For many people, retirement is a time to relax and not worry about dull paperwork and all the other monotonous chores that plagued their working lives. However, poorly made financial decisions can prove to be costly in the long term. Making this important to take the time to plan retirement properly and this post might help you.
There are a number of important decisions that need to be made before a person can fully enjoy their golden years, and making the best decisions early on can help to ensure many years of happy retirement. The two main decisions that will need to be made are where to retire, and how to finance retirement.
Possibly the biggest challenge is saving money for retirement. Although a good pension plan should always be a priority during one's working life, saving extra money for the future will help a person to greatly improve the quality of their life, and provide more freedom and financial flexibility. For many people, a good investment plan is one that allows them to retire to a prestigious senior living community or an assisted living facility like assisted living facilities near Walnut Creek, CA, where they will be entertained, catered to, and cared for by professional, courteous, and polite staff. Visit sites like carltonseniorliving.com/community/orangevale/ for additional guidance on independent living.
Senior living communities
In recent years, assisted living communities like The Chelsea at Bald Eagle have become a very attractive option for individuals seeking a carefree, active, and fun retirement. Below are a few things to keep in mind when looking for a senior living community for yourself or a loved one:
- Always trust your senses: when looking at retirement homes and assisted living communities it is important to use all of your senses. First, look around and decide if the community is clean and well maintained. Even a new community that is poorly managed can quickly fall into disrepair. Also use your nose; a community should smell fresh and clean everywhere. Do not be afraid to ask about their cleaning routines and how often services are professionally maintained.
- Find a social community: one of the most important elements of a retirement community is social activity. Try to visit during a social event or activity; pay particular attention to how employees interact with residents, and how residents interact with each other. This can give a good indication of how residents are treated and how effective the social activities are at bringing people together.
- Staff demeanour: pay attention to how the care workers behave at all times, both with residents and each other. Staff should be in good spirits and friendly at all times. Check that staff make eye contact when talking to residents; are they providing a friendly service and acting as companions, or are they simply marking time until the end of their shift?
- Explore the outdoors: one of the most important parts of a retirement community is the quality of the outdoor areas. Gardens should be well maintained and kept clean at all times. Make certain to look beyond pure aesthetics. Check to ensure that the seating is of good quality and that there is enough to accommodate all residents, that the lawns are kept in good condition and, most importantly, that the grounds are secured and safe.
- Experience the dining: ideally, prospective residents should be able to sample the food. Learn about eating times, what is served, and how many courses there usually are. Ask staff if there is an option to have snacks or meals in the bedroom and if residents can choose to help themselves to food. Dining also provides an opportunity to speak to other residents about their experiences.
- Nursing and healthcare provisions: although nursing and healthcare may not be an issue at the moment, it is something that should be planned for. Find out if medical staff are on duty at all hours, what their skills and qualifications are, whether doctors visit on a regular basis and, if so, how often. Check that the more elderly residents appear well groomed, clean, and shaved. If so, this is a good indication that daily hygiene needs are being met well in addition to medical needs.
Planning your finances
Saving for retirement is very important and, unfortunately, is something that is often overlooked. The first task should be to determine how much money will be required each month during retirement. To do this different retirement options need to be compared.
On retirement, a person should calculate their net assets. This includes the value of their home, cars, furnishings, valuables, investments, and savings. While most possessions can be taken to a retirement community, a person may decide that selling off some valuables (e.g., sell gold to gold and silver buyers) will actually provide a more enjoyable standard of living in the future. After net assets have been determined, a person should calculate any outstanding debts; ideally all loans should be paid off prior to retirement but if this is not the case monthly payments should be figured into the budget. You may also consider hiring a trust services provider to help you plan your estate. And if you have more questions about estate planning an estate planning attorney can help you. Then you might also want to visit sites like https://www.cunninghamlegal.com/california-legal-services/estate-planning/ to learn more.
The key to financing a happy retirement is careful budgeting and knowing exactly how much money is available. If there is no new income being generated it is just a matter of calculating how much money is in the retirement pot and spreading it over the expected number of years of retirement. Careful planning and making wise financial decisions will always help to improve the prospects of a carefree, enjoyable future.