When people use the term retirement, they generally are thinking about their lives following their working years. Yet few people think about their post-retirement years.
Retirees may have at least 20-30 years in post-retirement and planning for this period is just as important as those years in early retirement.
At East Ridge at Cutler Bay, a retirement community in South Florida, we counsel our customers on their post-retirement options. We also have Lunch and Learn presentations which help educate people about their choices.
This month’s Lunch and Learn presentations will be Feb. 24 and Feb. 26 at 11:00 a.m. If you would like to attend, please call 305-256-3564.
In resetting your life for post-retirement, downsizing is phrase commonly used. This transition may be selling, gifting, or donating possessions that are no longer needed. It also may mean relocating to smaller accommodations and creating a more comfortable and affordable retirement.
Health care planning is also critical. Since East Ridge at Cutler Bay is a life care community, many health care services are located within the community meaning a resident can live with the security of knowing someone will be able to manage their care should they ever require assistance. The term, ‘age in place’, is an important consideration in post-retirement plans. People don’t want to be a burden to their children and a life care community means they won’t need to move in with a son or daughter should they become ill.
In post-retirement planning, moving to be nearer relatives is often a consideration. We often are considered by families who want to be near their adult children and grandchildren. Since South Florida is an ideal retirement destination, it offers great weather, less expensive housing and an affordable tax environment. Opportunities are vast for a variety of cultural, sports, entertainment options as well as excellent health facilities. These are great incentives to consider when thinking about post retirement.
It’s also important to get a realistic property valuation of your current home in planning for post-retirement. The same goes for other valuables as well like antiques, jewelry and art. For real estate, a real estate broker can provide property valuations and recent sales in the past year or two in your neighborhood. This will be a good barometer for you. As for valuables, professional antique dealers and appraisers as well as Ebay offer resources. Be careful when dealing with third-parties and before any major transaction, be sure to consult your tax and estate specialists.
While relocating to a retirement community may seem overwhelming;, communities such as East Ridge offer specialists to assist with moving. They understand that one’s existing home is a major obstacle to moving since it holds years of accumulated stuff as well as memories. We rarely hear people say they miss their former home once their move is behind them and they are settled.
Another consideration is thinking about how you will find fulfilment in post-retirement. If you are hoping to travel, pursue leisure activities, volunteer or have a post-retirement career, one needs to think about their happiness. One of many benefits found in a retirement community is the wealth of choices that residents have. From volunteering and exercising to entertainment, people find they now really have the time to pursue new interests that have been on their bucket list for years.
The bottom line is that post-retirement planning means putting your ducks in a row and spending the time to review your investments, lifestyle goals and the possibilities post-retirement offers.