It can be a big step to decide to move to a retirement home, but it can also be a great opportunity to review your finances, lifestyle, and goals. The process of choosing a senior living facility lets you take a look at the many areas of your life and check in with yourself about your health, budget, and expectations for the future. Though it might seem overwhelming, it can actually be a refreshing opportunity to evaluate and get in touch with how you can have a better quality of life.
There are many reasons to move to a retirement community. Aging and health concerns, wanting to consolidate your finances, needing to move closer to family, or wanting to strike the right balance of independence and socialization are just some of the many reasons people pick a senior home. If you have felt isolated or lonely, notice you struggle with tasks that were once simple, have lost wait or are facing new health challenges, or are having a more difficult time managing your money, these are all signs that you could benefit from additional care.
When deciding if a retirement home is right for you, you’ll want to talk to your doctor about what kind of care you’ll need and what you need to do to best manage your health. Do you need medication reminders? Regular exercise? A smaller apartment that is easier to navigate? Shorter distances to walk throughout the day? Companionship to alleviate depression? These are qualities you may want to look for in a senior care facility.
You will also want to talk to your financial planner about how a retirement community will fit into your budget. You’ll want to consider how much per year you can safely withdraw from savings, what assets you have that you might need to sell or reinvest, and where property values are at. It might be a good time to refinance or rent out your home to take care of any lingering debts or loose ends. In fact, if it’s been a while since you checked in on how your financial arrangements from the beginning of retirement are faring, this could be a great excuse to do a little account maintenance.
As you consider whether you are ready for a retirement home, it’s also worth looking into how this will help you achieve other goals for retirement, like being able to travel, spend more time with loved ones, or pursue favorite hobbies like gardening or enjoying music performances. You might find it’s easier to get out and do the things you love with friends than it is now, when you might be struggling with using the car, having to drive longer distances, or you feel bogged down by general chores.
Making the decision to move to a senior living facility is a wonderful opportunity to make a proactive step toward the retirement you always envisioned—one where you are healthy and well cared for, enjoying life, and surrounded by friendly faces. By picking a retirement home lifestyle, you can improve your medical, financial, and emotional well being in one fell swoop. Whenever you are ready, it’s the perfect place to spend the next phase of your life.