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Where do I want to live and what are my options?
Whether you’re retiring, downsizing or moving into retirement living, it's time to get real with your finances, legal arrangements and where you'll call home.
In the first of a series of articles, we analyse the home and living options open to people when they retire – and what to look out for.
Retirement means different things for different people, not only about when it will happen, but whether or not it happens in stages. One key aspect of this transition is giving thought to where you will retire. Does that involve downsizing and looking to go to a retirement/lifestyle village, or going directly from your current family home to a village? Or something else?
No matter what your plans might be, some of the key considerations include:
Current home
What do you need to get your house ready to sell, how much time do you need before that to put it on the market, and which real estate agent might be best for you to sell your home.
Declutter ahead of time – focus on keeping the essentials, and some sentimental items. You cannot underestimate how much unnecessary stuff you end up moving otherwise.
Budgeting your savings
Consider how far your retirement savings will go in different areas. Look into housing costs, transportation, healthcare, and general living expenses.
Location, location, location
Think about what kind of weather you enjoy. Some retirees prefer a warm climate year-round, while others might like experiencing all four seasons.
As healthcare becomes more important, living near quality medical facilities might be a priority.
Are you active or passive? If you like golfing, hiking, fishing, or cultural activities, some locations will cater more to your preferences.
Being close to family or in a location that's easy for loved ones to visit can be a very important consideration for many people.
Unfortunately, being in a safe environment is becoming more important. So research crime rates and the overall safety of different areas.
Staying social
Look into the social aspects, like whether there are retirement communities, clubs, or social activities tailored to retirees.
Consider how easy it is to get around, both within the city (walkability, public transportation) and for travel purposes (proximity to airports).
It is never too early to start turning your mind to what retirement might look like for you and importantly what you would like it to be.
More often than not people say that they ran out of time to think about these things and leave it too late to make decisions that could have allowed them to make better choices and move to where they would have liked to.
Don’t get caught out – start planning now.
Haigh Lyon Director Anthony Kuran co-hosts Future Focus with Craigs Investment Partners and UP Real Estate on Tuesday 24 September. The event will cover all aspects of retirement with an opportunity to ask key questions to help you prepare.