Deciding when to retire can be a tricky decision and many couples prefer to do so at different points in their lives, whether it is turning sixty or if you are lucky even before that. However the decision is made, it can be a sensitive issue – requiring those approaching retirement, and their families, to give a great deal of thought as to how they want to move into the next phase of life.
The word retirement for many individuals involves images of lazing around a comfortable home environment, pottering around in the garden or alternatively, spending long afternoons catching up with the family. Retiring can therefore release a new lease of life for a variety of people – but how can you ensure this is the case?
A new home from home
Assisted living communities are a new breed of retirement properties and are certainly one area to consider when planning for your own retirement or for the retirement of a family member. The past few years has seen a major increase in both the popularity and construction of this type of accommodation, with brochures and websites showcasing the huge range of benefits offered by these later living homes.
Assisted living centres vary in both style and size and as such suit a wide variety of individuals. In comparison to other retirement options like nursing homes, checking out a move to a community takes less time and less effort to organise. It can also work out cheaper than that of a care home, while still retaining the added bonus of security and a dedicated team of carers should the need arise.
The benefits
Assisted living communities will allow your parents or grandparents to live in a safe yet independent environment. Help will be provided by the staff and best of all those staying in the properties won’t have to worry about the upkeep of the building.
As well as day-to-day tasks, many assisted living environments host various activities. These activities can be as involved as your loved ones can cope with ranging from exercise and dancing to games and other fun-filled ways of passing time.
Whatever your age, moving house is seen as a sentimental and physical challenge which is why it is important to make such a task as easy as possible. But it can also be an exciting change. Whether you have always considered a certain place, such as a cottage by the sea or an apartment block closer to the family, retirement is the perfect time to put these much-discussed plans into action.
Mortgage Options
Taking a standard mortgage out on your home may seem like a good way to give yourself more money during retirement, but not everything is as it appears at face value. A regular loan of that sort will come with a monthly bill, which means that some of the money you borrow will be due back almost right away. A popular solution to that problem is a reverse mortgage, which does not have to be paid back in full for as long as you continue to reside in your home. When you speak to a reverse mortgage lender he can set up an agreement which will allow you to receive money each month for a set time period based on a percentage of what your home is worth. Such income can be perfect for paying medical bills and other retirement expenses.
