On top of the often emotional process of making the transition from your home to retirement living, there’s also plenty of logistics to consider – government entitlements, financial goals and future care options to name a few.
Downsizing and moving into a retirement community is an important decision, and it can be stressful – so it’s vital that you’re the most prepared you can be.
The team at Bravien Financial Advisors have some helpful tips on how to successfully plan for the big move:
- Find the retirement living community that is right for you: Is it in the right location, does it have the activities you enjoy, and do the other residents want to live the same type of lifestyle as you?
- Understand the financials: Crunch the numbers and ensure you’re aware of not just the financial risks but also the benefits of a move to a retirement living community.
- Understand the legals: With recent changes in legislation, the legal documents are more transparent but still can catch you out. You need to understand what your rights and responsibilities are and understand what you’re signing.
- Be excited: A move into retirement living means no more home maintenance, freeing up capital, and an improved lifestyle.
“Many seniors don’t seek specialist financial or legal advice, only to come unstuck when something happens”, said Bravien’s Shaun Akroyd. “I find that people who seek advice are informed about the decisions they are going to make, the benefits and also the risks, and are very happy with their move.”
If you want to discuss your retirement goals with an expert (or just need some help getting through all the jargon), you can talk to a financial advisor like Bravien.
And if you’re not sure where to start looking for the right community for you, you can start searching on villages.com.au.
