ake a look around your community and see where the housing boom is. It's not yuppie condos or palatial estates; it's retirement communities. And if you're one of the tens of thousands of people annually thinking about retirement retreats, make sure you're financially prepared. They're not cheap.

It's easy to see why some retirement centers are better than others. The good ones are often genuine suburban neighborhoods made up of people of similar ages. They offer so many interesting activities that it feels more like camp than a retirement community. But first impressions can be deceiving. And these living arrangements can be very expensive, charging more than $100,000 just to join, plus another $20,000 in annual fees.

So if you're looking, you need to know:

First however, the basic terminology must be clear. We're talking about continuing care retirement communities - communities that provide a combination of residential living and health services that are either on-site or off-site as part of a contract usually lasting at least one year.

These are not just apartment complexes requiring their tenants to be a certain age, and they're not nursing homes (although each of these may be components of the community).

These are neighborhood-like communities with an emphasis on group and individual activities (which is why most retirement communities require that at least one daily meal be eaten in the common dining room). Applicants are screened for physical and mental health, financial stability and ability to fit in with other residents. In a way, it's like applying for college, but your stay will probably be a lot longer (some residents are as young as 65).

Continuing care retirement communities usually are combinations of small apartments or homes with skilled nursing facilities on the same grounds. The idea is that you start in your own apartment and then, if you need more care, you move to the nursing facility.

Usually there is an entry fee, paid up front, and a monthly fee that might not include all of your health care. The amount of the entry fee may depend on the size and type of dwelling you choose, your age and your health. Entry fees can be hefty, ranging from $30,000 to as much as $500,000 or more, depending on geographic location, quality of construction, quality of services and the extent of medical services included. An average amount is about $75,000.

The monthly fee also can vary widely. Find out if the fee changes (and by how much) over the course of your stay or if you need increased care. Medical care isn't always included in the fee structures and some communities require you to purchase long-term care insurance.

The good news is that about 15 percent of your entry fee and 25 percent to 33 percent of your monthly fees are tax deductible as medical expenses.

If you're looking for a place to settle down for the rest of your life and you're concerned about paying hefty medical expenses, look for a life-care retirement community. This program guarantees that regardless of your future financial situation, you will be allowed to remain a resident. It also guarantees health-care coverage for life. Life-care communities accomplish this by adding a surcharge to your fees and by establishing a benevolent fund to pay for residents who can no longer make their monthly payments. However, life-care retirement communities also look more carefully at the health and the financial status of their applicants before accepting them.

Selecting a continuing care retirement community is a daunting task because each one offers different services and accommodations for different fees, and the contracts are full of legalese.

When you visit:

In addition, you should carefully examine the contract agreement, specifically looking for the following issues:

Each retirement community has its own refund policy when you die or decide to leave, so make sure you have this information before you make a decision. Before you sign anything, you should have an attorney who specializes in elder care review all contracts.

If possible, you should select a continuing care retirement community that has been accredited by the Continuing Care Accreditation Commission of the American Association of Homes for the Aging. One magazine, New Choices, has made a name for itself in ranking various types of retirement communities on a regular basis.

No matter which continuing care retirement community you choose, you are committing a huge investment of money and time. There is no substitute for good research and the Continuing Care Accreditation Commission seal of approval.

This is perhaps the most important decision you will make for the rest of your life. So take your time, research it thoroughly and don't be swayed by any sales pressure. (The best communities don't have to sell themselves, anyway; they will probably have waiting lists of at least several months.) Then you can enjoy the fruits of your labors because you will know you've chosen the best retirement community for you, and that you will be taken care of no matter what the future holds.