Retired Life

With the proper preparation, the choices made for retirement living can create a rich chapter in anyone’s life.

First Steps

If you haven’t the foggiest idea what really appeals to you, try taking this interesting quiz provided by the AARP. The AARP constructed the quiz from its “Beyond 50” research on livable communities.

Uncovering what matters most to you is the key to enjoyable retirement living. Taking a quiz like this may be for fun initially. However, if there are factors of high importance that your community doesn’t provide your answers, plus an honest financial evaluation, can help you decide on what steps to take next.

Determine Your Financial Future

Most retirement planning books focus on managing your finances as best as you can. While this may seem to be a one-dimensional look at retirement living, monetary health is just as important as physical health if you want a certain quality of life.

Demographic changes are encouraging, for more and more businesses are multi-generational, gaining from the experience of senior workers. Other people view retirement as an opportunity to start a new business, not only to stay active, but also to try out a longtime passion, and of course, secure income for a longer period of time.

The choice to work for income during retirement or to enjoy yourself in a variety of other ways is strictly up to you. Organize your finances in such a way that you can afford to do what pleases you most.

Options for Retirement Living

Deciding where to retire and what this new phase of life will involve requires a breakout of many factors. This overview is just a nugget of information, but hopefully it will help you start thinking about priorities that will enhance your retirement living.

Staying in the Neighborhood

Pros:

• Familiar environment, friends, and resources
• No need to move
• Possibly more financially stable
• Place for family to return to

Cons:

• Upkeep on current home
• Neighborhood changes may not suit retirement living
• Inability to live alone/be a caregiver

Retirement Communities

Pros:

• Plenty of accompanying amenities
• Homes are more “senior-friendly”
• Like-minded individuals with which to associate
• New environment, new way of life

Cons:

• Different, sometimes greater, housing/living costs
• Probability of moving and downsizing
• “Cookie-cutter” environment

Feathering a New/Seasonal Nest

Pros:

• New environments to explore
• Can change locations for better health
• Home base already established
• Refresh with new places, new faces

Cons:

• Requires stringent financial planning
• Possible upkeep of two residences
• Likelihood of living “out of a suitcase”
• Reinventing life in temporary community

Living with Family

In many cultures, it's customary for elders to live with younger generations. Surprisingly, this is not always because of financial or health necessity. But many American seniors want to enjoy independent living for as long as possible.

However, if health or financial circumstances dictate living arrangements, and a retirement home just isn’t an option at the moment, staying with family may be a viable solution. There are many preparations to make with this plan, however, including alterations to the family member’s home and lifestyle, so start conversations early.

Additional Resources

The Financial Planning Association offers some helpful guidelines to common senior financial issues.

The book Your Retirement, Your Way, by Alan Bernstein and John Trauth, encourages the exploration of personal style to define the perfect retirement.

This CNN article takes an interesting look at senior co-housing developments, a growing popular retirement living alternative.