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
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.