CARMEL - Americans are living longer, and that makes planning for the future more important than ever.
Married 52 years, Dean and Ruth Lindsey of Carmel recently made the life-changing decision to sell their home within the next two years and move into a senior living community.
Developers of the Barrington of Carmel say it's going to be one of a kind as it integrates health care into the senior community's needs.
"You hear over and over again, the children of parents and the children are saying, 'I wish I knew what they wanted done with so and so.' And this takes that away," she said.
With 70 million baby boomers, the nation is graying in a seismic demographic shift. How seniors will spend the rest of their lives often falls to their children, especially if there's an illness.
"Undoubtedly at some point in time, one of us will probably reach the point where we need some help and she doesn't, with three boys, she doesn't need to worry about taking care of us," said Dean.
Independence and staying in their own home is high on the list of aging Americans' priorities. That sparked a protest at the Statehouse on Tuesday hoping to get more money up front from state-supported in-home care.
With millions of Americans entering retirement, the years ahead can be an uncertain time considering health care costs.
"You have to consider finances and how much does it cost to stay at home and have a carer come in and how much does it cost to throw in the towel and go into assisted living?" said Pat Davis, Carmel.
While serious illness can eat up retirement savings, Boston University professor and aging expert Dr. Thomas Perls says old age doesn't need to mean illness.
"Taking on these healthy habits, getting rid of the nasty ones, really translates into more years of being disability-free towards the end of your life," said Perls.
How they spend their remaining years is a decision the Lindseys are making for themselves and taking that burden off their children.
More about the Barrington of Carmel
The developers, along with St.Vincent Hospital and Carmel city officials, detailed the 18-acre project that brings about new jobs about 140 to the city. That makes this senior city community different, according to developers, in that it has a partnership with St. Vincent that provides healthcare for residents at below market rates.
"The demand for it, we see about 7 to 10 percent of the population seeks this kind of living environment. Now, with the exception of the the Philadelphia area where it has been in existance for about 100 years, and because of that 25 percent of the people of the population who are age- and income -qualified realize that they can access that kind of lifestyle and care all in one," said Raymond Goodman, Mayflower Communities CEO.
The 320,000 square-foot life care community is currently being developed at 116th Street on Guilford Road, and will include 134 independent living, 56 assisted living, 26 dedicated memory support and 48 skilled nursing care residences. The Barrington of Carmel is expected to open in 2013.
The Barrington of Carmel says it has already invested in excess of $10 million in preparation for construction.
