Outlook Money
It is a housing model where senior citizens live together in shared spaces, maintaining their independence. It also benefits the community.
Co-living retirement homes create a sense of community and also preserve the tradition of living in a joint family. It is like a family where all the members are seniors.
There are various benefits of co-living for seniors, including combating loneliness and sharing expenses.
The other benefits that it includes are providing each other safety and support during emergencies and also indulging in an active lifestyle like gardening and book clubs.
The senior co-living spaces have shared spaces like kitchens and living areas for seniors. It also follows community guidelines, has facilitators and healthcare access for the ease of the senior citizens.
1. Legal Considerations- There are no proper laws for seniors co-living. Sometimes, legal issues surrounding the property ownership, inheritance, and elderly individuals' rights can complicate co-living arrangements.
Co-living can have good implications on ones' health as it can reduce the feelings of isolation and depression among seniors through its communal nature.
It offers effective alternatives to traditional senior care, with shared expenses.