Residents paid steep entrance fees to live in a continuing care retirement community, believing their families could one day recoup much of the money. Kelly O'Grady reports on the impact after the facility went bankrupt.

Port Washington

Residents of the Harborside retirement community in Port Washington, New York, faced significant upheaval after the facility declared bankruptcy in 2023. Many seniors, including Joyce and Norman Cooper, lost entrance fees nearing $1 million and were forced to move, sometimes to more expensive facilities.

The bankruptcy is part of a broader trend, with at least 15 similar communities filing for bankruptcy in the past six years. Families have struggled to recover lost funds, and some residents were separated from loved ones due to differing care needs. Experts advise seniors to carefully investigate how their money is safeguarded before entering such communities.

Seniors face upheaval after retirement community goes bankrupt

Some of the stories we share in I in America, including the one you're about to see, are cautionary tales. Hundreds of thousands of American seniors live in continuing care retirement communities where residents put down a substantial sum of money planning to live in one place for the rest of their lives. Money Watch correspondent Kelly O'Grady explores whether that peace of mind can come with big risks. This is a little bit more recent picture. Ten years ago, Barbara Cooper's parents made what they thought was their final move to the Harborside retirement community in Port Washington, New York. Enjoy five-star dishes and a multi-course menu in our formal dining room. They had beautiful brunches every Sunday, intellectual activities that my mom loved. It was just a beautiful place. Joyce and Norman Cooper had earned it, saving diligently. To get in, they paid $946,000. It was a lot of money, but they'd have health care for the rest of their lives in the same building, in the same place, and be together. It's kind of like doing everything right. Yeah, they did. The Harborside offered independent living, assisted living, nursing, and memory care all on one campus. They're known as continuing care retirement communities, or CCRCs. Many use an unorthodox financial model. There's that large entrance fee and smaller fixed monthly fees, but when residents die, their heirs, like Barbara, get much of the entrance fee back. We were supposed to get 80 percent back. That's not happening anymore. That's because the Harborside went bankrupt in 2023. It was one of at least 15 CCRCs that have filed for bankruptcy in the last six years. Harborside's most vulnerable residents had to move out. You thought, I imagine, you were done moving. Yes. I can't keep moving all the time. At 94, Arlene Cohen was one of them. Her daughter Bev found her a new facility, but it cost $10,000 more per month than the Harborside. Even worse, the family's entrance fee vanished. How much did you lose? $710,000. Bev and other heirs hired a lawyer and hoped to eventually get about 30 percent back. We reached out to representatives for the Harborside, but did not receive a response. Joyce and Norman Cooper also lost their entrance fee and moved out. With different medical needs, Norman had dementia, Barbara had to separate them after over 70 years of marriage. They were there to be together for the rest of their lives and had to split up. That really did them in. Soon after, her mother died. My dad died three weeks after she died. We did not tell him that my mom died, but somehow he knew. What would be your advice to seniors? What questions should they ask? Find out what happens with the money. If it's not safeguarded, then it's too risky. A risk some of the most vulnerable can't afford to take. For Eye on America, I'm Kelly O'Grady in Roslyn Heights, New York.

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