In the modern era, people generally go through stages in their life. During later life, it typically goes; sell you house, then buy an apartment in a retirement home or elderly care facility. The knowledge that this is what you’re going to have to do once you reach a certain age is off-putting for many people, but so long as you pick a nice facility the experience can actually be really positive.
Depending upon where you go, you could gain access to a whole host of facilities which are expensive to pay for and maintain, and therefore are unaffordable for most living independently. Some examples would be exercise facilities, a kitchen and staff for it, nurses and doctors at hand and more.
Besides these benefits, many older people can also end up lonely without children around. As they will be living with a lot of other people the same age as them, it provides them with an environment ideal for socialising.