broadacresv2-263jpg

Key things to consider ahead of your retirement

You’ve had your fair share of hard work, milestones and a lifetime of sacrifices – after spending decades dreaming about your golden years, your retirement is finally on the horizon.

But, planning your retirement isn’t all daydreams and daisies – there are some serious questions that you need to consider long before it’s time to enjoy your happy, care-free life.

If you’re a baby boomer on the brink of retirement, here are a few things to consider ahead of time:

Don’t leave it too late, plan ahead

You’ve lived a good life, you’ve raised a family and, lived through beautiful memories with them – now it’s time to put yourselves first and, plan your retirement before it approaches. The worst thing to do is leave your future to the last minute and, possible run out of savings when you need it the most.

Deciding on a retirement destination

Leaving your old home and deciding where to re-plant your roots is a tough decision for most retirees and, whilst the idea of retiring to the idyllic coast seems like the perfect answer to your retirement needs, it might not be the best option. When considering a retirement destination, some of the factors to consider include, proximity to loved ones, lifestyle needs, hospital care and other support networks.

Understanding the costs of retirement

Whether you’re purchasing a smaller home or moving to a retirement village with assisted-living services, it is a big step and of utmost importance that you understand the financial implications of your purchase. When comparing options, enquire whether moving into your retirement home will entail monthly levies, municipal rates, maintenance costs and, other future frail care fees.

Your healthcare needs to take priority

There’s no two ways about it – growing old is complicated and will inevitably lead to a need for proper healthcare. Whilst healthcare costs are on the rise, medical aid schemes are becoming increasingly reluctant to fork out the costs for frail care, resulting in a crisis of confidence for the retirement industry. It is important for retirees to consider the ever-increasing healthcare price tag attached to retiring.

A safe place to call home

One of the biggest concerns amongst South Africans approaching retirement age is physical security – and, in a country with growing crime statistics, the idea of becoming a target at old age is quite a daunting one. When choosing a new home for retirement, be sure to scrutinise the village’s safety policies and priorities when it comes to its residents.

Will your retirement savings be enough?

With inflation on the rise, a growing fear amongst middle income retirees are their retirement funds – is it enough? Whilst living a long life is a good prospect, it might not seem that way from a financial perspective and, whilst it is impossible to determine whether you will outlive your retirement savings, you can make the necessary adjustments, now.

If you’re considering a retirement village that places emphasis on the safety of residents, dignified specialist healthcare and, top quality lifestyle facilities – speak to a specialist at the internationally awarded lifestyle retirement village, Evergreen Lifestyle.

Visit www.evergreenlifestyle.co.za or call them on 087 808 7000.


Recommended

by NEWSROOM AI
Read More
5 ways to combat feelings of loneliness after retirement

5 ways to combat feelings of loneliness after retirement

When you retire from work, you retire from human contact. But, that doesn’t mean a happy retirement isn’t possible.

People issues in partnerships and what to do about them

People issues in partnerships and what to do about them

A new series of podcasts brought to you by Nedbank, offer assistance to those grappling with issues of partnerships in business.

How to look after your family (without letting go of your dreams)

How to look after your family (without letting go of your dreams)

Tips on protecting your future while meeting family obligations, by Lizl Budhram (Head of Advice, Old Mutual Personal Finance).

How to retire (or stop working for money) by the age of 40

How to retire (or stop working for money) by the age of 40

Warren Ingram recaps the principles “supersaver” Julia, a young client of his well on her way to financial freedom, is following.

Top tips for choosing where you should retire

Top tips for choosing where you should retire

For many, the retirement village life has become an attractive option. But what should you consider before making the investment?

Clock ticking and not enough cash for retirement? You still have options

Clock ticking and not enough cash for retirement? You still have options

There's a lot more to ensuring happiness in retirement, explains life coach Hilary Henderson and nursing sister Irene Mabanga.

Popular articles
[LISTEN] Pauli Van Wyk details how Malema benefited from VBS looting

[LISTEN] Pauli Van Wyk details how Malema benefited from VBS looting

Journalist at Daily Maverick’s Investigative Team Scorpio, Pauli Van Wyk details how funds were channeled to Malema and his party.

Zille: Quotas aren't an answer to multi-racial schools, more quality schools are

Zille: Quotas aren't an answer to multi-racial schools, more quality schools are

Zille says the few quality schools in the province are bombarded with applications because other schools are not up to scratch.

Discovery will give black depositors 10 percent equity of its tech-led bank

Discovery will give black depositors 10 percent equity of its tech-led bank

'Its going to be far more difficult for white people to claim to be the victims of discrimination' says Pierre de Vos.

[WATCH] Man glued to his phone, doesn't notice armed robbery next to him

[WATCH] Man glued to his phone, doesn't notice armed robbery next to him

Khabazela shares tweets and Facebook posts that have gone viral.

EFF 'deliberately feeding the public with disinformation.' - Ferial Haffajee

EFF 'deliberately feeding the public with disinformation.' - Ferial Haffajee

Haffajee was named by Julius Malema as being part of a group of journalists he called the 'Ramaphosa Defence Force'.

MyCiTi bus service fires eighty drivers

MyCiTi bus service fires eighty drivers

The decision follows a month-long unprotected strike which has disrupted the running of the service in the City of Cape Town.