Baby Boomers have redefined the culture since the early 1960s, and so it shouldn’t come as a surprise that they are redefining retirement. One of the ways they are doing this is through university-based retirement. In other words, Boomers are headed where educational and cultural opportunities abound—college towns.

For many retirees, pursuing further education at a local college or university is an essential part of their retirement vision. College towns also satisfy Boomers’ desire for intergenerational retirement environments and proximity to good health care. Recognizing the economic benefit of a robust senior population, most state higher education systems provide senior discounts for going back to school, whether the classes are taken for credit or simply audited.

In fact, this movement has become so popular that individual university-based retirement communities are springing up nationwide.

Top College Towns for Retirement

This trend has become so pervasive that the U.S. News & World Report has even developed a “Best College Towns for Retirement” list. Among those on the list are:

• Austin, Texas—Selected because it’s home to University of Texas, where seniors can take up to six credit hours tuition-free, get discounts on shows performed at the school’s Performing Arts Center and root for the Longhorns.
• Pittsburgh, PA—This mid-size city has several colleges, including Carnegie Mellon and the University of Pittsburgh, along with one of the top hospitals in the nation.
• Raleigh and Durham, NC—Packed with great schools (Duke, North Carolina State University and University of North Carolina), it is also home to two exceptional hospital systems.
• Boston, MA—With more top-ranked colleges than anywhere else, Boston is a mecca for education and great health care. It may be pricey to live there, however.
• San Diego, CA—The University of California-San Diego enjoys top-notch hospitals, and has the added benefit of beaches and great weather.

The University-Based Retirement Community Phenomenon

The intersection of a competitive housing market and the desire of colleges to tap into the well-healed retiree market has led to the development of retirement communities near to, or actually on, underutilized university–owned land.

AARP reports that there are at least 80 of these university-affiliated life plan communities, with more on the way.² Among those already up-and-running are:

• University of Arizona’s Academy Village
• Stanford University’s Vi at Palo Alto
• University of Florida’s Oak Hammock
• Dartmouth College’s Kendal at Hanover
• Cornell University’s The Kendal at Ithaca
• University of North Carolina’s The Cedars of Chapel Hill
• University of Oregon’s Cascade Manor
• Penn State’s The Village at Penn State
• Lasell College’s Lasell Village
• Holy Cross College’s Holy Cross Village at Notre Dame

These communities will vary greatly in terms of finances and features, but all are designed to provide a real connection to the cultural and educational opportunities that the school offers.

Source:

1. S. News & World Report. https://money.usnews.com/money/retirement/baby-boomers/slideshows/the-best-college-towns-for-retirement
2. https://www.aarp.org/retirement/planning-for-retirement/info-2019/colleges-with-retirement-communities.html

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