Boomers Create a Surge in Luxury Care Communities

With baby boomers about to enter retirement, billions of dollars are being invested in the construction of high-end care communities, reports the New York Times . According to some estimates, 20 percent of boomers, or about 15 million people, have saved enough to afford private continuing care, with many expecting a very high standard of living. Industry experts say there are almost 2,000 continuing care retirement communities (CCRCs) nationwide with roughly 700,000 residents, and many require entrance fees and monthly tolls that cover services, care, and food. Entrance fees average about $300,000, which can be much higher for high-end CCRCs. In return for such high prices, residents get VIP treatment. One example is Fountaingrove Lodge in California's Sonoma County. This senior community is part of a new breed of luxury supportive senior housing, offering a continuum of care from independent living to failing health but with amenities common in hotels and cruise ships.