Key considerations when planning your retirement
Choosing a retirement plan can be overwhelming and emotional!
There are so many factors to think about, and we believe that considering all aspects of this important decision is key to making the right choice. Most importantly, we recommend you consult with a financial advisor to tailor specific advice to your situation.
Here we’ve compiled a list of the top 4 factors to consider when thinking about your retirement plan.
Which of these lifestyle factors are important to you?
- What climate you are after
- Geographical location and accessibility
- A community to feel a part of
- Will you be able to do the things you’d like to do in terms of travel, dining and hobbies?
Apart from the lifestyle decisions you need to consider, finances are usually the biggest contributing factor.
- How much you will need to fund your desired lifestyle
- What will happen to your pension if you downsize?
- How much is your existing home worth?
- What (if any) fees do you need to consider when selling and buying the property you choose?
- What government packages are available to you?
3. Type of dwelling
The decisions you made when purchasing a family home are very different to the one you might make in your retirement.
- Downsizing to a smaller home if your current one is too big
- Having good accessibility if mobility declines as you age
- Somewhere that requires minimal maintenance, such as a small garden or easy to maintain house
Never underestimate the importance of keeping healthy and well
- How will you maintain your health and fitness?
- What new health and fitness activities would you like to try?
- Having medical support close by, if needed.
- Creating a plan should the need arise for more care in the future.