When planning for retirement, it is easy to feel overwhelmed by all of the senior living resources available online! It can be helpful to visualize the big picture of how you would want to feel living in the ideal assisted living community. Carefully consider what is important as you examine your retirement options. How will you be spending your time? What would your surroundings look like? Are there certain constraints that would impact your decision?
Helpful Tips for Planning for Retirement
Imagining Your Perfect Life
Planning for retirement can actually be incredibly fun and rewarding! After all, at this stage of your life, you likely have a very clear idea of your priorities and preferences.
Since you know yourself better than anyone else, you’ll want to start by brainstorming your responses to the following questions. Once you get started, you’ll probably think of additional topics of importance to you:
- What resources are essential for my physical, emotional, and spiritual well-being? (For example, is it important to have access to exercise classes or worship services?)
- What activities stimulate my mind? (Reading, cultural events, classes?)
- Which pursuits leave me feeling the most fulfilled? (Volunteering, participating in group activities and trips?)
- Do I prefer to live with a companion animal, so require pet-friendly accommodations?
- How do I know I’ve found an inclusive, loving community that is accepting of my background or chosen lifestyle?
You may also wish to include a list of things you would love to STOP doing as you move into the next phase of your life. For example, some retirees would prefer to spend less time housekeeping, cooking, or driving to appointments.
Financial Considerations
After you’ve drafted a list of priorities, your next step will be to create a monthly retirement budget to help you narrow down your options.
Your budget will be subject to a number of factors, including:
- When you began saving for retirement
- Your current age
- When you plan to use Social Security benefits
- Your pension and/or 401K dividends
In general, the closer you are to retirement, the more conservative your investment decisions should be. Don’t be afraid of reaching out to a financial advisor! Most offer free consultations to aid in your retirement planning.
Your Expenses
After working out your monthly budget, you’ll want to estimate your ongoing expenses, such as:
- Any ongoing medical costs (such as prescriptions or co-pays)
- Charitable contributions
- Memberships
- Entertainment
- Travel
Add up these items, and subtract the total from your monthly budget. This will give you a rough starting place to begin your search for a community within your means.
Retirement Options
The final stage in planning for retirement is identifying the senior living option that will best maintain your lifestyle and preferences. These can range from age-restricted communities (which do not offer health care supports) to all-inclusive, continuing care communities. There is no “one-size-fits-all” solution, which is why you’ll want to find a campus that accounts for your specific, changing requirements.
Assisted Living Communities are a great option for retirees who wish to enjoy support services with their day-to-day needs such as housekeeping, personal care, and medication management, allowing them the time and energy to focus on their favorite activities. These communities also include nursing personnel available 24/7 should unexpected needs arise, allowing residents to maximize their daily schedule.
Planning Ahead at Wickshire Senior Living
No matter where you are in your retirement planning, we are here to help. Wickshire Senior Living is an affordable senior living and assisted living community, offering top-level care in addition to a wide variety of recreational services to help our residents enjoy the retirement of THEIR dreams.