Christmas is a time when families get together and catch up after a busy year.
It’s a time for celebration and fun, but having the family in one place is also an opportunity to discuss the future. If you’re over the age of 55 or 60, it’s a good time to cover the subject of the future and your retirement plans.
How to talk about your retirement plans
Do you feel like it is time to put together some retirement plans and consider relocating to a seniors community? The good news is there are lots of options.
For one, you don’t have to relocate to a retirement village straight away. When you are in the early phase of retirement, you can opt to move to an apartment or unit that is easier to manage. This can be anywhere; in the country, by the sea or in a trendy urban village. You can find a place with security, lift access and undercover parking that will make life so convenient. You may also be able to access home care to make life easier in terms of managing cleaning and personal hygiene.
If you have a large family, it may be best to speak with one or two members to start off with. You don’t want to feel railroaded by differing opinions for your retirement plans. Listen to what your family members have to say and be open to suggestions and compromise. You will feel good to start the new year off with a strategy in place.
Be clear in your mind about what you personally think will work, and Include the following topics in your discussions:
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Retirement planning
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Selling the family home
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Relocating
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Super and retirement funds
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Power of Attorney
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Guardianship and making calls about your health
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Your Will and the division of your assets
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Trust funds
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Your funeral wishes
Remember, you don’t have to make a big change in a very short period of time. You can work with a real estate agent to come up with a plan to sell and downsize your home. Your financial planner can help you make money-based decisions relating to your retirement plan and your lawyer can help you and your family to come up with a plan about power of attorney, guardianship and asset distribution.
Why talk about your retirement plans?
Even if you think retirement is a few years off, Christmas is a good time to have some conversations about the future so your family knows what you have in mind. You may even be able to open the door to new ideas and opportunities, for example one of your adult children may be interested in buying a property with you, either to live in together or with a ‘granny flat’ in the backyard. This can be a great solution to save everyone money and keep you close together.
You could even explore purchasing a block of land and building a duplex, which is a good way to invest and build capital.
Having discussions early can also prevent disputes and disagreements. For example, if you make it clear to your family early on that you plan to sell and downsize when you retire, and invest your money so you can afford quality aged care in later life, it’s a good idea to have them on board early. You and your family can also discuss ongoing care; for example, is one of your children willing to have you live with them when you reach later life?
What’s important is to keep your health, comfort and safety in mind. By downsizing, you can look forward to your retirement and spend Christmas in a new place that is easier to manage as well as potentially being closer to family.
IMPORTANT: Any tips or advice contained in this article are general in nature and you should always seek professional advice from expert advisers about your individual situation before making significant financial decisions.
