It’s nice to live in the moment, but the older that you get, the more important it is to plan for the future. Putting retirement plans on the back burner or ignoring them entirely could backfire. People need to take the time to plan for these three aspects of retirement to make sure that they’re comfortable and happy in their senior years.
1. Living Space
People need to consider how their living space will be the right location to “age in place” — this means that someone is able to spend the rest of their life in the same home without risking their safety and comfort. Should you stay there forever, or should you find a better location?
You can make an informed decision by answering several questions:
Renovating your home to be more accommodating as you age is a good idea. However, it’s important to know that physical improvements can’t cover all of your needs. You may need to hire professional care services if everyday tasks become difficult to manage.
Instead of renovating your home and hiring carers as your needs increase, you can move into a new living space that is already prepared to accommodate the challenges of ageing right away. There are luxury senior homes that provide comfortable apartments with built-in accessibility features, like wide doorways, grip-rails in bathrooms and emergency pull cords to call for help.
These senior living communities can also come with various care options provided by professionals. Residents can sign up for full-time care, memory care and assisted living care. These options allow residents to age in place, changing services over the years to match their needs.
One of the most important aspects of retirement that you should plan ahead for is personal finance. Your savings and government benefits will determine whether your retirement years will be comfortable, or if you will be budgeting carefully for the upcoming years. Things will be a lot easier if you have a strong financial plan to support you.
Statistics show that a lot of people don’t plan very far ahead for this aspect of senior life. According to an IPSOS poll, 32% of citizens between 45 and 64 have no retirement savings whatsoever and are leaving that crucial responsibility for the very last minute. That poll also found that 53% of respondents didn’t know if they were even saving enough for the goal. Neither answer is that comforting.
If you want to get a good handle on your retirement savings, you should talk to a financial advisor to see how much you should aspire to save and how you can get there. Discuss other funds that you will have access to, whether it’s by selling an asset or receiving government support. You will want to have a clear idea about where you will be financially when you retire from full-time work.
The third aspect of retirement that you need to account for well-ahead of time is your health. Your actions in the present can affect your ageing. By taking good care of yourself now, you can lower your chances of developing certain ailments as you grow older. If you leave these healthy changes for later in life, you may not reap the benefits.
What can you do? Practice healthy habits like eating a well-balanced diet, drinking lots of water, exercising regularly, and getting your essential hours of sleep every single night. You should also consider breaking unhealthy habits like drinking too much alcohol, smoking cigarettes and skipping doctor appointments. You will see the rewards of these decisions in your senior years.
It’s important that you don’t leave your senior living plans too late. You shouldn’t wait for the moment that you retire to make a plan. You can get started right now. There’s no time like the present.