo

  • Handlebar Stache
  • *****
  • Posts: 1717
Re: Retirement Communities
« Reply #17 on: January 05, 2020, 07:53:48 PM »
OOH.  that's interesting.  My live in roommate is 55 and he's retiring in February.  We were talking about co-purchasing another place in a less rainy destination.

Villanelle

  • Magnum Stache
  • ******
  • Posts: 4007
Re: Retirement Communities
« Reply #18 on: January 05, 2020, 08:28:06 PM »
OOH.  that's interesting.  My live in roommate is 55 and he's retiring in February.  We were talking about co-purchasing another place in a less rainy destination.

The only complication would be if you guys decided to part ways.  If you aren't 55+, you'd have to be the one to leave, which might or might not be an issue.  Roommate could buy you out, but you couldn't buy him out.  (Well, in Sun City Summerlin you could still own it, but not live in it without an 55+ roommate.  But it could be a rental.)   may not be a deal breaker, but something to think about, and to make sure you check on in the CC&Rs to see what the specific policy is for that community. 

spartana

  • Handlebar Stache
  • *****
  • Posts: 2188
Re: Retirement Communities
« Reply #19 on: January 05, 2020, 08:42:44 PM »
OOH.  that's interesting.  My live in roommate is 55 and he's retiring in February.  We were talking about co-purchasing another place in a less rainy destination.

The only complication would be if you guys decided to part ways.  If you aren't 55+, you'd have to be the one to leave, which might or might not be an issue.  Roommate could buy you out, but you couldn't buy him out.  (Well, in Sun City Summerlin you could still own it, but not live in it without an 55+ roommate.  But it could be a rental.)   may not be a deal breaker, but something to think about, and to make sure you check on in the CC&Rs to see what the specific policy is for that community.
I'm know at my Mom's place if the 55 plus person died the younger under 55 co-owner could continue living there alone and with all benefits. But selling might be a different situation then dying. Several adult children or spouses or co-owner who were under 55 lived there alone but most had been beneficiary of the deceased share of the property. Which is another issue if you are co-owner of a place but not the beneficiary of the other owners share. If they died then the heirs could force you to move. Complicated.

Padonak

  • Pencil Stache
  • ****
  • Posts: 760
Re: Retirement Communities
« Reply #20 on: January 05, 2020, 08:57:27 PM »
This is something i am considering as well in the future. I am surprised that prices are so low at the Leisure World in SoCal.