According to the latest statistics, you are likely to live longer than you ever imagined. You know the implications that a longer life expectancy can have on retirement savings.
But have you thought about where you want to live this longer life?
What type of housing would work best for you as the years go by?
And how will you know when it’s time to transition to a maintenance-free lifestyle that caters to your wellbeing?
First, it’s a good idea to really give some thought to what’s important to you in retirement. If you are already on the path of taking care of your health, eating well, exercising and being proactive in terms of good habits, then you’ll want to be in an environment that makes it easy to meet those needs. That means living in a neighborhood that gives you easy access to exceptional dining, fitness and wellness programs, and opportunities for healthy socializing.
In other words, it’s probably not a good idea to be isolated or a great distance away from the resources you need for a well-rounded life. And as the song says, people do need people, so you want to be sure you can interact with others regularly.
Another way longer life expectancy could affect your choice of housing is size.
As we age, bigger isn’t always better. Especially when it comes to housing. It might be hard to say goodbye to that multi-room mansion you worked so hard to achieve. Or you may have always imagined that in retirement, you’d trade up and finally move into the big home of your dreams, and the only way you’d ever leave would be feet first.
But hang on. We’re talking about the new age of longevity.
That means you might be in that home for a whole lot longer than you first imagined. Do you really want to spend your tender years trying to go up and down flights of stairs? Or pay someone to handle the landscaping and exterior maintenance? What about keeping the inside tidy and in order? Not to mention all the repairs and extra chores.
Lots of seniors opt to downsize to smaller housing choices, such as a condominium, zero-lot line home or an apartment. Fewer square feet mean fewer worries. And possibly lower monthly costs.
Plus, there are many opportunities to move into a smaller house in a planned community that is built for ease of living. For example, a golf course community. Or an urban community located within walking distance of a quaint town center. These options are designed to cater to the needs of today’s more active, wellness-minded seniors who are embracing longer life expectancy by staying active and involved, but at a somewhat slower pace.
And while we’re talking about how longer life expectancy affects decisions about housing, we have to talk about senior living. The good news is that today’s senior living communities aren’t anything like those of the past. Many are filled with upscale amenities such as a swimming pool, elegant dining venues, first-class fitness and exercise studios, salons and spas, outdoor patios and rooftop gardens, putting greens and more.
Make the right choice and you could end up feeling like you’ve moved to a resort.
And while senior living can be pricey, it also can be a great investment in your retirement. No more home maintenance worries or costs. No more loneliness or isolation if you are on your own. No more worries about emergencies and what to do. No more surprise costs. You can relax and enjoy life knowing you have made a sound plan for your future.
Best advice on when to make such a move: before you have to. You don’t want an emergency to force you or your loved one to make a last-minute, hurried decision. Instead, consider how the right senior living community could truly enhance your quality of life now, while you can still enjoy everything to the max. And embrace your longer life expectancy with gusto.
At Retirement Lifestyle Coaching, we’re passionate about helping you plan for and achieve the retirement lifestyle that embodies your unique personality and needs. We love sharing our knowledge and insights about the retirement planning process, and about all things retirement lifestyle. Because we want you to visualize the big picture when it comes to planning your retirement.
