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Congratulations! You made it to your retirement. You finally have the time to do everything you’ve always wanted to do but didn’t have the time for. But don’t put on your Hawaiian shirt and set off on that cruise to the Bahamas just yet -- you better make sure your retirement savings can withstand all this age-appropriate partying. The good news: One of the best ways to ensure you can afford to do all the things you have planned for your retirement years is to make smart choices about your living arrangements. While assessing your living arrangements might feel a little too soon, you can never plan early enough for your future lifestyle.
Access the Equity in Your Existing Home
All those mortgage payments have finally paid off; you’ve got some lovely equity built up in your home, and if there’s a better time to access it, it’s during your retirement. However, putting your beloved home up for sale might be an emotional killer. But if you’re empty-nesting it in a house much too big for just you, it can be an expensive choice to stay put.
It’s true that many retirees prefer to age in place at home, but many homes aren’t set up for senior living. If you’ve got your heart set on living out your golden years in your dream home, however, there are plenty of modifications you can make to ensure your home ages well with you. Think grab bars, levered doorknobs, increased lighting, and non-slip flooring to make your home ideal for your future. In addition to home modifications, you can get access to useful services by turning to CCACC Adult Day Healthcare Center, so that you can continue to age safely in place.
Lay Your Weary Head to Rest
If you decide not to age in your current home, downsizing is the way to go. A smaller home, an apartment or condo, or even a retirement community are all options for finding a place to lay your head at night, and the good news is that any proceeds from the sale of your existing home can help defray the cost of your new digs -- or even pay for them outright and leave some extra money for you to play with. And as long as you have a clear picture of the affordability factor before you start your search, you’ll be setting yourself up for success.
What type of new home you choose is up to you. If you’ve got mobility or personal care needs, an assisted living community is just what the doctor ordered. Prefer your independence? Paying for a cottage or semi-detached home in a modest neighborhood or independent living community will help control costs considerably. It’s not even uncommon for retirees to get rid of nearly everything they own and purchase an RV to go adventuring in by driving across the country. As long as you have a safe, accessible, and comfortable place to lean back and relax, the choice is ultimately yours.
A Word on Paying For It All
Not everyone will have the same financial resources available to them when they retire. That’s just a fact of life. Yet it’s also true that paying for your retirement lifestyle can be easier if you plan ahead. This means the more wisely you invest your money before the last day of work, the better off you’ll be the day after that.
If you need help figuring out how you’re going to afford retirement, do your homework; plug in your income and savings goals into an online retirement calculator, and discover just exactly how you’re doing. Even better, turn to a living, breathing financial advisor and have them go over your retirement plan. Odds are they’ll find ways for you to save that you might not have even realized.
You’ve worked hard all your life, squirreling away a bit of cash here and there for the day you finally call it quits. Once that day is here, make sure you’re ready to enjoy that long vacation by having enough retirement savings to keep you going. Making smart choices about retirement, including those about your living arrangements, will go a long way towards ensuring the fun never stops.
Connect with CCACC Adult Day Healthcare Center for quality care services and programs that can help you live your golden years to their fullest.