Tuesday, August 13, 2013

Nischala's Blog-o-Q : What are Retirement Homes?

A retirement home sometimes called an old people's home, is a multi-residence housing facility intended for senior citizens. Typically each person or couple in the home has an apartment-style room or suite of rooms. Additional facilities are provided within the building, including facilities for meals, gatherings, recreation activities, and some form of health or hospice care. The level of facilities varies between facilities. A place in a retirement home can be paid for on a rental basis, like an apartment, or can be bought in perpetuity on the same basis as a condominium.
[Src: http://en.wikipedia.org/wiki/Retirement_home ]

From the Demand side - Increasingly, a lot of aging individuals are 'open' to living their sunset years in the comfort of a 'retirement home'. Many couples in their 50's are booking units in retirement homes as a part of their retirement planning.
Some of the triggers are:
* Need for an active social life, and connecting / interacting with people of similar age group
* Don't want to be dependent on children - Financially and otherwise
* Children too busy with their own lives - Careers, Families, other interests, etc.
* Children based out of India 
* Don't want to be burdened by the day-to-day operations of living; Would prefer to outsource these functions and enjoy life

From the Supply side - A lot of builders / providers are developing infrastructure projects keeping the needs of aging individuals in mind. So they create a self-run, self-maintained, self-governed township / community which takes care of every day needs (food, maintenance, etc.), entertainment, social and community activities and most importantly, timely access to quality healthcare facilities.

The only deciding factors (especially in India) are:
(1) Affordability - How many people can afford it?
(2) The strong "emotional family ties" - Which makes it hard for many elderly people to cut-off from family / social ties, and spend their sunset years amidst unknown names and faces

What's your view? Would you be open to living in a 'retirement home' during your sunset years?

Recommended Readings
Here's to spending you sunset years in retirement homes
Retirement homes slowly catching up in India
Old Age Homes in Karnataka
Old Age Homes in Bangalore
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