Retirement Living: Comparison Matrix & Talk

There are a variety of retirement living "business model" options for a person living independently at home to consider when weighing whether to stay or move, as described in this recent article (Retirement Living Options).

They vary from staying put and joining a village for companionship and support services to purchasing a place and moving into a setting that allows for preservation of your home equity.

 

Talk on Retirement Living Options to the Sausalito Village

Below is a video of a talk given by John Milford to the Sausalito Village in 2017. Further down the page is a comparison matrix to help evaluate which retirement living option is the right one for you.

 

 

Retirement Living Comparison Matrix

As an illustration of how to review the options and the frequently asked questions about each, two of our Explorers (John Milford and Candiece Milford) have put together this comparison matrix, using San Francisco Bay Area Housing examples. Candiece works at The Sequoias San Francisco and so some of the examples in the table are specific to that retirement community.

In the table below, the types of retirement living "business model" are listed across the top as either Equity; Equity co-housing; Rental (independent); Rental (assisted living) and Entry fee / Non-equity. For more about these terms see the accompanying article mentioned above.

 

Compare Different Senior Living Alternatives

Business Model

Equity

Equity – Co-Housing

Rental (Independent)

Rental (Assisted Living)

Entry Fee/Non-Equity

What types of housing?

Active Senior Communities

Condominiums, townhouses, villas & casitas

Active Senior Communities

Condominiums, townhouses

Retirement Rental Communities

Apartment units, hotel suites

 

Assisted Living Facilities (ALF)

Residential Care for the Elderly (RCFE)

Continuing Care Retirement Community (CCRC)

Life Care

Who’s minding the store?

CA Dept. of Real Estate

CA Dept. of Social Services

Community Care Licensing

Either private for-profit developers or groups of individuals

Local Public Health Food Preparation Inspector

Rent Control Board (SF)

 

CA Dept. of Social Services

Non-profits have Boards of Directors (e.g., Alma Via is part of Elder Care Alliance)

CA Dept. of Social Services

CA Dept. of Public Health

Community Care Licensing

Board of Directors

At The Sequoias San Francisco (SSF) 16 members

What is the application process?

Minimum age 56 to 65

No maximum age

Most require that purchasers be “independent”

Most (but not all) require medical & financial review

Application fee $0 to $250 (usually non-refundable)

Minimum age 56 to 65

No maximum age

Most require that purchasers be “independent”

Minimum age 60

No maximum age

Independent

Minimal financial (credit check)

Small application fee

Minimum age 60

Upper age flexible

Designed for residents who need some assistance with ADL

Medical Evaluation

Financial Assessment

Application fee ($250-$1,000) applied to Community Fee

Minimum age 65

Upper age flexible

Independent at entry

Medical Evaluation

Actuarial financial check

Application fee can be around $1500 with partial refund

What is the buy-in or entry fee?

Purchase price ($135-$895K)

Monthly homeowners dues

Special assessments

Some require initial contribution to reserve fund

Purchase price ($300K+))

Monthly homeowners dues

Special assessments

Some require initial contribution to reserve fund

None

One-time Community Fee ranges from $3,000 to $8,000

Varies by apartment

At SSF Life Care:

Small studios start: $142,100 

Large studios start: $146,700 

1 BR units start: $202,900      

2 BR units start: $316,700  2nd person      + $30K

No property taxes

No dues or special assessments

What is the monthly fee?

Fee varies by size of unit

One person   

$1,930-$4,929

2nd person     

$   600-$1,404

Annual Property tax

 

Monthly Homeowner (HOA) Fee

Annual Property tax

 

Monthly rent: Broodmoor

Studio: $2,800-$3,500

One Bed: $3,800-$6,000

2 People: Add $1,00/mo.

No major deposit/community fee

Fee varies with Level of Care required by resident

For one person at Alma Via SF:

Studio             $4,500-$4,850

1 BR                $5,999

2 BR                $6,999

2nd person      $950

Varies by apartment

At SSF Life Care:

Small studios: $3,333

Large studios : $3,805             

1 BR units:    $4,213-$4,281          

2 BR units: $5,506 - $6,317           2nd person                  $1,600

What services are included in the monthly fee?

