plan your retirement

This post is brought to you in part by McCarthy & Stone:

Issues related to retirement and age can be difficult to broach with older relatives, and many families prefer to bury their head in the sand rather than tackle these issues head on. While it is impossible to know what tomorrow might bring, there are certain challenges that commonly afflict our later years which should be considered.

Concerns about outliving your money
While we would all love to live long enough to celebrate our 100th birthday, this isn’t always possible. Concerns that we are going to outlive our money are common and many worry about how they will support themselves in their later years. This is why planning for our financial future is of vital importance. When you retire in your mid-60s you might feel as ‘fit as a fiddle’ and ready to embark on an adventure traveling the world. Affording such an excursion may not be quite so simple.
This is where options such as an equity release come in handy and an equity release calculator can help you establish how much money you could free-up from your property. This is a great way to give yourself the money to do what you want and many see it as a viable way of supporting themselves financially. While some may express concerns about losing precious memories, the truth is these recollections reside in our minds and are not confined to the premises in which they were created.

Moving into a smaller property
This fact is one of the main reasons why a number of elderly people still choose to downsize their properties as they age. Whilst your family home may have seen a lot of important events over the years, maintaining a large property in your later years can be difficult – especially if you begin to suffer from mobility issues or other common ailments.

The truth is that although you may have no problem cleaning, maintaining and paying for your house now, 15 or 20 years from now it might be a different story.
Exchanging your current property for a smaller one or even a later living apartment can be a sensible move. Not only will you have less maintenance to worry about, but your financial concerns will be diminished too. Some later living apartments, such as those provided by McCarthy & Stone, even provide guest accommodation so you can create new memories with your friends and family – whatever your location.