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The Myth of the Default Caregiver

In many personal finance circles, the conversation around aging inevitably turns to the “child as a safety net” strategy. We often assume the natural progression of life involves moving closer to our offspring, or perhaps moving them into our homes, so they can help navigate us through our final chapters.

But as I look around my age-restricted community, I see a much more diverse—and arguably more resilient—set of arrangements. While some neighbors do live with their adult children, many others have found the traditional family model isn’t the only way to preserve independence.

Creative Co-Living

One of the more interesting trends I’ve observed is “senior roommates.” I know of two older adult friends who decided living alone was becoming a burden, but moving into assisted living wasn’t on their menu. Instead, they moved in together. It’s a pragmatic solution that keeps both individuals out of a facility while lightening the financial and emotional load that might otherwise fall on distant relatives.

Then there is the informal network of neighbors and friends. In a community like this, “watching out for each other” is practically a competitive sport. It isn’t uncommon for a neighbor to handle grocery runs for someone recovering from surgery, or for a group of friends to coordinate rides to doctor appointments.

This hyper-local support system is bolstered by a huge network of resources designed specifically to keep residents independent:

The Posse: Local volunteers who provide welfare checks and safety assistance.

Home Care Resources: Numerous non-medical services help with the daily friction of life—meal prep, medication reminders, and personal care—allowing residents to stay in their own homes longer.

Specialized Transit: Services like “Dial-a-Ride” ensure no one is stranded just because they decided to hang up the car keys.

From a financial perspective, relying on children can be a risk. What if they lose their job? What if their own health fails? Or, as is often the case, what if they simply live 2,000 miles away?

By tapping into community resources and alternative living arrangements, many residents here aren’t just “staying independent.” They are diversifying their care plan. They are ensuring their well-being doesn’t depend on a single point of failure.

Independence in our later years doesn’t have to mean doing everything ourselves. It means having the foresight to build a support structure that may not require a DNA match to function.

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stelea99
7 months ago

Like most other problems in life, I don’t think that there is a one-size fits all solution for elder care. And while I think that having family to help (especially with monitoring delivered vs. promised care in facilities) can be a good thing, fundamentally only having sufficient economic resources to fund needed care can help assure that one can receive the type and amount of care required.

Most over-55 communities where seniors own homes can develop networks in the community which help with the needs of their residents. However, these communities only serve a portion of the elder population. While around 80% of seniors own their home most are not in over -55 communities.

We have owned a 2nd home in an over-55 community for 14 years. This community has the same sort of support network that you have described. Despite this, most of my neighbors who reach their older days, sell their homes and move to be nearer their families. Anecdotally, these folks will not be needing financial help from their relatives; they were all comfortable. Over 14 years 70% of the 2500 homes have sold at least once.

Regardless of whether you have family available or not, planning ahead is crucial. Once you have fallen and broken a hip, it is too late to look for who will be helping you.

Jerry Pinkard
7 months ago

Good post Kristine. Thank you.
My wife passed away in June 2024. She was adamant about staying in our house, but I am open to other options. I have considered Over 55 but dismissed that because I am 81 years old. I am still very independent but probably best fit a CCRC. I have looked in Charlotte area and also in Charleston area where my daughter lives.

Charlotte CCRCs require a big entry fee ($500k plus for 2BR apartment) whereas I have found several in Charleston that are as good or better with only a $5k or less entry fee. They have a higher monthly fee but I would have to stay a lot longer than I will likely live for that to make a difference. So I am still pondering my options.

My daughter would very much like me to move to Charleston but she has a special needs 24 year old daughter and I really do not want to be a burden to her. The places I like best in Charleston also have AL and MC. I am leaning that way but I have lived in Charlotte area for over 60 years and in the same house for 53 years. Tough choice to relocate.

It is great to hear that people at your CCRC work together, but I am not surprised.

DrLefty
7 months ago