CCRC
Continuing Care Retirement Community. Often also called a Life Plan Community.
Independent Living
A retirement community living arrangement for residents who generally live independently and may use community amenities and services.
Entrance Fee
A fee paid to enter some retirement communities. Contract terms vary widely.
Monthly Fee
A recurring fee that may cover housing, services, amenities, meals, maintenance, or other items depending on the community contract.
Asset Drawdown
Money intentionally withdrawn from investments, IRA accounts, or other savings to help pay retirement expenses. Unlike pension or Social Security income, this comes from the retiree’s own asset balance.
COLA
Cost-of-Living Adjustment. An annual increase applied to some income streams, such as Social Security or certain pensions.