Retirement living is a term used to describe a wide range of accommodation options and lifestyles for seniors who are no longer working. It can include independent living in your home or unit to support living arrangements like retirement villages or aged care facilities.
Bill Schantz of Mid Atlantic Financial LLC says that there are many different factors to consider when deciding whether or not to move into a retirement living arrangement. Here are some of the key pros and cons to think about:
The Ups of Retirement Living
- You can downsize and simplify your life. This can mean removing maintenance responsibilities like lawn mowing and gardening and having less space to clean and heat/cool.
- You can make new friends and socialize more easily. Most retirement living arrangements have communal areas and planned social activities, which can help to reduce feelings of loneliness or isolation.
- You may have access to better amenities and services. Many retirement villages have on-site facilities like swimming pools, gyms, libraries, and activity rooms, as well as regular cleaning, meals, and transport services.
- You may feel safer and more secure. Retirement living options often have security features like gates, alarms, and 24-hour staff support, which can give you peace of mind knowing help is always nearby if you need it.
The Downs of Retirement Living
- You still have to pay the ongoing charges. These costs can vary depending on the type of retirement living arrangement you choose, but they may include exit fees, service charges, and utility bills.
- You may have to downsize your home and possessions. This can be a challenge if you have a lot of sentimental belongings or valuable collections.
- You may have to move away from your current neighborhood and support network. This can be difficult if you have strong ties to your local community, but it can also be an opportunity to explore new areas and make new friends.
Deciding What Is Right For You
The decision about whether or not to move into retirement is very personal. There is no right or wrong answer – it all depends on what will work best for you and your unique circumstances.
If you’re considering retirement, it’s a good idea to talk to your family and friends about their thoughts and experiences. You may also want to seek advice from an independent financial advisor or solicitor to help you understand the costs and legal implications involved.
Once you’ve done your research and answered your questions, you’ll be in a much better position to make the right decision.
Final Thoughts
Retirement living can have many benefits, including downsizing and simplifying your life, making new friends, having access to better amenities, and feeling safer and more secure. However, there are also some drawbacks, such as paying ongoing charges, downsizing your home and possessions, and moving away from your current neighborhood.
The decision about whether or not to move into retirement living is a very personal one that depends on your unique circumstances. Bill Schantz recommends that, talk to your family and friends about their thoughts and experiences, seek advice from an independent financial advisor or solicitor, and do your research before making a decision that’s right for you.