Heading Back to Campus to Live the Next Chapter in Life

4 minute read

When you think about where to retire, what’s at the top of your “must-have” list? Maybe you’re picturing an opportunity to connect with neighbors of all ages? A calendar of activities from classes on music production to playing pickleball (natch).  And, of course, having access to top-notch healthcare.

A growing number of retirees are finding all that and more at “University Retirement Communities,” a network of senior living facilities scattered across the country that are associated with a university or college. Experts say by heading back to campus, seniors are living longer, healthier lives, thanks in large part to “intergenerational living,” which they say is key to a rich life as we age. And let’s not forget that strong relationships are really what keep us living healthier, happier, and longer according to the longest running study on happiness and adult development.

Senior living expert Andrew Carle first came across the concept of retirement communities at or near college campuses in the early 2000s. It seemed like a match made in heaven, as surveys have consistently shown aging Americans–and especially Baby Boomers–want intellectually stimulating retirement environments where they can interact not with just other Boomers but younger cohorts, both of which college campuses offer. “The issue we’ve had in senior living is that we’ve built a lot of what I call “elderly islands”–really nice buildings, but they’re out in the middle of nowhere…the intergenerational part has been missing,” says Carle. “What a University Retirement Community offers is literally that kind of linchpin factor that’s been missing, where you can get the senior living environment, but it’s also highly active, and intellectually stimulating.”

WATCH Your Money Map: Heading Back to Campus to Live the Next Chapter in Life

After seeing retirement communities in close proximity to college campuses, Carle immediately sat down and created a model for what has come to be known as “University Retirement Communities,” or URCs. He says for a URC to work, it must have five things:

Proximity: Carle says the retirement community needs to be close enough to the college campus so residents can take advantage of what it has to offer–everything from cultural activities to sporting events.

A full continuum of care: To meet the needs of residents, the community needs to offer independent living, as well as assisted living, memory care, and skilled nursing.

Structured programming: According to Carle, the community-to-university connections have to be formalized for the relationship to work. This includes having programming that involves both students and members of the community.

Financial incentives: There needs to be a financial incentive to make the community successful in the long run. For example, contracted medical services with the college or shared services, like security or transportation, with the institution.

Alumni base: The most successful URCs have at least 10% of their population made up of people who have a connection to the university. “If four out of 10 of them are wearing the college sweatshirt every day, that really brings a feel of the university into the community,” says Carle. One example of this is Meadowood, a senior living community near Indiana University. It was once the first URCs, established back in the 1980s where roughly 80% of residents have a connection with the college.

Beyond the tangible positives of retiring to one of the country’s roughly 85 URCs listed on Carle’s website, UniversityRetirementCommunities.com, are the many health-related benefits for seniors. According to a study from Mather Lifeways Institute and Northwestern University, people in senior living communities scored higher on 5 of the 6 “Domains of Wellness” (emotional social, physical, intellectual, and vocational) compared to their peers who remained at home. “Given their intergenerational focus, higher level of social activities, and opportunities for lifelong learning, it is possible URCs may exceed these results even compared to traditional senior living communities,” notes Carle.

For many retirees, cost is a major factor when deciding where to spend their later years. According to Carle, URCs are priced almost the same as traditional aging communities. In many cases though, you’re getting a lot more for your money, as you’re able to take advantage of the university’s amenities, including athletic events and facilities, performing arts, dining venues, and usually, a beautiful campus. “If you’re looking at senior living and you’re going to buy it anyway, I would say this is an extraordinary value-added proposition to look at,” says Carle.

And, it’s a value that many retirees–especially Boomers–are recognizing. “These communities fill up in the pre-lease period, sometimes 90-100% months before they even open. In our business that’s unheard of,” says Carle, noting that URCs are just one type of “niche community” popping up to meet the demand of a growing retiree population. Others include those for the LGBTQ+ population, people who live in RVs, retired artists, Jimmy Buffet fans, and Disney aficionados–all of which cater to individuals hungry for a more exciting living experience in retirement. “I have been saying for years and years, we’ve got to put more flavors on the shelf,” says Carle. “The Baby Boomers are the most highly educated demographic. We don’t want to be tethered to a rocking chair on a porch…we want active, intellectually stimulating, intergenerational communities.”