For some reason, we like the concept of planning, but making time for it — especially when it involves finances — is easy to delay. If you’re asking yourself, “When is it time to plan for retirement?” … then the time is now. Whether you’re thinking about where you will live as you get older, or you’re helping an aging relative make decisions about independent or assisted living, time flies. Don’t put off researching retirement living options and budgeting for them. Instead, get started today with this guide from Aviva.
How Do I Start Planning For My Retirement?
When planning your retirement, some conversations won’t be easy. However, when families take the time to talk about the future together, with information about senior living options, it’s easy to make clear-headed choices that help everyone rest easier. Start with these considerations.
- Ask yourself where you want to live. Will you stay in your current city or town, move closer to relatives, or perhaps spend winters in a warmer climate?
- If you move, will you buy a new home or rent?
- Think about safety concerns of living alone in your home.
- Consider any health issues you have currently or that you are genetically predisposed to develop. What kind of healthcare services are you likely to need?
- Understand the differences among independent living, assisted living, memory care and skilled nursing.
Once you have a vision for where and how you want to live, you plan for it financially.
Tips for Saving Money for Retirement
Some experts recommend starting earlier in life, but if that option is long in your rearview mirror, don’t panic. With discipline, persistence and a few lifestyle adjustments, you can still save for retirement even as an older adult. Consider these suggestions.
- Save money by looking for expenses you can eliminate.
- List your anticipated expenses in retirement, including housing costs, whether you will need a car, medical expenses, insurance, hobbies and travel.
- Calculate any income you anticipate, such as annuity payments, social security, and pensions.
- Reach out to a retirement advisor. Sometimes we need guidance from an expert to reach a goal. Don’t go with the first name you come across. Ask your friends if they know somebody they can recommend.
- A general rule is to move your investments to less risky options the closer you get to retirement. Your financial advisor can help you make the best choices.
- Explore the costs of senior living options, including any up-front fees, rent, and costs for activities and amenities.
Estate Planning is Part of Retirement Planning
Estate planning may be the most challenging but most important part of retirement preparations. Unlike financial planning, estate planning is a process you need to handle with an attorney. You will have to make difficult decisions like what will happen with your assets —and how they will be managed — when you pass away, or if you become incapacitated.
Look at estate planning as a way to protect your loved ones after you’re gone. If you don’t leave a clear plan in place, the court will get involved, resulting in high costs to your family members in time and money. Having a friend or family member by your side as you work with an attorney can make things a little easier.
Aviva Supports You Every Step of The Way
Once you accomplish the hard part of planning for retirement and senior living, you get to think about the fun things you can do. Imagine relaxing and enjoying your favorite activities as part of a community. Transitioning into senior living does not mean succumbing to boredom, as some people think. At Aviva, you can continue embracing your independence, with options for other forms of support and assistance if your needs change.
As a nonprofit organization, we keep our fees low and offer a comfortable living experience in Sarasota. Rent in our independent living apartments includes all activities, utilities, wifi, housekeeping services, and one meal per day (with additional meals available at an affordable rate). If you’re ready to make Aviva part of your retirement plan, contact us for more information.