Independent Living Retirement

Independent Living Retirement is an option many seniors select for their residence in the later years or sometimes the beginning of retirement. Where you decide to live after you retire is something to plan ahead about because there are many different options each with its upside and downside. You need to know you have the financial means to live where you want and how you want. That is why it is vitally important to discuss the matter and plan it out with a good financial adviser.

What is Retirement

Your choices for retirement will be affected by what you consider to be retirement. There are as many definitions of retirement as there are retirees. How independent you are or can be will affect that decision. The stereotypical view is to move to Arizona or Florida and golf every day. But that just isn’t appealing to some or available to others due to heath or finances. Some want to buy an RV and travel around North America and others like living near their grandchildren. Some want to stay independent and live on their terms and others may want more assistance in their golden years. Some go back to work at jobs they’ve always wanted to pursue but didn’t want to live with the pay of entry-level work. And others enjoy living on the beach, watching the sun set. And independent living retirement is just one of many options to consider for your golden years.

What is Independent Living

Independent living retirement is a special living arrangement for seniors. It is best for retirees who only need minor assistance with their daily living tasks and don’t want to worry about the upkeep and maintenance of a home or condo. Since Independent living retirement is usually in a community with other seniors with whom you can interact and socialize. And many independent living retirement communities have activities appropriate for seniors ranging from field trips to card game tournaments. Housing in Independent living retirement communities is generally designed with seniors in mind being smaller and easier to get around. It may be wheelchair accessible. Cupboards are designed for those who may have mobility problems or not be able to reach high above their heads. It allows you to be independent yet have a safety net in case it’s needed.

Other Considerations

If you need more assistance, you may want what is called assisted living. This is more appropriate if you need assistance with daily tasks such as bathing, dressing, cooking food but don’t need twenty-four hour nursing or medical assistance. It is obviously less independent that other options. The assisted arrangement usually is in apartment-like buildings with limited kitchens or it could simply be a room with a bathroom and no kitchen facilities, depending on how much assistance the resident needs. Cost varies by location and by the amount of assistance needed. This is why it is never too early to plan to have the financial ability to pay for the worst case scenario. Talking to your financial adviser is a great first step.

Independent living retirement is a great option for many seniors in their golden years. Retirement is supposed to be when you reap the rewards for years of hard work. Being independent but with the back up a help when needed can be a great feeling. The costs are reasonable but should be considered while doing financial planning. You have or will probably spend forty or more years working hard and you want to enjoy your time off after work. You want to keep your options open and that means the right financial instruments to keep your finances secure. A good financial adviser will know what needs to be done and how to do it. The amount you set aside each month for your nest egg will depend on when you plan to retire. If you choose an independent living retirement you will need to have the financial resources needed.

Many seniors are confused by all the options available to them. But a little research and time talking to loved ones can help clear up the confusion. Independent living retirement is just one of many options that seniors can choose from if they have the financial means. While it is not expensive it can cost more than simply staying in the same house you raised the children in. That is why it is vitally important to plan ahead and ensure you have the financial means to do what you want in the time after you stop working. Yes, you may wish to hang glide in the Andes or you may want to live in a senior home. Either way, it will require money and for that you need to plan ahead with the help of your financial adviser.