February 2026
In this thoughtful conversation, COO & CMO Stacey McKinnon interviews newly retired advisor Jason Naiman about how he and his wife, Sandy, have been weighing the decision between staying in their longtime home or moving into a retirement community. They explore the emotional and financial trade-offs: social connection, skill-building opportunities, maintenance-free living, built-in long-term care, rising monthly costs, and the impact on heirs. Tune in if you’re interested in…
Watch previous episodes here:
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Well, I am thrilled to be here today because we have taken Jason’s name out of retirement to put him back on stage to present.
I feel like Michael Corleone here — I keep getting pulled back in.
In all seriousness, Jason retired at the end of last year with over three decades of experience as a financial advisor. As he and I were talking about his retirement plans and what he wanted to do, we realized it’s actually a very complicated discussion. A decade or two ago, the retirement plan was often to live in your home or live with your kids and have them take care of you.
That is no longer the case for most people. That’s not their retirement plan. And when we look at the data and statistics, many people are considering living in a retirement community. In terms of where to live in retirement, Jason and Sandy have been having a conversation about the pros and cons of staying in their home versus a retirement community.
So I thought it would be really nice for him to share with all of you today the research he’s done, how he’s navigated this decision, and both the financial and emotional aspects of it. Sound good?
Let’s do it.
All right. Jason, would you start by sharing a little bit of your story so everybody gets to know you, and then we can get into your and Sandy’s decision?
I was born and raised in Brooklyn. I finished college at a young age and moved out to California in the mid sixties. So I’ve been in the San Fernando Valley for many decades. My first financial career was in the life insurance business for about fifteen years with a company called Manufacturers Life.
After that, I joined Morton Wealth — at the time, Morton Capital — when the firm had under one billion in assets under management. That was in the early nineties, and several decades later, I decided to retire.
So in deciding to retire, you waited a while, right? You kept working.
I was very fortunate. I had a multi-year, semi-retirement relationship with Morton where I was able to work at a very low level of intensity. I transferred the bulk of my clients to other advisors but stayed involved, so I had a practice run at this.
So when you finally didn’t come to work in the beginning of the year, did anything surprise you?
The most difficult thing for me has been learning to do nothing without feeling guilty about it. I worked for almost sixty years. I was never unemployed, and being productive was a very important part of who I am. So doing nothing is not as easy as it sounds.
I think it’s called the art of doing nothing for a reason. All right, let’s get into the topic a little more. Why don’t you start by sharing the decision you and Sandy are navigating, and then we can talk about the pros and cons.
To give you the bottom line before we get to the bottom line, we haven’t made the decision yet. We’re still analyzing it and contemplating the pros and cons. The decision we’re looking at is moving into an adult community that is currently being built in Warner Center called Wisteria. We looked at an adult community in Calabasas, one in Warner Center, another option in the Valley, and one in Northridge. Of the communities we’ve explored, Wisteria seems the most attractive. If we make that decision, occupancy isn’t until about a year from now, so we still have time.
And that’s similar to University Village, if anyone knows it.
It’s the same operator as University Village, which became part of our due diligence. I went out and had lunch with clients who live at University Village, including one sitting here today. I asked two questions. First, what commitments were made to you that have not been fulfilled? They struggled to answer that, which was impressive. Second, if you could make one change about your living arrangement, what would it be? One of them said the food could be spicier. So we’ll bring salt and pepper if we go. We can adjust to that. Overall, the feedback we’ve gotten from people living at University Village has been very positive.
I’ve been heavily involved with a few clients considering University Village — the financial aspects, the pros and cons, and what it actually feels like to live there. It’s close to my house, so I visit often, and a few of our clients are there.
Why don’t you walk us through the pros and cons of Wisteria versus staying in your home?
Okay. Let’s start with the pros. The most important aspect, for me, is socialization. I’m a stay at home kind of guy. I’m an avid reader, I do logic puzzles, and I have one very close friend I see regularly. Left to my own devices, I probably wouldn’t do much. And I know that for my emotional and mental health, I’d be better served living in a community of other adults where activities are essentially nonstop throughout the day — games, lectures, and even their own movie theater. Socialization is probably the most important piece.
I put a map up on the screen that shows an activity schedule from a similar community. Truly an unlimited number of activities.
Another pro is a maintenance-free lifestyle. I don’t think I need to elaborate on why that’s attractive. There’s also convenience. Wisteria is expected to be a village-like complex with hundreds of units, with retail nearby. One of the reasons I like it is that it feels like a community rather than just a large apartment building. That village aspect matters.
Another positive is that many people will be moving in around the same time. You’re not the new person entering an established community where everyone already knows each other. You’re all building relationships together from the beginning.
A big feature is that you need to qualify for independent living initially. My wife and I had to pass a cognitive test, and we both did. After moving in, the units are independent living, but if at some point you need memory care or assisted living, they have options within the community. And with the contract structure, you are effectively prepaying for that future care. You may never need it, but if you do, it can be extremely expensive elsewhere. Knowing we wouldn’t have to rely on our kids is a major positive.
Now the negatives. We live in a spacious home and have lived there for many years. When we bought it, we made sure the primary suite was on the ground floor, so we don’t have the challenge of stairs. Moving would mean downsizing significantly into an apartment. My wife recently looked at me and said she’s not sure she can live with me in such an enclosed environment. So that’s a real concern. We’re also on a waiting list for a larger unit, and we haven’t been able to physically walk through the exact space yet, which matters a lot.
Moving itself is stressful. After decades in our home, we have a lot of belongings and memories on the walls. Deciding what to keep, what to give up, and how to relocate it all is emotionally challenging.
