How to Decide Where You Will Live in Retirement
Whether you’re in your 20s, 30s, 40s, or nearing retirement, it’s never too early to start thinking about long-term retirement planning.
Even though your plans and goals have the potential to change over time, it’s important to start considering a few factors that you can keep in mind, so you can keep track of your retirement savings.
One factor you may want to start thinking about is where you want to live during your retirement and the sort of lifestyle you’d like to attain during that time. This usually includes the place or location of where you’d want to base yourself in your retirement.
Of course, you can retire in a place where you can live entirely independently. However, where that occurs is determined by several factors. Before deciding on a new place, carefully consider the benefits and drawbacks of each.
Here are four factors you should consider before finalising a retirement location:
1. How Much Money Will You Need for Your Dream Retirement Location?
Upon retiring, money is surely front of mind.
But if you’re thinking of your house and retirement city, how much will this cost you?
In addition to housing in your area, you should become familiar with the healthcare and transportation options accessible in your new neighbourhood. While these are small costs to think about, they can add up over time.
Another financial strategy you might want to think about is the downsizer contribution. Check out our article on the superannuation downsizer strategy.
2. Family Considerations in Retirement
When you retire, you’re likely going to be able to spend a lot more time with your children and grandchildren. This may even help you decide where you are going to live.
If you plan on spoiling the grandchildren (or landing the babysitting duties!) it may be easiest to live close to your family – at least for part of your retirement.
3. Support and Assistance
As you get older, mobility issues may become an inevitable problem. It’s important to research and investigate the resources accessible in your desired retirement location.
Availability of high-quality healthcare services can make getting out and about simpler or more difficult as you age.
Plus, if you are planning on moving house, it may be worth thinking about how your new home will be able to support you as you get older. For example, are there stairs in your new home? Is it low maintenance from a renovating and gardening perspective?
4. Do You prefer Urban Life vs. City Life
Living in a city can provide you with a wide range of entertainment options, such as cultural and sporting events, as well as quick access to healthcare and public transportation networks. Plus, if you work in the city,it makes sense to live there as well for convenience. But in retirement, your options are endless.
Meanwhile, relocating to a suburban, coastal area can provide you with a much quieter scene, which can entail quite a relaxing and simple lifestyle. It can make it easier to make friends in these areas as they are usually smaller communities.
Financial Planning in Bowral
Preparation is an essential component of enjoying retirement.budget and income are crucial considerations before finalising retirement plans such as location. Prior to retirement and relocating, a financial advisor can help you evaluate your possibilities. So, don’t hesitate to explore all your options with a professional financial planner.
Do you need expert retirement planning advice? Seek guidance from the experienced financial planners at Poole Advisory.
With over two decades of experience guiding families, couples, and retirees corporations, we can help you build your dream retirement plan.
Contact us today to begin your new financial journey!
Compliance Disclaimer:
This information contains general advice only, that is, advice which does not take into account your needs, objectives, or financial situation. You need to consider the appropriateness of that general advice in light of your personal circumstances before acting on the advice. You should obtain and consider the Product Disclosure Statement for any product discussed before making a decision to acquire that product. You should obtain financial or credit advice that addresses your specific needs and situation before making investment or borrowing decisions. Taxation information is based on our interpretation of the relevant laws as at 1 July 2018. While every care has been taken in the preparation of this information, Prosperitas Partners Pty Ltd does not guarantee the accuracy or completeness of the information. The case studies are hypothetical, for illustration purposes only and are not based on actual returns
Poole Advisory Pty Ltd ABN 15 642 040 604 is a Corporate Authorised Representative (No. 001282603) of Prosperitas Partners Pty Ltd ABN 30 662 654 453 AFSL 544 917
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