New community opens in Downers Grove, Illinois

New retirement community in IllinoisA local community has turned into a retirement living area in Downers Grove, Illinois, and with its new change came a new name, Oak Trace, according to the Downers Grove Patch.

The community will be full of residential units both for independent living and assisted living, and residents are required to fill out a "life care plan," which it is best to be prepared for retirement as early as possible, according to the media outlet.

"The housing market has been a factor for older adults who count on their equity to help in financing their retirement plans," Scott Harrison, the community's president, told the news source. "The challenge is getting people to understand that it may make more economical sense for them to sell their home and move to a senior living community and not have to deal with the constant upkeep and maintenance of homeownership."

According to the AARP, boomers are expected to revamp the the image of retirement living, as many communities are starting to realize it and following with the newest trends.