One or more daily meals

Weekly housekeeping & linen service

Electric, Water, trash collection

Building & property maintenance

Property insurance

24/7 security

Individual & scheduled transportation

Parking for one vehicle

Basic wellness center

Licensed RN 24/7 (some)

Health Center (some)

Social, cultural & educational events & activities

Building & property maintenance

Parking as specified

Insurance as specified

Shared space for meal preparation, dining, and social activities 

 

One or more daily meals

May include weekly housekeeping & linens

Electric, Water, trash collection

Building & property maintenance

 

 

3 meals per day

Weekly housekeeping & linen service

All utilities except phone & cable

24/7 security

Scheduled transportation

Basic wellness center

Licensed RN 24/7

Social, cultural & educational events & activities

Three daily meals

Weekly housekeeping & linen service

Electric, trash collection, water

Building & property maintenance

24/7 security

Scheduled transportation

Parking available at additional cost (see below)

Onsite Clinic

Licensed RN 24/7

Health Center for 24-hour care

Social, cultural & educational events & activities

 

 

What services are available at Additional cost?

In-home assisted living

Medication management (some)

Excursions

Catering

As specified by HOA or operator

 

Parking

Assisted Living

e.g., at Alma Via SF:

Level 1            + $470/month

Level 2            + $770

Levels 3-5       ...

Parking

Comcast/Telephone

Guest Rooms

Catering Parking

Beauty Salon

 

What are the advantages of this business model?

Home ownership (including tax deduction for property taxes)

Few licensing restrictions as to in-home nursing care

Property included in estate

Home ownership (including tax deduction for property taxes)

No restrictions on in-home care

Property included in estate

Month-to-month rental or annual lease

No on-going financial obligation when unit is vacated

Medical tax deduction for Monthly fees

No on-going financial obligation when unit is vacated

For non-profits, charitable fund may help if you outlive your money

 

Medical tax deduction on Entry and Monthly fees

In the non-profits, financial security for life through foundation grants if necessary

Unlimited on-site care with consistent, licensed staff (Life Care all paid; Continuing Care, extra fee)

Monthly fee stops when keys returned to community

What are the disadvantages of this business model?

Restrictions on resale of property (age & health)

Estate continues to pay monthly fees, property taxes & dues until property is resold

Limited on-site health care services; may need to move if skilled nursing required

No limit on health care costs

Restrictions on resale of property (age & health)

Estate continues to pay monthly fees, property taxes & dues until property is resold

Limited on-site health care services; may need to move if skilled nursing required

No limit on health care costs

Minimal (if any) health services

Must relocate if assisted living or skilled nursing required

Additional costs for each level of care can significantly increase monthly expense

May have to relocate if skilled nursing required

 

 

Barriers can be:

Entry fee

Poor health or cognition

 

What are some examples in the Bay Area?

The Carlisle (SF)

Villa Marin (Life Care) (San

   Rafael)

Smith Ranch Homes (San

  Rafael)

Rossmoor (Walnut Creek)

The Stratford (Peninsula)

The Peninsula Regent (CCRC)

   (Peninsula)

Phoenix Commons (Oakland – in construction phase)

Frog Song (Cotati)

Temescal (Oakland)

Pleasant Hill Cohousing (Pleasant Hill)

Emeryville Cohousing

The Broadmoor Hotel (SF)

Peninsula Del Rey (Daly City)

Merrill Gardens at Rohnert Park

Grand Lake Gardens (Oakland)

Monarch Village Piedmont (Oakland)

 

Aegis of San Francisco

AgeSong at Laguna Grove (SF)

Alma Via of San Francisco

Rhoda Goldman Plaza (SF)

Vintage Coventry (SF)

Vintage Golden Gate (SF)

Aegis of Corte Madera

Alma Via of San Rafael

Atria Tamalpais Creek (Novato)

The Redwoods (Mill Valley)

AgeSong at Bayside Park (Emeryville)

Magnolia of Millbrae

Life Care Type A, C & 90% Repayment Type C:

The Tamalpais - Greenbrae

The Sequoias – Portola Valley   

The Sequoias – San Francisco

Life Care Type A &(only):

The Heritage (A only) (SF)

Life Care Type B:

Vi Living (Palo Alto)

Life Time Type A, C & Repayment Type C:

San Francisco Towers (SF)

St. Paul’s Towers (Oakland)

CCRC

Varenna at Fountaingrove (Santa Rosa)

Cardinal Point (Alameda)

 

 

Additional Senior Living Comparison Resources, from John Milford and Candiece Milford

Below are some additional resources from John and Candiece Milford (members only):

  • A list of the top ten questions to ask when interviewing a retirement community to decide if you want to live there.
  • A list of Californian Non-profit CCRC's.
  • A list of Californian For-profit CCRC's

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Thing(s): 
Key words: 
housing