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How to Plan Financially for a Retirement Village Move

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For a lot of people, planning for retirement is a significant milestone in their lives because it involves a lot of changes and transitions from their career to their personal life. This is why some people opt to move to a retirement village because these communities are focused on social engagement without having to completely leave the life you lived before you even retire. However, a decision like this also entails financial considerations, and understanding this with a bit of financial management involved will primarily make your retirement transition to communities like Taylors Hill retirement villages smooth and stress-free.

Compare Different Retirement Villages

Retirement villages differ from one another in terms of the amenities they offer, their accessibility to nearby locations, the services they offer you, and the types of support they’ll give you while staying there. It is good to note that there will be additional costs on top of what you will be paying for, so before you commit to any retirement village, make sure to research and compare first. And if you feel like the place suits you best, review the contract first so you’ll get familiarised with your rights as a homeowner.

Assess Your Current Financial Situation

Knowing where you stand financially will help motivate you to achieve your dream retirement home, so it is good to keep track of your savings if they are sufficient, as well as the pensions and benefits that can aid you to live your life inside the home you aspire to. Remember that savings, investments, and assets have different tax implications, so when you need the cash and you are short in amount, you can always check on your other assets.

Plan for Future Healthcare Costs

Let us be honest—we cannot escape aging. And while we age, our health declines as well, so while you think of where to retire, it is also good to check if the services of the retirement village offer in-house healthcare. You can also think way more ahead, especially if you might be needing the assisted living option in the future, because insurance and aged care fees are not covered within the standard fees and will be billed to you separately.

Consider Legal and Estate Planning

Let’s consider planning two steps ahead by looking into a person whom you trust to handle your finances and healthcare decisions if you won’t be able to do it yourself anymore. At the same time, if you have an existing will and testament, make sure to update it as soon as you purchase a retirement home so the financial situation and potential returns of your new home will have an effect on your listed beneficiaries.

We understand how stressful it must be to think about the future when it’s still not in the present. However, it’s best to be prepared early on so you’ll get to focus on just enjoying your life and sowing the fruits of your sacrifice.

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