Not everyone looks forward to retirement, but it’s something we all inevitably have to go through. Don’t expect to quickly adjust into retired life. If you want a smooth transition, you will have to plan early and be informed. Ideally, retirement planning should start a decade or so before the actual retirement. As for retirement savings, you should have started saving in your twenties at most. If retirement is just around the corner, here are several tips that will help you adjust well to your new life:
Plan Living Arrangements
The biggest concern of post retirement life is where to live. Do you want to live at your home independently, or would you like to live with your children? Some may even consider moving to a new location altogether. If you are unable to manage independently, and if children are out of the equation, you might want to consider going into a nursing home. If you are at risk for serious medical conditions, looking for local nursing homes, like aged care homes Camberwell, may be a necessity rather than an option. In any case, you must think carefully about where you want to live in your old age.
Manage Finances Carefully
You are retired and have saved a lot. But do not take your retirement savings for granted. You never know when the money could run out due to an unexpected situation, such as emergency surgery. So, even if you have a fat retirement fund, be careful with your money. Don’t spend too much, especially on expensive vacations. Do not start investing again with your savings because it only takes one bad investments to put you into debt. Because you can no longer work, you may not be able to repay this debt. So, be careful with your money and get help if needed.
Consider Selling Your Family Home
You cannot really count on retirement savings to be sufficient for all of your sunset years. So, selling a big family home and moving to a smaller, cheaper one may be a good option to save money and make life easier. Of course, you may want to first consider whether you want a child to live in your family home. If children are settled elsewhere, you can consider either selling or renting. Renting is a good way to earn a monthly income when you can no longer work.
Seek Government Assistant Programs
Just in case your savings are not enough as you thought they would be, you can seek subsidies from the Australian government that are intended for seniors to live independently. The government offers a Home Care Package, which is a subsidy program that the elderly can sign up for so they can hire nurses and helpers to live independently at home. Keep this option in mind in case you need it in the future.
Mentally Prepare Yourself for Health Issues
When you retire in your sixties, your health may be as good as it was in your fifties. However, as you age, medical complications would only increase. Don’t think that you would be the same at 75 as you were at 65. It’s important to mentally prepare yourself first for conditions like heart disease or dementia. Then, you can financially prepare yourself as well.
Being old isn’t easy. Follow the above tips and you will be able to enjoy a better-retired life than most.