June 6, 2019
Planning for retirement is a complex process. Here are 4 factors to consider before retiring.
As retirement age draws near, many older adults are faced with a variety of decisions. While some are minor, others can impact a retiree’s quality of life. When you are working through your plans for retirement, here are 4 factors to consider.
4 Factors to Consider Before Retiring
- At what age you want to retire.
Some people dream of retiring early and sailing off on grand adventures. Unfortunately, it isn’t often a practical choice. While you may be eligible to collect some of your social security at age 62, most people can’t draw their full amount until age 66 or 67.
If you have been able to save enough money, this difference may not make a big impact. It’s important to know, however, that if you opt for early social security benefits, the amount you receive each month will be permanently reduced.
For many older adults, it is health insurance that greatly impacts when they retire. Most seniors are eligible for Medicare benefits beginning at age 65. If you retire before then, you may be able to use COBRA to extend your health care benefits or access an individual plan through the health care marketplace. Both options, however, can take a significant bite out of a retiree’s budget.
- Where you want to live after retiring.
From climate to health care, it’s important to think long and hard about where you will live after you retire. Here are a few factors to consider:
- Climate: Older adults often find southern climates to be a good choice for avoiding winter’s ice and snow. This is especially true for adults with chronic health conditions like osteoarthritis and asthma.
- Health care: It is important to take into consideration how close you will be to hospitals, physician offices, and other care providers.
- Public transportation: Many seniors lose confidence in their driving skills as they grow older. Be sure to explore transportation options before making a decision.
- Cost of living: Some cities and states are much more affordable than others. When trying to make a retirement budget stretch, choosing a location with a low cost of living can make a big difference.
- The type of housing you choose.
Along with where you live, it’s important to think very carefully about the type of residence or senior community you choose to live in. Retirement communities typically have multiple levels of care. Most offer what is referred to as a continuum of care. That means you might move into an independent living apartment and later add personal-care services or move to an assisted living suite.
By contrast, if you choose to live in a private home, you will need to consider the expenses you have now and those you will incur in the future. Beyond the mortgage and utilities, you’ll need to budget for assistance with maintenance, home repairs, and basic housekeeping when those jobs become overwhelming.
Seniors who choose to age in place often need to modify their homes with ramps and barrier-free showers. Many will also need the support of an in-home care provider.
- What your priorities are in retirement.
Finally, think about what is most important to you. Are you looking to retire and move closer to your children and grandchildren? Or are you looking for freedom to travel more and be less tied down?
Living with purpose is an important part of aging well. Some find that purpose is found in family relationships, while others say volunteer work and continuing education is key. Be honest about what your hopes and dreams for retirement are, and use that as your guidepost in making decisions.
Retire at a Legacy Senior Living Community
With senior living communities located throughout the southeast, you are sure to find a Legacy Senior Living community that meets your retirement criteria. Call 423-478-8071 to learn more today!