The advantages are that you have company of people of the same age group, you live in nice and clean environment (usually), somebody cooks/cleans/do the laundry for you, there are some activities organized for the patrons, the retirement home staff is there to help you should you need any help, etc.
The disadvantages are that these places are usually expensive, you might not want to live surrounded exclusively with all people, etc.
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No debt
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