Retirement Living Planning
We all know that planning for retirement, meeting with a financial planner, and understanding the expenses associated with retirement are important to ensure your lifestyle is all you hope for, during retirement. In this article, Retirement Living Planning, we reveal the five things you should evaluate to make sure that your living arrangements meet all of your expectations.
How Long Will You Live?
While no one can answer this question for a certainty, the probability and statistics show that we are all living longer lives. For example, if you saved $5 Million for retirement and only needed it for 5 years, your lifestyle would be very different than if you had to stretch that money to accommodate 25-35 more years. So, it’s important to plan wisely for income and expenses that can support a longer life span.
What Does Retirement Look Like For You?
Have you saved up enough money to have the lifestyle you desire, in retirement? Will you be able to retire early, or will you need to wait it out? Will you be able to live and play on a golf course day in and day out, or will you need to consider some alternatives or sacrifices? All of these questions will influence the amount of money you will need to retire.
What Type of Community Do You Want to Live In?
You will want to review the housing and health care options available and the types of expenses you should incorporate into your retirement plan. One innovative concept, a co-op retirement community, may offer many financial benefits. Instead of ‘renting an apartment,’ at an assisted living facility, you may have many of the same tax benefits as owning your own home, but without all of the ongoing maintenance issues. To learn more about this option, contact Baywoods of Annapolis today! Baywoods is a co-op retirement community located on the beautiful shores of the Chesapeake Bay!
What Happens When Your Health Begins to Decline?
It’s not something any of us want to think about, but we must accept the fact that we will all grow older. Part of the aging process requires us to plan for a living environment that can take care of us when our health declines. This part of the retirement plan includes developing a strategy for long-term care, legal matters, and any income that may be required. An Estate Planning Attorney can be an invaluable advisor on matters like these.