Written by Josh Miles
Entering retirement is a big change in life, and can be very intimidating. Fortunately there are many steps that you can take to plan ahead, so that you can be ready when your time to retire finally comes. In this post we’ll look at some of the most important things to consider when planning for retirement.
Financial Planning
Getting your finances in order is probably the most important step you can take in planning your retirement. First of all, this means being aware of those savings, assets, and investments you already have. It also means saving as much as you can while you can. Fortunately there are many ways you can go about doing this, for example:
Contributing to your employer’s retirement savings plan, or 401k. Any money that you contribute to a 401k will accumulate compound interest, which means that it will grow exponentially over time, so the earlier you can start, the better.
Contributing to your own individual retirement account, or IRA.
Contributing to your employer’s pension fund, if there is one available.
Checking to see if you qualify to benefit from social security.
The financial aspect of planning for retirement can often be confusing, so don’t be afraid to ask questions!
Deciding Where to Live
It may take some time for you to decide where you’d like to spend your retirement, as there are many options available. Let’s look at three possibilities, and the benefits and drawbacks associated with each.
Live at home, or age in place. A great option for some, especially if you would like to remain independent. However, the costs associated with homeownership, the bills and expenses related to repair and upkeep may become burdensome over time for some.
A 55+ community. A good choice if you are looking for something more community-oriented. As people living in 55+ communities usually own or rent their place of residence, they may experience some of the same expenses and responsibilities of people who choose to remain at home. A homeowners association (HOA) may assist with the upkeep of common and outdoor areas. Also, such communities do not typically provide, rehabilitation, personal care, or healthcare services.
A continuing care retirement community (CCRC). A CCRC, such as Garden Spot Village, is also a good choice for those looking to live in a community. CCRCs offer monthly fees covering utilities, as well as healthcare services, making it the best long-term option for many people. CCRCs also often provide many other amenities and services. Garden Spot Village, for instance, provides access to transportation services, as well as an on-site gym, swimming pool, garden, and many other things.
It may take some time to decide what option works best for you, so make sure to weigh the pros and cons ahead of time so that you don’t become overwhelmed when it’s time to make the decision.
If you would like to explore the benefits of moving to a CCRC, consider Road to Garden Spot Village, a nine-week interactive course that explains the difference between fee-for-service and life-care communities and talks through the process and value of downsizing as well as the community and culture at Garden Spot Village. You can learn more about retiring with purpose by signing up for this online course.
Deciding How to Spend Your Time
Once you’ve decided what retirement option is best for you, and sorted through all of the practical matters involved in implementing that decision, you’ll find yourself with more time at your disposal than you’ve likely have for quite a while. It’s completely up to you to decide what to do with your new-found freedom, and, depending on where you decide to live, you’ll have different options available to you. Garden Spot Village, for instance, offers many options for taking classes to develop a new hobby or skill, as well as many opportunities for volunteering.
To learn more about how you can explore abundant opportunities to live with purpose in community, contact Garden Spot Village today!