Another negative is the increasing monthly fee structure. There’s an entry fee, and the monthly fee covers housing, meals, utilities, and services. The monthly fee is projected to increase each year. Over time, that can become substantially higher than where you started, so you need to understand whether your portfolio can support that long term.
There is also bankruptcy risk. I saw a story about a provider structured in a similar way that went bankrupt, and residents lost money. With Wisteria’s operator, we looked into their history and financials. They’ve been around for decades and operate multiple communities. That helps, but it’s still a factor to consider.
Another consideration is the negative impact to heirs. If we stay in our home, the home would likely continue to appreciate and ultimately pass to our heirs, and there can be tax advantages at death. If we move, we would likely sell the home now, pay taxes, pay the entry fee, and then heirs would receive only a portion back later through the refundable component. When you compare those paths, it can materially reduce what is passed on to children. That’s not a controlling issue, but it’s part of the decision.
And one of the things you’ve shared with me is that this is also about your enjoyment in retirement compared to leaving money to your heirs — and reconciling those goals can be hard.
Yes. Fortunately, the kids will be fine, and they’ve all told us to do what’s right for us. But I did want to build an estate and pass along something meaningful. My wife’s view is that it’s not the priority — we should enjoy what we’ve worked for. The tension for me is that as you deplete principal, your income can decrease. If you live longer than expected, you want income security. It’s not only about leaving money to heirs; it’s also about having enough assets to generate the maximum income for yourself while you’re living.
So you’re balancing that with the idea that the goal isn’t necessarily to have the most money at the end. You’re trying to find a middle ground.
Exactly.
You sent me a couple photos that show what life at home looks like for you, and I’m going to share them.
One of my favorite activities at home is floating in my pool. I love it. Our pool is right outside our bedroom, so it’s convenient. I don’t think I’d do that as easily in a community setting because it wouldn’t be as accessible. The other photo is of a wall unit in our family room that’s filled with memorabilia, family photos, and meaningful items. When we sit together at night, I’m surrounded by memories. I don’t know whether a new unit would accommodate something like that. These are the things you contemplate. Will I miss it enough for it to matter?
Putting your advisor hat back on: if someone came to you and asked what they should consider when deciding whether to stay in their home or move, what would you tell them?
It comes down to two pieces: emotional and financial. On the emotional side, you consider your support system. If your children live near you, that’s a factor. In our case, our kids live in different places, so that matters. Socialization may be less important if you have a large circle of friends and see them regularly. My wife has a book club and social connections that are active, so her needs differ from mine.
Then there’s the financial piece. It’s expensive. I did a budget, and the monthly cost difference between living in the community versus staying at home is significant. A portion of that cost is effectively covering future care, like memory care or nursing support, which could be extremely expensive elsewhere. Over the long term, it may or may not be as expensive as it appears, but you can’t know for sure. I consider myself pretty healthy for my age.
That’s the biggest draw from a planning standpoint, too — long-term care and memory care. There are limited strong long-term care insurance options today, and many are expensive. For many families, a community that includes access to care can be a planning solution. Another question we get all the time is whether people should move to a different state for lower taxes or a lower cost of living. Often, when you do the math, the tax savings may be meaningful, but the real question is whether it’s worth moving away from your community and your support system for that monthly savings. And some places that seem cheaper on paper can have other costs that offset the savings.
The last thing I’ll mention is that you need to consider how your spouse will feel. It’s incredibly difficult to take care of a partner. It’s hard to go from being a spouse to being a caregiver. One thing I do like about these communities is that they can provide caregiving support so you can remain a partner, not a caregiver. Those are important factors to consider.
I think my wife would be a better caretaker for me than I would be for her.
Hear that Sandy? There’s a question — go ahead.
Did you find out more about the memory care facility and the quality of care?
I’ll repeat the question: the question is about the quality of the memory care facility and care at Wisteria.
Honest answer is no. As I understand it, there are different contract types with adult communities. One type provides those services at no additional cost if needed. Another provides them at an additional cost, often at a market rate with some discount. And then there are other structures as well. I’m not entirely sure how the third type works.
There are also other living options, like renting in a community that offers activities and social life, but without the built-in long-term care benefits. That can work for some people depending on their priorities. I can share that I had a client in memory care at University Village, and the care was phenomenal — truly excellent. Their spouse remained on the property, visited regularly, and they still celebrated milestones together. That interconnectedness mattered, while someone else provided the caregiving.
We’re almost out of time. My last question is: how do you recommend emotionally navigating this decision? Any final thoughts?
I don’t have more wisdom on that. We attended a seminar where the message was to forget the stuff and keep the memories, to declutter. But so much of our stuff is meaningful. It’s not just stuff. It’s individual, and everyone has to find their own way through it. Maybe we’ll send out a note when we ultimately decide where we’re going to live.
My last piece of advice is to start talking about this early — with your loved ones and with us as advisors. We can help you navigate the decision. And to your point, I love University Village. I’d probably consider living there eventually — not right now, but someday.
You also considered the alternative of staying at home and bringing in care.
Yes, that’s another option.
If we stay at home, our floor plan would work well for bringing in care. That may be the outcome at some point.
Bringing in care can be very expensive each month, so that’s another major factor to weigh. All right, we’re ouAt of time. Feel free to ask Jason questions afterward. Thank you. Thank you.
Wow.
Disclosures:Information presented herein isfor discussion and illustrative purposes only and is not intended to constitutefinancial advice. The views and opinions expressed by the speakers are as ofthe date of the recording and are subject to change. It should not be assumedthat Morton will make recommendations in the future that are consistent withthe views expressed herein. These views are not intended as a recommendation tobuy or sell any securities, and should not be relied on as financial, tax orlegal advice. You should consult with your finance professional, accountant, ortax professional before implementing any transactions and/or strategiesconcerning your finances.
