Planning Your Retirement – What’s The Big Deal?

Put simply, the UK has an aging population. We are living to ripe old ages these days, and this increase in life expectancy is set to continue with the advances in medicine, diagnostics and care for the older generation. So, it goes without saying that planning for retirement should be on your agenda. According to research, by 2030, one in five people in the UK will be aged 65 or over – that’s over 21% of the UK population.  So, the demand for better options in our retirement years is an important and increasing one. If it has already crossed your mind, you might be looking at your savings and calculating options. Perhaps you’re considering to downsize later in life, a retirement property, or a home abroad somewhere. Well, here are some things to consider when planning your retirement:

Social Life – Just because we’re living longer and getting older doesn’t mean our social life comes to a stop. It’s often a consideration that people underestimate in terms of its importance to us when we retire. Good health usually comes hand in hand with a good support network, whether that be social groups, attending events or regular time with friends or family. It might sound romantic to up-ship and head for the sun when you reach your late sixties but, consider how much you rely on and would potentially miss your current social life. In fact, if you’re someone who thrives on a sense of community, retirement might suit you down to the ground, as there are many options which centre retirement planning around social activity and enjoyment.

Access to Care- Getting older isn’t always a smooth journey. It’s no secret that the older we become, the more access we will likely need to health care and support. So, it is important that you plan for the unexpected. We’re not just talking insurance and savings either. Other important factors when it comes to access to care are considerations such as how location might affect this, and whether or not you live alone. Potentially, factoring in a retirement location that keeps you closer to those in your support network, or seeking a support network out if you live alone, could mean better access to care and support in later life.

Affordability – This is probably the most important aspect of your planning. Your journey towards retirement will likely be unpredictable, as life tends to be. So, if you’re in the position to consider all options, start adding a little extra each month into your retirement pot. In the case that you may need to rely on family and friends to help you settle down and stay well and properly looked after in alter life, that extra planning will mean a potentially advantageous transition if you were to be looking at residential care or live-in retirement communities.

Work – OK, this sounds like an unusual consideration. However, many retirement plans will still involve work of some kind, particularly if you’re planning to retire in your own home, or in a new property (home or abroad). For example, home repairs and maintenance which could include physical upkeep such as gardening and redecorating. This would also fall into how affordable this option is for you in the future, and whether or not it might be worth thinking of different options such a s a retirement residential community where maintenance is taken care of as part of the package.

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