By Peter Finch, The New York Times
(Click here to view this article on the NY Times website)
Alicia Butcher Ehrhardt has it all figured out. With their three children grown and out of their New Jersey home, she and her husband, William, will move into a full-service retirement community this year. It will be someplace “interesting and affordable,” in her words, and, ideally, dry in the summer. “I don’t like humidity,” she said.
The 68-year-old Dr. Ehrhardt — she has a Ph.D. in nuclear engineering — has been researching this move for the past couple of years, narrowing her list from more than 100 communities to around a dozen.
Yet something is nagging at her. What if, after all her careful planning, their retirement community has some kind of financial wipeout? “There you are, 97 years old, the community’s bankrupt, its managers are in jail,” she said. “Now what are you going to do?”