As you or your loved ones age, it’s important to start considering retirement options. When it comes to retirement living options, your choices will depend on several factors, including your expected income in retirement, your preferred lifestyle, activity level, and family situation.
Here are some retirement living options to consider as you head down the path to retirement:
Time to downsize. When the kids have left the house and you find that it’s just too difficult to keep up with the maintenance in a larger home, most people choose to downsize to a smaller property. This could be a condo or bungalow near family and friends or even a shared property.
Move in with family. Adult children and other family members often find that opening their homes to parents and grandparents has benefits for everyone. Some are able to convert walk-in basements to apartments, or have already chosen homes with space for retiring family.
Stay in place. If your home is paid off and not too much to upkeep and you don’t need too much assistance, staying right where you are for the length of your retirement is a great option. Enjoy your family home, visit with neighbors, and take care of your investment.
Choose a retirement community. There are many different types of retirement communities to choose from. Communities like Bethany Village offer villas, apartments, cottages, and more with retirement living options that can include housekeeping services and on-call nurses. All of this can be enjoyed on a community campus with fitness facilities, restaurants, and social activities.
Get a temporary rental. If you plan to move in with family eventually, or feel that you are going to transition to an assisted living facility in just a few years, it may be more economical to rent a smaller house or apartment for a few years after selling your larger home. This may actually save you some money in the long run, and gives you the chance to invest money from the sale of your home.
No matter what retirement living option you choose, be sure to discuss it with your loved ones. When you retire, it will become more important than ever to ensure that those who surround you understand your needs and wishes so that you can enjoy a long, healthy retirement in just the way you’ve imagined.