A sense of community, friendships, and a feeling of belonging are often priorities for women in retirement. These can be amplified for those who find themselves single at this point in their life, as they seek to enjoy their later years surrounded by like-minded people. However, according to MoneyWeek, 41% of women over 65 live alone, which can be at odds with these aspirations. Read on to find out how, as an advisor, you can talk to women about the social opportunities presented by an Integrated Retirement Community (IRC), helping them to enjoy a fulfilling retirement with a community of friends.
Living alone can be lonely, but an IRC could offer a whole host of social benefits
The numbers of women finding themselves alone in retirement are reflected by figures from the Office for National Statistics (ONS), which cite average life expectancy as 83 years for women and 79 years for men.
While for some women this may not be an issue, for others it can feel like a lonely way to spend their later years, especially if they’ve led a previously busy life with a career and family.
The FCA’s renewed focus on retirement means that, as an advisor, you are now expected to offer holistic advice embracing all aspects of retirement and include quality of living in your conversations. As part of this, it’s important that you have a clear understanding of how an Integrated Retirement Community (IRC) could benefit your clients. We’re always happy to help and support you with these conversations, so please get in touch if you’d like to find out more.
A study by ARCO found that 71% of people moving into an IRC saw it as an opportunity to make new friends. The research also found that, by a huge margin, those living in an IRC believed their lives were better than a year ago. As well as discussing these kinds of statistics in your conversations with your single female clients, here are four key aspects of retirement living you could also focus on.
1. Companionship
Many women finding themselves alone in later life will have lost their partner and could feel at something of a crossroads in their lives. Or it could be that they’ve become less mobile and not as able to travel to visit friends and family as they once were. An IRC can offer the best of both worlds. Independent living, but with the opportunity to form lasting, meaningful friendships with like-minded women in a similar situation.
Many women finding themselves alone in later life will have lost their partner and could feel at something of a crossroads in their lives. Or it could be that they’ve become less mobile and not as able to travel to visit friends and family as they once were. An IRC can offer the best of both worlds. Independent living, but with the opportunity to form lasting, meaningful friendships with like-minded women in a similar situation.
Emphasise to your clients the difference between an IRC and a care home: the former being a chance to invest in a property that supports their wellbeing, with a strong community at its heart. With social activities immediately on hand, an IRC can offer an easy way for women to discover the companionship and camaraderie which can enrich their later years.
2. Security
Safety and security can be paramount requirements for single women, and most IRCs place a firm focus on this. For example, Riverstone Living has monitored CCTV, dedicated security staff available around the clock, and fire sprinklers and smoke detectors in each apartment. Staff are also trained to identify residents being targeted by scammers or unscrupulous family members trying to extract funds or amend wills in their favour.
Safety and security can be paramount requirements for single women, and most IRCs place a firm focus on this. For example, Riverstone Living has monitored CCTV, dedicated security staff available around the clock, and fire sprinklers and smoke detectors in each apartment. Staff are also trained to identify residents being targeted by scammers or unscrupulous family members trying to extract funds or amend wills in their favour.
3. Health and wellbeing
An IRC offers a range of health and wellbeing facilities that can encourage an active lifestyle, such as fitness centres, gyms, spas, swimming pools, golf simulators, bowling greens, and beautiful grounds to walk in. For women living alone, this can offer a wealth of opportunities for meeting with like-minded friends, providing a daily routine they can easily embrace.
An IRC offers a range of health and wellbeing facilities that can encourage an active lifestyle, such as fitness centres, gyms, spas, swimming pools, golf simulators, bowling greens, and beautiful grounds to walk in. For women living alone, this can offer a wealth of opportunities for meeting with like-minded friends, providing a daily routine they can easily embrace.
They’ll soon start to find others using the same facilities, and this can help them to stay motivated with their fitness, as well as add a fun, social element to their workouts. When you’re talking to your clients, they may feel daunted at the prospect of being somewhere they don’t know anyone straight away, or feel they’ll be going somewhere that groups are already established. Reassure them that retirement communities are welcoming places, and other women living there will understand their trepidation and help to allay any fears. At Riverstone prospective residents often visit and attend a number of events where they meet current residents and often start forming relationships before they’ve moved in.
4. Amenities
Every IRC will offer its own bespoke range of amenities. At Riverstone, residents can expect to find private cinemas, a hair and nail salon, on-site restaurants, a golf simulator, art rooms, and outdoor terraces amongst other things. Your clients would be hard pushed to find such a wide range of amenities within striking distance, let alone on their doorstep, if they stay in their existing property. Talking to them about how an IRC could mean far less travelling, with everything in arm’s reach, can help them to understand more about the social opportunities on offer.
Every IRC will offer its own bespoke range of amenities. At Riverstone, residents can expect to find private cinemas, a hair and nail salon, on-site restaurants, a golf simulator, art rooms, and outdoor terraces amongst other things. Your clients would be hard pushed to find such a wide range of amenities within striking distance, let alone on their doorstep, if they stay in their existing property. Talking to them about how an IRC could mean far less travelling, with everything in arm’s reach, can help them to understand more about the social opportunities on offer.
Get in touch
Riverstone Living offers an elevated retirement living experience, with wellbeing and fulfilment at its heart. To find out more, please visit https://www.riverstoneliving.com/advisors, email bruce.ely-johnston@riverstoneliving.com, or call 0207 993 9061.
Please note this article is for general information only and does not constitute advice. The information is aimed at individuals only. All information is correct at the time of writing and is subject to change in the future. The Financial Conduct Authority does not regulate estate planning, tax planning, or trusts.
