For most seniors, retirement years are an opportunity to relax and enjoy life after years of hard work. As such, they want to live in comfortable facilities with their close family or fellow seniors. Read this excerpt for some retirement living tips.
Tip 1: Retirement Living Options
There are various retirement living options to choose from. They include:
- Aging in place. This is ideal for seniors who want to continue living in their homes. More often than not, they will modify the property with rails and low-lying shelves to ease mobility.
- Age-restricted communities. These are apartments, cottages, mansions or villas designed for senior adults. They allow seniors to live independently in a neighbourhood of other seniors.
- Assisted living facilities. These are suitable for seniors that have pre-existing medical conditions that make it difficult for them to conduct daily chores such as cooking and laundry. These facilities have trained staff to help them with their house chores and address their medical needs.
- Nursing homes. These provide 24/7 medical care to seniors with chronic illnesses such as cancer, Parkinson's disease and COPD.
Tip 2: Finding A Suitable Facility
Location is a vital concern for most senior adults. While some would want to live close to their families, others would want to age by the beach. Some retirement living options will only admit people of a specific profession, sexual orientation or religion. You should also check the services provided at the facility. For example, while some age-restricted communities promote independent living, others will have nurses and cooks to cater to the needs of residents.
If you intend to purchase a flat or single-dwelling unit, it would be worthwhile to ask a conveyancer to examine the property and take you through the purchase process. The professional will negotiate the purchase price and ensure the purchase does not lead to future legal liability.
Tip 3: Financing
How will you raise finances to purchase, lease, or rent the unit? You could use your savings or superannuation fund. Alternatively, you could sell your current property and move into the facility. Seniors with an active income can qualify for a mortgage.
Tip 4: Moving In
Some facilities will have a waitlist. As such, seniors are encouraged to make their application a few years in advance. You should also check the terms and conditions of living in the facility. For example, are guests allowed to visit? Can you take your pet? Can you sublet the property?
Seniors have a wide range of retirement living options. Use the above tips to find a facility that suits your needs.