About University Linked Retirement Communities
Campus living isn't only for young adults anymore. Growing numbers of active retirees and older adults are signing up for university-linked retirement communities that offer easy living, access to classes and college facilities and may include health services. Developed in the 1980s originally for retired faculty, staff and alumni, dozens of university-linked retirement communities allow campuses to fill their facilities with adults 55+ and provide inter-generational connections for all students.
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Significance
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The baby boom generation born between 1946 and 1964---some 82.8 million of them---has been redefining life stages every step of the way. University-linked retirement communities developed to meet the demand of aging boomers and older adults for intellectual and cultural stimulation and lifelong learning. AARP lists 23 retirement communities directly affiliated with colleges or universities and Bankrate.com cites as many as 50 such communities located on or near campuses, with another 50 sites in development.
Types
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Two types of university-linked retirement communities are available. Continuing Care Retirement Communities (or CCRCs) include assisted-living units and other health services in addition to access to educational amenities on campus. The average age of a CCRC resident is 84. Residents do not own their units. Capstone Village at the University of Alabama and Lasell Village at Lasell College in Massachusetts offer CCRC-type senior housing.
Another model is targeted to adults 55 to 70 years old, who may still be working. These communities for active older adults allow residents to take classes and engage in campus activities while living in low-maintenance condominiums. They do not include health services. -
Features
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The intellectual and cultural stimulation of campus life is a major draw for university-linked retirement communities. Monthly fees generally include, in addition to home maintenance and any health services, tuition for classes, access to campus facilities like libraries and fitness centers, and discounts on film and theatre programs. At Kendal at Dartmouth College, residents participate in the peer-led Institute for Lifelong Learning at Dartmouth (or ILEAD), where courses may be taught by retired faculty or industry experts.
Benefits
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Older adults enjoy being able to take classes, attend the theatre and use a college or university's academic, cultural and health facilities. Living in the midst of college students, most of whom are young adults, creates a vibrant multi-generational community. Seniors can offer younger students mentoring and career advice. University-linked retirement communities offer benefits to institutes of higher education, too, by filling classrooms and using land and facilities efficiently across demographic fluctuations in the traditional college-age population.
Considerations
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Institutes of higher education and potential residents need to consider the move to retirement communities carefully. Colleges and universities have found that running a retirement community, particularly if it includes health care, is different from building and managing dorms. Older adults need to consider the substantial up-front cost of a retirement community. Entrance fees run from around $100,000 to over $750,000. If the community is a continuing-care model, the resident or his beneficiaries receive usually 90 percent of the fee back upon departure, but not any appreciation in real estate value. Additional fees can run into thousands of dollars per month.
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Resources
- Photo Credit Photo by Carlo Lazzeri
