I recent months I’ve started to do a lot of future planning. I’ve looked at finances, insurances and even retirement. A lot of people tend to avoid the topic of retirement as much as they can. They think that it’s not going to happen any time soon and that they have plenty of time to save up money for the day they exit the workforce. In reality, you should be planning for retirement as early as possible to help you manage your financial responsibilities. Early retirement can sound like a good idea, but it’s actually more about reaching financial freedom so that you can safely retire with ample funds to live out your golden years. If the current situation has taught me anything it is that having your bases covered, from pensions to considering retirement accommodation options should be put off.
In this post, I’ll be covering some of the most common retirement accommodation options and why you should consider them.
Considering Retirement Accommodation Options: House Sharing with Relatives
If your relatives or family members are inviting you to stay with them, then this can be the most economical option since you can simply sell your home and take all the capital into your retirement fund. This can be a great option for families with larger homes.
For seniors with medical or mobility issues, care homes might be the most practical solution for retirement accommodation. You’ll be given a private room and shared communal areas to engage with other residents and staff members. While it can feel a little restrictive, it does provide the best care that you could ask for. Senior care ranges from full-on nursing support to much more independent choices. These are worth considering as you don’t know what your future holds and you want to be able to afford the best choice for you.
If you’d like to be surrounded by purpose-built developments and other seniors around your age then retirement villages can be a fantastic choice. These can provide a huge mix of accommodation styles and you’ll be able to downsize your existing property to something a lot smaller and affordable. Consider a set up such as ERL retirement villages that offer lots of additional services and local amenities that can enhance your experience. While there are some age restrictions, these self-contained villages can feel like holiday homes in some cases and will provide lots of extra comforts that will make your life a lot easier.
Considering Retirement Accommodation Options: Staying in Your Current Home
Of course, you could just stay with your current home if you’re content with it. While many people prefer to just stay in their own home, there are arguments for downsizing that should be considered since it can save a lot of money and offer more comfort. Staying in a large and empty home isn’t for everyone but it really depends on your personal preferences.
Just like how you have lots of retirement options, there are also lots of different choices for retirement accommodation. Doing your research here is important because purchasing a retirement property can be a huge investment.
Have you started to look differently at your future because of what is going on in the world and your world right now? I certainly have. Next up is to take another look at my insurances to make sure everything is up to date and that my cover is adequate.