As Baby Boomers retire and seek intellectually stimulating environments known as “Learning-Driven Communities,” which are tightly intertwined with colleges, they will experience significant upticks in popularity, according to the recent New York Times article “Going Back to School, Without the Pressure.” Importantly, medical care near universities is usually cutting-edge, because universities have medical institutions that do ongoing research. Many, like Lasell Village on the campus of Lasell College in Newton, Mass., are managed by the college, and residents are required to take 450 hours of classes every year. An 80 year old resident summed up, “The courses keep people mentally alive. There’s also a lot of interaction with college students.” However college retirement entrance fees can be costly. At Kendal community at Oberlin College in Ohio, entrance fees range from $92,000 to $488,500 (the bulk of the fee is typically refundable at move out), and additional monthly apartment fees are $2,591 to $4,844 – both fees based on the residence size. Residents can also receive more intensive care like assisted living and nursing home care as they age. Baby Boomers will impact the concept of retirement housing. They may even help curb escalating college costs at the same time.
May 7, 2014