For many older adults, finding the way of life they desire that works for their budget can be a major challenge. Joining a retirement community is a significant financial commitment, because senior living communities (either for-profit or non-profit) charge fees to their residents. Thus, financing retirement living requires forethought, time, and preparation. What strategies can be adopted by young adults in order to prepare for retirement? How elderly people may prepare, in earlier years, for living in senior residences without running out of money? How should financial literacy training be adapted so current young and adult people include planning for paying future retirement expenses for living at a senior community? How crucial is nowadays to improve knowledge of pensions and retirement savings plans in adult population?