Living in retirement
Retirement is not just a time of change in your work and finances, but also where and how you live. Where you live in retirement can greatly affect whether or not you view this life stage as successful.
While it’s difficult to predict what the future will hold, carefully considering your options sooner rather than later may stop you from making a hasty decision you’ll regret.
The need or decision to change the type of house you live in, or where that home is located can be driven by different factors. Do you want to move closer to family or is staying near your established social network more important? Have you always dreamed of a sea or tree change? Or maybe spending extended periods on the road is more your thing? Where you want to live is the first decision you need to make.
If you decide to stay in your own home, you should consider:
- Can you afford to maintain your home?
- Do you need to access the equity in your home by selling or utilising an equity release product?
- How long will your home suit your physical needs?
- Is it too big too enjoy?
Should you decide that moving would be in your best interests, you should consider:
- Which services you need to be close to.
- How accessible is public transport?
- Should you move sooner rather than later?
- How close are you to family and friends?
While many Australians are happy to stay in their own homes as they age, a growing number are considering their future needs. This can result in moving into a retirement village, and one that may have access to low level aged care without having to move again.
Residents call out retirement village owner over ‘gouging’ and ‘other bad practices’.
The three retirement risks all Australians need to address.
There may be a financial sting in the tail for those considering downsizing.
With the Government considering incentives for downsizing, what do you do next?
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