Sometimes managing retirement savings and income can feel like as much of a full-time job as the career you just gave up! This goes double when it comes to your living arrangements. Without a regular paycheck coming in, can you afford that big old house where you raised your kids? Meanwhile, with the price of retirement community living going through the roof, can you afford any other option? Don’t worry — here’s our expert breakdown of the issue.
Sometimes You Can’t Age in Place
Nobody wants to uproot and move out of a home they’ve been in for decades just because they’ve reached retirement age. At the same time, ageing in place isn’t always an option. If your existing home has more than two stories, is in a neighbourhood that’s far from your support network, needs significant upkeep, or any number of other reasons, staying put might be a losing proposition.
This isn’t always the case, though. You can make your home senior-friendly if you’re willing to put in the time and resources to have it renovated or remodelled. However, if you don’t have the time and resources, you’ll need to find an alternative. Thankfully, if you have at least some equity in your home at this point, selling it and moving to a more affordable space could be a viable choice. Research local trends, including the median sale price of homes, to help you make an informed decision.
Downsizing as a Lifestyle Choice
If your retirement wallet is looking a little slim, or a smaller home will ease your burden, then downsizing is a wise choice to consider. This offers a number of advantages, as you can hand-pick a property that ticks all the boxes, whatever they are. Tired of cold northern winters? No need to be a snowbird — move permanently somewhere down south. Want to be closer to family? That’s a possibility, too, when you’re downsizing to a smaller place.
Downsizing isn’t a complete bed of roses, of course. Finding the perfect new home at a price that will keep your retirement wallet happy and healthy can be a tall order. Other issues can complicate this even further. If you have physical mobility issues or medical needs, then even the perfect little home or apartment isn’t going to be enough. In such a case, you may need to consider a retirement community.
Something for Everyone
In many ways, moving to a modern retirement community is very much like downsizing. Independent living communities are little more than 55-years-and-older gated communities or apartment complexes, featuring amenities you would get at any housing development. The difference is that an independent living community will have homes built specifically for retirees, so you won’t need to hunt down a senior-accessible home.
But this is just the beginning. If you have more demanding mobility or accessibility needs, or simply require more hands-on support, assisted living communities can fit the bill nicely. Some retirement communities, like those offering continuous care, keep up with any and all physical or medical concerns you have as your needs change over time.
You can find affordable independent living, assisted living, and memory care services at AvilaCare, so you can rest assured that your needs will be taken care of.
Doing the Math
Retirement community living isn’t necessarily viable if you don’t have the necessary resources. Costs rise along with the level of care you may need, and this could price you out of an assisted living community. This makes finding the right retirement living arrangements a delicate balance between resources and requirements.
Good thing there’s help to be had! There are dozens of retirement planning calculators available that you can use to help figure out where you are now in your retirement savings and how far it will stretch when it comes to housing expenses. Consulting with a certified financial planner with experience in retirement planning is also a very good place to start.
The key to keeping your retirement wallet happy is planning ahead. Think through your options carefully as you sort things out. Whether you plan on ageing in place, downsizing to a smaller home, or moving to a retirement community, the more you solidify your plans now — before you retire — the better.
At AvilaCare, we offer a variety of living situations to accommodate any need, and our services are affordable with no hidden costs. Call us today at 360-671-3631.
