Planning the move to a retirement village
For many, retirement brings with it a new lease on life – whether that comes in the form of an opportunity to seek fresh challenges, studying something you’ve always been interested in, volunteer, travelling, help looking after your grandchildren or learning new skills. In any case, planning what you want your retirement years to look like is the best way to discover what direction you might like to go in.
Planning allows you to be well prepared – both financially and emotionally – and gives you the best chance of achieving the financial security and lifestyle you would like in the years ahead. Ultimately it also gives you the ability to take control of your life. Do it when you are healthy and independent and can make well-informed decisions. Here are some things to consider when you start making plans to move to a retirement village.
A time of change
Where you live in retirement can greatly affect your quality of life. It is hard to predict what the type of housing that suits you early in your retirement may not suit your needs later. The need to change housing or location can be triggered by changing health needs, the loss of a driver’s licence or the need to be closer to essential services. You may need to occasionally reassess where you are living to see whether it still suits your needs.
What are your options?
Only you can decide what housing will suit you best but here are some option and issues to consider, whether you choose to stay in your home, or move either to other private accommodation, public housing, a retirement village or nursing home.
Location, location, location
Before you decide to move, ask yourself the following questions:
- What type of accommodation will suit your needs?
- Where are the shops, support services and transport located?
- What is the cost of public transport and how accessible is it?
- How accessible will your family and friends be?
- Will the activities you enjoy be easily accessible?
Also consider all options before you move to your favourite destination. It can be very different when you are living somewhere rather than just visiting on holiday. Sometimes holiday destinations lack a range of suitable amenities and you could be forced to relocate if your needs change.
Retirement villages
Retirement villages usually have self-contained units with one or two bedrooms and some communal facilities and regulated by the Retirement Villages Act 2003.
While retirement village living does not suit everyone, many people thrive on the companionship and feel safe and secure in the environment.
It is important to be fully aware of the economic, legal and lifestyle implications involved in moving to a retirement involved in moving to a retirement village. Some of the issues to consider include:
Money wise
The earlier you develop a financial plan, the more likely you are to achiever your financial goals and preferred lifestyle in retirement. Do you need a financial advisor?
It is worthwhile taking to an experienced and licensed financial advisor to review your total financial status and offer advice about what might make your assets work for you in the best way, taking into consideration your income, goals, objectives and attitude towards financial risk.
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