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How a Rental Community Provides Seniors Financial Flexibility

There’s no wrong choice when it comes to your senior living lifestyle – only the choice that’s right for you. A rental retirement community can provide confidence for now and in the future – which can be a priceless investment.

When it’s time to select a community for your retirement, there are many factors to consider. Services, amenities, care levels, location, lifestyle … and financial structure. Do you want to move to a ‘buy-in’ community or a ‘rental-style’ community?

“The two different payment types of communities are rental, like Waterstone at the Circle, or communities that require an entrance fee as a sort of down payment for future care needs,” says Kevin Defayette, Executive Director of Waterstone at the Circle. “Both types of communities can be excellent options depending on your needs, but you’ll really want to carefully consider what your needs are in a community, and what sort of option will best fit the retirement lifestyle you’re looking for.”

While communities that require an entrance fee – generally known as Life Plan Communities – have become very popular, Kevin says that there has recently been a shift toward more upscale, premier rental options for the aging Baby Boomer population. “Today’s seniors want the ultimate choice and flexibility for their retirement, which is why we designed Waterstone at the Circle to be a rental-style community,” he explains. “This gives our residents peace of mind that they aren’t being locked into any long-term contracts or commitments while also being able to receive all the care and assistance they may require in the future, if they so wish. That flexibility provides supreme convenience and personalization for our residents, and allows our team to focus on delivering an exceptional retirement lifestyle like none you’ll find elsewhere.”

How a Rental Community Works

If you’ve ever rented an apartment or home before, then you understand exactly how a fee structure at a rental retirement community works. It’s simple. Our residents pay a one-time membership fee and then pay one monthly fee moving forward. That fee ensures residents a maintenance-free lifestyle complete with dining, fitness, activities, events and so much more.

If, for whatever reason, residents require additional services to live the active and independent lives they love, rental communities often provide access to supportive services for an additional fee. At Waterstone at the Circle, we’ve partnered with some of the best Boston-area healthcare providers to bring on-demand supportive services directly to our residents – right within the comfort of their apartment homes. It’s independent living at its finest – with the confidence that comes from knowing assistance is always available so you can continue to live in the trusted community you’ve come to know and love.

The Benefits of a Rental Community

A maintenance-free and carefree lifestyle.

Independent living at a rental retirement community is all the perks of homeownership without any of the tedious tasks and chores. No more having to deal with home or lawn maintenance. No more dealing with winter snow and all the headaches that come from cold weather. No more dealing with meal planning and cooking, either (unless you still want). Instead, all that time formerly spent on managing household things can be spent on managing your next adventure.

Incredible flexibility.

As we’ve mentioned several times, a rental community provides the ultimate in convenience and flexibility. At Life Plan Communities, the significant entrance fee provides peace of mind, but it also “tethers” seniors to the community. Although it is possible to move from a buy-in community, it can be difficult and time-consuming. At a rental retirement community, however, you have no large buy-in and no commitment. At Waterstone at the Circle, we’re month-to-month, which means that if our residents decide they want to move somewhere else for whatever reason, they can do so affordably and easily. It also means that we work hard to continue delivering the exceptional lifestyle, hospitality, and service that residents expect – all day, every day!

Freedom of choice (for healthcare).

One of the reasons seniors may choose a buy-in community is the peace of mind that comes from knowing all levels of care – independent living, assisted living, memory care, skilled nursing, and rehabilitation – are all available on the community campus.

However, a rental community can provide peace of mind by not requiring all healthcare services to be located on site. Sometimes communities that offer comprehensive care have “best in the area” designations for one or more of their healthcare services. It’s very rare for them to have that designation for all of their services. In other words, when you pay into one of those communities, you’re pretty much bound to what’s available. In a rental community, on the other hand, you can choose to use the services available on site – or not. If you need additional services and would prefer to go somewhere else, you’re able to do so easily. It’s rather the best of both worlds – the ability to get care on site if you wish and the freedom to go elsewhere if you so desire.

You only pay for the services you require.

That large entrance fee that you pay for moving into a Life Plan Community is like a down payment against your future healthcare needs. But what if you don’t end up needing additional long-term care? What if you remain healthy and independent for the vast majority of your stay? While most of us will need some form of assistance in our lives, there are also people who remain healthy and active with only minor health concerns.

A rental community contract means that you’re only paying for the services that you need right now. Sure, your costs may increase in the future, but having that freedom (and the liquid assets) now to use your estate and your funds in the way you like can be very freeing. Instead of tying up a large chunk of wealth in a down payment, you can use them instead to travel, start a trust fund for your heirs or whatever else you’d like to do.

You’re free to change your mind whenever you like.

A rental community like Waterstone at the Circle allows you to change your mind – which can provide a lot of peace of mind for today’s seniors. After all, what a “good life” looks like to you in your early 60s may shift as you get older, and that’s okay. A rental community allows you to live your best retirement life today and make choices that ensure your happiness tomorrow. As you age and as your life situation changes, you get to make choices that ensure your happiness then, too. Even if it means staying right where you are – ultimately, the choice is yours.

Is a Rental Community Right for You?

As you’re considering the type of payment structure you’d like for your retirement years, consider these questions:

  • What are my health needs now?
  • What do I expect my health needs to be in the future?
  • What sort of flexibility do I want for my future?
  • What are my priorities?
  • What feels “right” for me?

There’s no right or wrong choice when it comes to your retirement lifestyle – only the decision that’s right for you. A rental retirement community can provide confidence for now and in the future – which can be a priceless investment.

Luxury Senior Living in Boston

Waterstone at the Circle, located in Boston’s historic Cleveland Circle neighborhood, is more than just independent living in Boston … it’s a sophisticated urban setting for today’s active seniors. Enjoy best-in-class service and an urban lifestyle with arts and cultural, and historical attractions right outside your front door. From high-end amenities to gourmet dining and more, experience the best of city and suburban life at our upscale senior living community located on the crossroads of Brookline and Chestnut Hill.

Elegant Independent Living Apartments

Each of our 92 independent living apartments is the height of luxury and modernity, with sophisticated design, upscale features and stunning views of the city. Create the urban senior living experience you want with one- or two-bedroom apartments, a variety of floor plans and monthly rentals.

Senior Living Supportive Services

As an over-62 community, residents may require support from time to time. That’s why we’ve developed an on-site coordinated care program, in cooperation with our premier community partners, that allows our independent living residents to receive the assistance they need.

The best part? Residents don’t have to leave our senior living community – or even their apartment – to receive high-quality support. They can receive the services they need, when they need it, in the comfort of their own homes or in our on-site therapy gym.

Waterstone at the Circle is the opposite of retiring . . . it’s a place to enhance your active, on-the-go lifestyle. Call 617.431.1880 for more information or to schedule a visit to our premier Boston independent living community and discover The Circle lifestyle today!