Things You Need to Think About When Considering Retirement

When considering and planning for retirement, people are interested in a wide range of topics that can help them navigate this new phase of life. We spoke to our residents here at Rangeford Retirement Villages and have compiled a list of some of the hot topics that are thought about for you to consider:

1. Financial Planning and Management

• Sustainable Withdrawal Strategies: How to withdraw from retirement accounts in a way that ensures the money lasts throughout retirement.
• Investment Strategies: Adjusting portfolios to balance growth with safety, considering factors like inflation and market volatility.
• Pension Planning: When to start taking a pension to maximise lifetime income.
• Tax Planning: Strategies to minimise taxes on retirement income.
• Healthcare Costs: Planning for private medical insurance, long-term care, and unexpected medical expenses.

2. Lifestyle and Well-Being

• Finding Purpose and Meaning: Discovering new hobbies, volunteer opportunities, or part-time work that provides fulfilment.
• Staying Physically Active: Exercise routines and programs that are suitable for retirees to maintain health and vitality.
• Mental Health: Coping with the psychological aspects of retirement, including loneliness, depression, or a loss of identity.
• Social Connections: Building and maintaining a social network to avoid isolation.

3. Housing and Relocation

• Downsizing: Deciding whether to downsize, sell the family home, and move to a smaller place or retirement community.
• Retirement Communities: Exploring options for 60+ communities, independent living, or assisted living facilities.
• Relocation: Moving to a different area for better weather, lower cost of living, or proximity to family.

4. Estate Planning and Legal Issues

• Wills and Trusts: Creating or updating estate planning documents to ensure assets are distributed according to wishes.
• Power of Attorney and Healthcare Directives: Designating someone to make financial or healthcare decisions in case of incapacity.
• Inheritance Planning: Strategies to reduce the tax burden on heirs and ensure a smooth transfer of wealth.

5. Work and Income in Retirement

• Part-Time Work or Consulting: Finding ways to generate additional income or stay engaged through part-time work or consulting.
• Starting a Business: Exploring the idea of entrepreneurship or turning a hobby into a profitable venture.

6. Travel and Leisure

• Travel Planning: Budget-friendly travel tips, best destinations for retirees, and managing travel health insurance.
• Bucket Lists: Creating and fulfilling a retirement bucket list of experiences and adventures.
• Voluntourism: Combining travel with volunteer opportunities abroad or near home.

7. Family Relationships

• Helping Adult Children: Balancing financial support for adult children with the need to preserve retirement savings.
• Grandparenting: Engaging with grandchildren, including navigating boundaries with adult children and being a positive influence.
• Family Dynamics: Addressing changes in family roles and responsibilities as one ages.

8. Crisis Management

• Unexpected Events: Planning for unexpected events like the death of a spouse, divorce, or significant health changes.
• Recession Planning: Strategies for protecting retirement savings during economic downturns.

These topics of course will differ based on personal circumstances and economic conditions. We hope you have found it useful to know that retirees often seek information on these subjects to help them lead a fulfilling, secure, and healthy retirement.

Here at Rangeford Villages, we create beautiful, aspirational places for residents over 60 to enjoy later life, in safe, secure and homely surroundings. We welcome communities of people who want to enjoy life to the full and guarantee that your friends and family will love to visit. Each retirement village is unique, with its own character and core amenities, creating relaxing, yet vibrant environments where new friendships are made, and everyone is welcomed. You can find out about each village here.

We know that considering a move to a retirement village is a personal choice that has to feel right for you. Our village sales advisors are always available at the end of the phone to discuss and talk through any questions you may have.