No one should expect their elderly years to be the same as their working years. Life post-retirement is not really the same, and many people need to adjust to the non-working life. The quality of your sunset years will depend a lot on your living arrangements. It’s not always feasible to live as you have in your younger years in your elderly years. If you are approaching retirement, here are several options to consider when deciding where to live:
Live with Adult Children
Most elderly people prefer to live with their families. You might be too. It’s understandable if you want to spend your final decades surrounded by children and grandchildren. If your children are financially secure, and if you have enough savings, you might be able to live with your children. You might even be able to help out with the grandkids. However, it’s important to note that your children will be busy working, so they might not be able to take care of you if you have special medical needs. For some children, taking care of elderly parents can be a financial burden as well. So you might have to contribute financially. Living with adult children has been most historically popular retirement plan. So think seriously about it before considering other options.
Move to a Retirement Village
If you prefer to live independently, or if you don’t have any children, then living in a retirement village may be the best option for you. A retirement village is sort of a community where senior citizens live under a contract with the operator of the village. There are many retirement villages in Australia. Many of them offer facilities like pools, libraries, and walking tracks. Amenities will of course differ from place to place. It’s also important to understand that not all places branded as retirement villages are legally defined as such. So, you may want to choose reputable brands like Gemlife retirement villages. Living in one of these places will make you part of a community. You can make new friends and go about your life in a place made just for senior citizens.
Buy a Smaller Home
Many elderly prefer to move out of the family home in retirement. This makes sense if you live in a rather large family home. In your old age, you may not be able to clean and maintain the four-bedroom home as well as you used to. You may also find it difficult to get around. There might be unwanted expenses associated with maintaining the home as well. In this case, it may make sense to sell the bigger home and move to a smaller home or an apartment suited for elderly occupants. You may need the money you make from the sale to survive in your final years. Don’t expect money to be the same as there will be medical expenses to think about.
If you expect severe or debilitating medical condition in your final years, it’s worthwhile to consider moving into a nursing home. There’s less freedom of movement as in retirement villages. However, you will be taken care of during all times of the day. You will have access to essential medical facilities on time. Also, most nursing homes nowadays promote communal living so occupants don’t feel isolated or lonely.
If you are well off with a considerably large retirement fund, you can think about retiring overseas as well.