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How to Plan your Retirement Wisely?

By: Paul Simpson

17 May, 2018

Stay in your current home

Many elderly Australians according to the Australian Institute of Health and Welfare (AIHW) choose to stay in their present homes, rather than go somewhere else. Why? Aside from the sense of belongingness, since you will age in the place where you have grown fond of, built lasting friendships and memories, staying in the community where you are accustomed, will surely guarantee your happiness because you don’t need to make any adjustments. Before you consider this option, decide what matters most to your heart such as the sentimental value of your family home or you can’t imagine yourself living in another state that is quite far from your family and friends, then listen to your heart’s delight and you will never regret it.

Invest in a retirement village

Many retirees who have acquired enough savings for their future choose to invest in a retirement village, this option will give them the freedom to live on their own while at the same time having the assurance that they will be taken care of through the facilities being provided by retirement villages. Investing in a retirement village is similar to owning a property. When you purchase a unit or villa in a retirement village, you get full ownership, either through title or some shares and you get the privilege of living in one of their available villas. Again, if you are planning to venture into this kind of investment for your retirement, evaluate your financial capabilities because most of these villages have their own regulations and owning one of their units may require you paying ongoing fees and other charges to maintain your unit. Are you ready to commit for this kind of set-up? Weigh all the possibilities of living in a retirement village and if the advantages outnumbered the negative aspects, go for it if you have the budget.

Downsize

More Australians in today’s generation who are nearly retiring choose downsizing. Among these individuals are the empty nesters who want to live in a smaller house because they don’t want to worry anymore about maintaining a huge family home. Downsizing gives them the opportunity to explore a new life, either finding a place within their current community or moving elsewhere like a favorite holiday getaway destination.

Retiring abroad

If you love to travel and learn more about a country’s culture, food and lifestyle, retiring abroad could be your best option. The well sought after places for Australian retirees are European countries like the UK, but there are now some retirees who consider Asian regions like Thailand and Bali due to their cheaper living accommodations, nice weather conditions and friendly locals who are open to foreigners. If you are planning of living abroad when you retire, find out more about the requirements needed like visa as well as other rules that may affect you in the event you decide to invest in a property abroad.

Moving in with your family

This last option may not pose positive results to all retirees, moving in with family. Keep in mind, your children have their own lives to live and it would be totally unfair if you insist to live with them. Before you even make a decision, talk over this option with family members. Ask if they are comfortable with this kind of set-up, especially if they have their own families. Don’t forget also the financial aspect. Be open with your family members and don’t take it against your children if they cannot accommodate you in their homes.

Top advice:

There are many options to consider if you are already planning for your retirement. Don’t confine yourself with only one plan. Evaluate both the positive and negative aspects until you come up with a verifiable conclusion, living in a place where you could live freely and happily while enjoying every minute of the lifestyle you dreamt of for a long time. Plan your retirement wisely and always have a back-up plan in case things don’t work out according to your expectations.

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