Planning for Retirement

The sensitive issue of retirement

You may have worked your entire life, enjoy your job greatly or adore your independence. All of these reasons can make retirement a sensitive issue and a tricky subject to raise.

If your parents are approaching this point in their life, it is important to help them with these important decisions. Everything from how they will spend their time to where they will live needs to be considered and you’ll need to ensure their financial affairs are in order too.

Where to Live?

Assisted living homes boast a wide range of properties in an array of beautiful locations, allowing retirees to choose their perfect home. Such accommodation boasts varied activities and the provision of home comforts for residents whilst also giving everyone peace of mind with regards to security and safety.

It is important to keep the mind active as we grow older. This is just one of the reasons many people choose to live in a retirement community, where activities are designed to stimulate residents and give them a vibrant social life.

Retirement apartments boast the best of both worlds. Day-to-day care is provided whilst independence is maintained and those that choose to move to this type of accommodation will also be able to take part in a wide range of activities.  Dancing, the gym and a variety of clubs are just a few of the hobbies that will help the elderly deal with the sensitive issue of retirement – keeping them physically and mentally active in their later years.

Home loan options during retirement

When examining your home loan options during retirement you must look at how traditional loans compare to reverse loans. A reverse home loan, commonly called a reverse mortgage, offers more financial stability during retirement because repayment of the loan is not expected right away. With no regular bill arriving at your door and complete freedom of choice as to how you spend the money, it is easy to see why such loan flexibility is appealing for retirees. The other benefit of dealing with a reverse mortgage lender as opposed to a traditional lender is that your default risks will be low. You cannot miss monthly payments because none will be required in the first place. You can only default if you choose to move away from your home. Your heirs will also be protected if you choose a reverse loan and do not pay it off before your death because their assets cannot be seized to cover the balance. 

The Retirement You Deserve

Growing old should be graceful, it should be relaxed and most of all it should be enjoyable. Working for the majority of our life is the norm for most of us and this hard work is meant to pay off in the long run.

The money you have saved over the years will allow you to not only live where you want, but also in comfortable surroundings. Worrying about day-to-day tasks shouldn’t be a problem and allowing a specialist to take care of these tasks will allow you to enjoy the other things life has to offer, free from trivial concerns.

Regardless of whether you choose to downsize, move locations or remain closer to your family, retirement apartments are a great option for those that wish to grow old benevolently and are ideal for those who wish to retain their independence whilst getting the support they need.

This is a guest article brought to you by McCarthy and Stone.