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The Surprising Financial Advantages Of Moving To A Life Plan Retirement Community

February 20, 2023

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Many of the lifestyle benefits of moving into a top-quality life care retirement community are easy to see: the stunning amenities, spacious maintenance-free residences, beautiful interiors, and picturesque campuses often impress at a glance. But savvy boomers and seniors are finding there can be significant financial advantages to these communities as well.

An Expert’s Analysis

Ron Salvagio and his wife, Patti, recently moved to Moorings Park Grande Lake.

“We decided we no longer wanted to deal with all the requirements of single family home living, including all the maintenance, risks, and repairs,” he explains. “We wanted some place we could call home for the rest of our lives which included medical options we might need in the future.”

Moorings Park Grande Lake caught their eye.

“We were impressed with the property, the location, and the organization,” he says. “It’s a first class operation.”

Ron, a CPA and retired partner with Accenture, took a careful look at the financial side of the decision.

“We did a good deal of analysis before we moved,” he explains. “The benefit that I looked at was the net investment cost to become a resident. Because the entrance cost is fixed, it becomes more attractive the longer you live here.”

Maybe Taxes Aren’t Inevitable?

One financial benefit he discovered was the potential of a significant tax deduction when you move in. This deduction is derived from the entrance fee (or what most people think of as the purchase price).

“Part of the entrance fee goes towards future medical activities, such as medical services and facilities. Many of us sold our home the same year we moved into Moorings Park, and are able to get this deduction to offset gains from selling in what has been a hot Naples real estate market,” he points out.

In addition, residents pay no real estate taxes or condo assessments!

Mary Morton, Chief Financial Officer for Moorings Park Communities, says there are other financial benefits that might not be obvious to potential residents.

Exceptional Management And The Power Of A Nonprofit

“Moorings Park Communities is one of only a handful of retirement community organizations in the entire country that have an A rating or better from both Fitch Ratings and Standard & Poor’s Global Ratings,” Mary says. “This gives us greater access to capital at much lower interest rates. In addition, our tax-exempt status and strong financial position allows us to ensure the long-term viability of the organization and to pour resources into innovation and quality.”

Gina Paris, Director of Sales at Moorings Park Grande Lake, says the ‘maintenance-free living’ aspect of life at Moorings Park Communities has become an increasingly important financial advantage for residents.

Worry-free Living

“I just signed up a future resident who keeps a list of all the home maintenance things he does, like pressure cleaning the driveway and pool deck,” she explains. “There are also things that his homeowners association mandates on a yearly basis, and then there are all the things that go wrong, like needing a new hot water heater, pool pump, or air conditioning unit. It’s a huge expense!

“That amounts to a big savings for our residents, because the community takes care of all that. We maintain, repair, and replace all the light bulbs, appliances, windows and screens in a residence … basically everything that was there before the resident moved their own furniture in.

“The community also pays the property taxes,” she continues. “Residents don’t need homeowners’ insurance, just a tenants’ policy. The community insures the buildings.

“That last item is especially important when things become more challenging, and, say, Mother Nature throws a hurricane our way,” Gina adds. “Of course, the advantage to living at Moorings Park Grande Lake goes way beyond the financial in times like those. It’s hard to overstate the peace of mind our residents have knowing there is staff on site around the clock working to make sure that everyone is protected and things are running smoothly.”

A Rewarding Life

Not all of the financial advantages are ‘behind the scenes.’ Residents’ monthly fees cover health programs, world class concerts at the acoustically exquisite Bower Chapel, and fascinating presentations on current events, history, and technology.

“There are a great variety of programs here that are educational and enjoyable,” says Ron. “There’s never a lack of things to do, that’s for sure. I work out a lot, and the exercise facilities are state-of-the-art, and the personal trainers are excellent.”

He adds there are intangible benefits to living at Moorings Park Grande Lake that can’t be quantified.

“The residents are super,” he says. “They all excelled in their field, and the camaraderie is amazing.”

A Chance To Learn More About Naples’ 3 Premier Communities

“The advantages of living at any of our three Moorings Park Communities can’t be summarized in a few paragraphs,” Gina points out. “People who want to learn more about this outstanding Southwest Florida lifestyle will want to attend an informative presentation we’re giving at Moorings Park Grande Lake on Thursday, March 2nd, at 10:30 a.m. We’ll happily answer your questions about the lifestyle or financial aspects of living in one of the finest retirement residences in the country!”

Interested seniors may also want to learn more by enjoying a webinar on Friday, March 3rd at 10:30 a.m.

To register for either of these educational events, please visit MooringsPark.org/Events, or call 239-232-3903.

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