Charting the Course for Retirement

Posted on January 05, 2018 in Senior Lifestyle Options

Retirement is one of the biggest changes you'll ever make in your life, so it's important to plan for it carefully to ensure years of security, comfort and enjoyment.

You likely started financial retirement plans in your 20s and have continued to make sound investments in your future. This means you can afford to live well in your retirement, but there are other aspects of this stage in life that you may not have given serious thought to over the years.

In your 50s or 60s, depending on when you plan to retire, you can start giving some thought to what you'll do with your time once you're no longer working. It's a good time to have conversations with friends and family so they're aware of your thoughts and can give you feedback and ideas. It's important that when you leave your job, you have something to keep your mind and body active — perhaps a yoga class, a hobby at home, and a book club.

Staying Home Versus Moving to a Retirement Community

If you retire at or about age 65, you may think you have years ahead of you in the home you've lived in for many years. But consider your home and how you'll live in it once you're home day and night. Ask yourself if you'll get enough contact with other people and whether home maintenance might become too much of a chore.

If you live in a neighborhood with close friends and family nearby who will drop by and socialize, you're in good health, and you have a one-story house, you're a good candidate for staying in your own home as you age. But if you don't have people near you, you have some issues associated with being an older adult, and/or you must navigate stairs in your home, you may wish to consider living in a retirement community where you'll make new friends, enjoy a wide range of activities, and still have your privacy in your own house or apartment.

Moving to a Retirement Community is Best By Mid-70s

This isn't a decision you should undertake lightly, but it's also not something you should put off too long. If you're going to opt for a retirement community, the best time to make the move is by your mid-70s, although you may choose to do so even 10-15 years younger. If you wait too long to start your research, you may end up moving because you have to rather than because you want to.

Here are some ways to explore your options for relocation:

     Attend a downsizing seminar on what to keep and what to part with as well as how to make your home more marketable.

     Enlist the services of a financial advisor to help you compare costs of living at home versus living in a retirement community.

     Research and visit multiple retirement communities. Visit with residents as well as staff.

Ohio Living Breckenridge Village: A Community Within a Community

Ohio Living Breckenridge Village in Willoughby, Ohio, is a beautiful and vibrant community in itself, with myriad programs, activities, events and opportunities to socialize, but residents also benefit from the cozy city of Willoughby and the nearness of emergency services and hospital facilities. It's a peaceful but fun and rewarding place to live, just 20 minutes from the suburbs of Cleveland.

Visit the Ohio Living Breckenridge Village campus if you'd like to consider whether it might be your next beloved home.