Once you reach your late forties and early fifties, you are bound to think of retirement. You want retire at an age when you are not too old to enjoy your golden years.
This is the point in life when you look back at your achievements. If you feel satisfied with what you have accomplished so far, you will get to focus more on what it is that you exactly want to do with the rest of your life - which you did not have time for when you were young and busy raising kids and money.
You are probably thinking of taking up a forgotten hobby, or go traveling in a motor home, or get a tan at a lovely beach where the sun shines year-round.
Studies show that more and more retirees are thinking about going abroad. They may have an old vacation spot in mind where they are considering settling in once they retire.
However, there are still some who choose to stay in the country and spend their retirement with their families in the States.
Whether you choose to stay in the country or out of it, here are a couple of tips on how you can enjoy retirement and your leisure years with your family:
>> Settle your finances first.
This is the biggest concern that retirees have. It is unfortunate that not everyone thinks about this aspect of "growing up" while they are young and healthy.
Thus, when nearing retirement, they tend to be a bit apprehensive about finances because they did not have ample time to prepare.
It is better if you start planning for retirement thoroughly, and do it the earliest time possible. The more preparations you have, the more likely you will get to enjoy yourself when retirement comes.
Take the following scenario as an example: If you save $100 per month, in 5 years, you will earn approximately $6,800. In 20 years, this could increase to about $41,000.
There are some other factors and rate of return percentages to consider, but this is basically how it goes.
The above example just shows that if you prepare early, the more you will earn by investing in a sound retirement plan.
>> Prepare early.
Do not let the anxiety of retiring sneak up on you by preparing early. Once you have gotten your financial worries out of the way, you can proceed to the next step - which is enjoying your retirement years with your family.
Showing posts with label retirement. Show all posts
Showing posts with label retirement. Show all posts
Sunday, November 7, 2010
Friday, April 16, 2010
You’re Retired, Now What?
For years you’ve lived in that sprawling house where you raised your children . . . it’s home. But now you don’t need all the space and the upkeep is becoming more difficult every year.
You now have to consider things that weren’t issues before. When you were younger, you never thought about how many times a day you went up and down the stairs. You didn’t mind having the bedroom upstairs and the laundry facilities in the basement. Now, all those steps are taking their toll.
Washing windows isn’t as easy as it was before either, is it? Climbing an extension ladder to reach the second story becomes a bit scarier with each passing year. As you age, you become more concerned about falling.
You may be thinking it’s finally time to move into a home that’s a bit more senior-friendly, but what are your options?
• Smaller, single level houses
• Condominiums
• Apartments
• Retirement communities
• Assisted living facilities
Let’s take a more detailed look at these options:
Smaller homes built on one level with convenient laundry facilities may be what you need.
Look for a house that requires little outside maintenance. A brick or vinyl-sided house won’t require painting. An open floor plan may be helpful if you’re ever confined to a wheelchair. A smaller yard allows you to garden but still keeps the yard work to a minimum. An attached garage is a helpful feature, especially in the winter when icy sidewalks can cause falls. Of course, finding a location that’s close to shopping, public transportation and medical facilities is also important.
Condominiums provide privacy without a lot of maintenance.
Like individual houses, there are many different types of condominiums from which to choose. The main advantage of a condo is that outside maintenance of both the structure and the yard is usually provided. Most condos include a small area where you can plant flowers but the lawn and other common areas are maintained by the association. There are additional fees for this mandatory service so be sure to find out if they will fit into your budget.
Apartments require no maintenance.
One of the main advantages of apartment living is that you aren’t responsible for any maintenance. You don’t have to worry about painting, replacing major appliances or yard work. Apartments also give you a certain degree of freedom because you don’t have to worry about them if you travel a lot. It’s important for laundry facilities to be easily accessible and that there is an elevator if your apartment is to be on a higher floor. You won’t have as much privacy and your only personal outdoor space may be limited to a small patio or balcony, if that. Rent is likely to increase and is not tax deductible on your Federal returns.
Retirement communities or assisted living facilities give you the highest level of security.
Both of these options are specifically designed for seniors and offer many safety features not found in regular housing. The amount of privacy you have depends on which community you choose. Your medical condition will usually dictate whether a retirement community or assisted living facility is your best choice. Some retirement communities offer private living space, much like individual homes, as long as you’re healthy and then provides assisted living if your health deteriorates.
Giving up the home where you’ve lived for many, many years may seem a little scary. But, often a new home that brings less responsibility and greater peace of mind will make you feel years younger.
You now have to consider things that weren’t issues before. When you were younger, you never thought about how many times a day you went up and down the stairs. You didn’t mind having the bedroom upstairs and the laundry facilities in the basement. Now, all those steps are taking their toll.
Washing windows isn’t as easy as it was before either, is it? Climbing an extension ladder to reach the second story becomes a bit scarier with each passing year. As you age, you become more concerned about falling.
You may be thinking it’s finally time to move into a home that’s a bit more senior-friendly, but what are your options?
• Smaller, single level houses
• Condominiums
• Apartments
• Retirement communities
• Assisted living facilities
Let’s take a more detailed look at these options:
Smaller homes built on one level with convenient laundry facilities may be what you need.
Look for a house that requires little outside maintenance. A brick or vinyl-sided house won’t require painting. An open floor plan may be helpful if you’re ever confined to a wheelchair. A smaller yard allows you to garden but still keeps the yard work to a minimum. An attached garage is a helpful feature, especially in the winter when icy sidewalks can cause falls. Of course, finding a location that’s close to shopping, public transportation and medical facilities is also important.
Condominiums provide privacy without a lot of maintenance.
Like individual houses, there are many different types of condominiums from which to choose. The main advantage of a condo is that outside maintenance of both the structure and the yard is usually provided. Most condos include a small area where you can plant flowers but the lawn and other common areas are maintained by the association. There are additional fees for this mandatory service so be sure to find out if they will fit into your budget.
Apartments require no maintenance.
One of the main advantages of apartment living is that you aren’t responsible for any maintenance. You don’t have to worry about painting, replacing major appliances or yard work. Apartments also give you a certain degree of freedom because you don’t have to worry about them if you travel a lot. It’s important for laundry facilities to be easily accessible and that there is an elevator if your apartment is to be on a higher floor. You won’t have as much privacy and your only personal outdoor space may be limited to a small patio or balcony, if that. Rent is likely to increase and is not tax deductible on your Federal returns.
Retirement communities or assisted living facilities give you the highest level of security.
Both of these options are specifically designed for seniors and offer many safety features not found in regular housing. The amount of privacy you have depends on which community you choose. Your medical condition will usually dictate whether a retirement community or assisted living facility is your best choice. Some retirement communities offer private living space, much like individual homes, as long as you’re healthy and then provides assisted living if your health deteriorates.
Giving up the home where you’ve lived for many, many years may seem a little scary. But, often a new home that brings less responsibility and greater peace of mind will make you feel years younger.
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