Retirement is a stage in everyone’s lives that they must prepare for. Even though it is a widely relatable experience, having to prepare for retirement yourself can be simultaneously exhilarating and terrifying. As you will live on a fixed income, it is essential that you have a detailed and realistic retirement plan that can support you for a long time.
Discuss Your Vision for Retirement With Your Spouse
It is more common than you think that partners don’t share the same expectations and preferences for their retirement lifestyle, which is why communication before making decisions is key. Having an open and honest discussion about your wants and non-negotiables with your partner could lead to a compromise that is ideal for both of you. For example, an individual may want to slow travel across all continents while their spouse may want to simply spend their golden years next to friends and family. There is nothing wrong with either, but what’s important is working together to map out a realistic life of leisure you two can enjoy. A few questions you may want to lead the discussion with include:
- When and where do you want to retire?
- What does your retirement lifestyle look like?
- How much retirement income do you anticipate earning?
- What are your current and future health care needs?
Estimate Your Retirement Expenses
Finances can be tricky when it comes to retirement. If you’re losing sleep over running out of savings or needing a drastic lifestyle shift to significantly cut down on your retirement, it’s comforting to know that you aren’t alone in this as it is one of the top worries for adults from all generations. Since many people don’t have an accurate sense of their expenditure daily, it becomes exponentially more overwhelming to estimate how much one needs for retirement.
A rule of thumb is to expect yourselves to spend somewhere between 55 to 80 percent of your pre-retirement income. Don’t forget to factor in the impact of health care needs on your overall retirement savings as well, and that this may evolve as you grow into your 60s, 70s, and 80s. Unexpected expenses like insurance can eat away at your hard-earned savings if this isn’t properly planned out.
Plan for Cost-Effective Housing
Regardless of whether you’re planning to downsize, move to a senior living community, or stay in your current home, this will likely play a starring role in your budget. Explore what works best for you in terms of your finances – aging in place, nursing homes, or retirement communities are all great options to research. Retirement communities are also one of the most ideal options for retirees as you need not pay for utility or maintenance bills, they offer plenty of conveniences you cannot find elsewhere. It is possible for you to live out your retirement dreams, and the 10-years-left mark is not too early to assess your retirement prospects.
Why Choose The Park Oak Grove?
Our senior living community boasts top-notch amenities and high-quality programs that are unique to The Park Oak Grove. We also offer residents endless opportunities to maintain a socially and physically active lifestyle according to their preferences.
If you have any inquiries about our range of services, don’t hesitate to contact us today.