Preparing for “the future” is dramatically different than preparing for “a future.” What a difference a little word makes! Seniors quit preparing for the next chapter of life. They stop thinking that there is a future and, consequently, they are on automatic pilot.
We plan for the future all our lives. We plan to go to school, go to work, get married, have children and grandchildren, and retire. And when that happens, often the planning stops. We slide into this phase of maintenance and hedge our bets against calamity without really thinking about it.
Planning a future means embracing curiosity. It means not leetting the calendar dictate whether or not your have something meadingful to contribute. It means consciously and joyfully deciding that there is still more road ahead, and it's worth paving.
A future doesn't have to be big or bold...it just has to be yours!
Don't Be Vague About Your Plan To Downsize
Deciding where you want to live in retirement is an important step. If you want to downsize, decide when you'd like to make your move and research exactly where you want to relocate to.
Look at home prices in areas you think you'd like to live. Would the difference in cost, factoring in all the associated costs of buying and selling, give you the financial cushion you were expecting?
Consider what type of home will work for you (such as a low-maintenance condo) as well as what services you need. Will your healthcare providers be easy to get to? Are family and friends close? Are there community and recreation centers close by?
If you plan to move to a retirement community, research the costs of places you think you'd like to live and check out whether you'd need to add yourself to a waitlist. If so, set a date at which you'll evaluate whether it's time to do so.
A retirement plan isn't one size fits all. Your specific needs and wants will determine what your plan looks like.
If you've decided that you'll sell your home as part of your retirement plan, but you haven't taken further steps to lay out where you'll live, don't wait to put a plan in place.
It will relieve stress for you and your loved ones if you make a retirement plan that factors in your needs, as well as the potential for the unexpected and lets you live your golden years in a way that best suits you.
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