Lois Einhorn and her late husband, Barry, moved to The Talbot in 2019. The senior, independent living community in Norfolk opened more than 20 years prior to their move, in the same neighborhood as the couple’s long-time home.
A random solicitation in the mail offering to buy houses “as is,” convinced the Einhorns that it was time to sell. “We loved our house, but it was a mess with flooding,” Einhorn says.
Retired since 1994, the couple invested the proceeds from the sale of their home, and, along with their Individual Retirement Account and other investments, moved into the same rental apartment that Einhorn admired when The Talbot was first built. With its many amenities, including dining, housekeeping services, and exercise classes, residents pay one monthly fee to cover all costs. As a bonus, the on-site physical therapist is recognized by Medicare.
Residents are driven to medical appointments and weekly grocery store visits by the facility’s bus or station wagon. Other outings include excursions to the Chrysler Museum or area restaurants. Among The Talbots’ in-house events, an activity director on staff plans ice cream get-togethers.
Einhorn reflects on how times have changed. Years ago, people didn’t live as long. “You didn’t anticipate you’d be alive at age 95,” she laughs. Since people now live longer, she says, they need to think differently about many things – especially money.
“It’s getting so expensive,” Einhorn says. “People are afraid of running out of money.”
Thirty years ago, adults hoped they had enough retirement money and social security; all that has changed. “You need more money when you retire,” says Einhorn, adding that she sees people working longer to avoid running out of funds.
Vicki Hartway, area manager of Five Star Senior Living, owner of properties such as The Talbot, The Reserve at Greenbrier, and The Gardens of Virgina Beach, remembers when the Einhorns became residents. “Often, people decide it’s time to move in, and once they get here, they wish they had done it 10 years earlier,” she says.
Hartway views senior living as an investment in brain health through socialization. “Isolation leads to brain deterioration,” she adds. She recalls the outlook of one resident at The Talbot, who said, “I can basically have as much privacy as I want but I don’t have to eat alone.”
Hartway is aware of the fear of running out of money, although in her six years at The Talbot, she has not asked anyone to leave because of finances. Preparing for senior living should be part of a retirement plan, she notes, so an individual can age in place. Some residents hire outside care for 24 hours each day; a senior living environment allows for the resident and the aide to sit in the lobby and be social.
“By choosing senior living, people are investing in security and safety, which are essential as individuals age and face challenges in mobility or health,” says Stephen Boyd, executive director at Commonwealth Senior Living at the Ballentine. Care is personalized, ensuring that an individual’s physical, mental, and emotional needs are met.
“Many families may not have the time or resources to offer that level of attention, but senior living provides a structured environment with skilled professionals ready to meet those needs, 24/7,” says Boyd.
Planning for the future requires time and research, and this process can feel overwhelming and filled with uncertainty. According to Boyd, families often ask, ‘How will we pay for senior living?’ Many facilities, including Commonwealth, offer various experts to help potential residents explore all the options, including long term care insurance, home equity, savings, and veterans’ benefits.
“It’s important to recognize that it’s not just about securing a place to live but ensuring a higher quality of life for your loved one in the future. Many families may not plan for senior living when thinking ahead, and it often becomes a reactive process, full of stress and uncertainty,” Boyd says. Investing in senior living offers far more than just a roof over someone’s head – it provides a well-rounded, holistic approach to care that benefits the resident in multiple aspects of their life.
“Ultimately, senior living is more than just an expense—it’s an investment in the well-being, happiness, and future of your loved one,” says Boyd, “offering them the resources and support they need to thrive during their later years.”
Investment planning for senior living
