As our loved one’s approach retirement, ensuring they continue to have a comfortable and fulfilling lifestyle is the number one priority. Retirement should be an exciting phase of life. Planning and considering all areas of retirement properly can help your older relatives to embrace a new chapter fully, so that it can enjoyed carefree, without stress and concerns.
Supporting your parents in retirement living planning involves careful consideration on various factors, from financial preparation to lifestyle preferences. And remember, it’s never too soon to start organising downsize plans to create the active retirement they want. Here’s a step-by-step guide with 10 ways to help your parents plan for retirement living:
Start Conversations Early
Initiate open and honest discussions about retirement plans before your parents reach retirement age. And there is no better time than the new year to take control of the retirement future they want to enjoy.
Your parents may want to make a significant move before retirement, so they are already settled when retirement comes. Burghley Retirement Living developments are designed for people with active lives aged 55 years and over, whether owners are retired already or not. Your parents can still downsize and move into one of our luxury apartments now, in readiness for the future.
If you are to help parents or older relatives plan their retirement, it is crucial that you understand their goals, preferences, and concerns regarding their living and financial arrangements during retirement. These conversations lay the foundation for effective planning.
Assess Financial Security
If you are financially savvy, you can assist your parent to assess their financial situation ahead of retirement. Alternatively, suggest that they review their finances with an independent financial advisor to check they are on track for the retirement they envisage. Review savings, investments, pensions, and any retirement accounts to create a comprehensive retirement plan aligned with their income and expenses.
Explore Living Options
Discuss various retirement living options based on their preferences and needs. These could range from aging in place (staying at home with modifications for safety and accessibility as your parents age) to downsizing to a smaller home or moving to a retirement community such as Burghley Retirement Living. Depending on their age and mobility you could also explore assisted living facilities or have a retirement living apartment adapted to suit their needs.
At Burghley Retirement Living we have a number of luxury retirement properties that are ideally suited to independent living within a community of like-minded residents. All our properties are modern, fresh, and inviting, with onsite managers who take care of the day-to-day maintenance, organise social events, and offer a daily contact call with owners which can provide peace of mind to relatives.
Research Retirement Locations
It’s not just the physical living space but the locality that is important when considering a retirement move. Long-term, it is beneficial to be close by to local amenities (within walking distance or on a bus route). Even if your parents can drive now and are very independent, there may come a time when feeling connected to the local community is vital for their mental and physical well-being. That’s why Burghley Retirement Living builds its retirement communities within local communities – so accessing services is easy. And don’t forget, you can visit our developments before you commit to anything and meet the lodge manager and other owners.
Research and visit several options together. Look for amenities, healthcare services, recreational activities, and the overall atmosphere that aligns with their lifestyle choices. Very often the right place will give you a ‘feeling’ but it’s important to make a practical check list too.
Address Health And Long-Term Care
Discuss health care needs and potential long-term care considerations. If your parents have the resources, it’s worth exploring life and critical illness insurance options that cover healthcare expenses and long-term care services. This will ensure your parents are adequately prepared for any unforeseen medical issues.
If they have a niggling or ongoing health issue, now is the time to fully tackle it, finding the best way to rectify or manage it for the longer term.
Delve Into Legal And Estate Planning
Encourage your parents to create or update legal documents such as wills, trusts, and healthcare directives. This is a statement explaining what medical treatment they would or would not want to have in the future. Make sure that they consult with a solicitor to ensure their wishes are legally documented and can be followed easily.
Power of attorney is one of the most important conversations you can have with an older relative. It’s vital that this is in place should you need to step in and make decisions for your parents around their care in the future.
Offer Emotional Support For The Transition
Recognising that the transition into retirement living can be an emotional challenge is important for your parents. It acknowledges their feelings and can help them to process and negative emotions around the transition.
You can help them by offering support. Listen to their concerns and involve them in decision-making to maintain their sense of control and autonomy. It often helps to also talk to other people who have made a similar move.
Encourage Social Engagement
Emphasise the importance of social connections in retirement to your parents. Encourage participation in community activities, clubs, or volunteering opportunities to foster a sense of belonging and purpose.
If your parents are moving to a retirement apartment like a Burghley Retirement Living property, then there will be a programme of events that encourage social interaction and forging friendships. Your lodge manager will be able to share the list of upcoming activities so you can help your parents to plan their social calendar and what to do with their newfound free time.
Schedule Regular Reviews And Adjustments
Just like anything in life, retirement plans may need adjustments over time in line with external factors and your parents’ own changing situation. Make regular check ins to assess your parents’ needs, preferences, and financial situation. You can plan any necessary adaptations to ensure their comfort and well-being.
Adopting Self-Care For Caregivers
Finally, remember to take care of yourself. Assisting your parents in retirement planning can be emotionally taxing. Change is difficult in any phase of life. Seek support from other family members when needed – if you have siblings, it should be a joint task rather than falling to one person’s shoulders.
Engaging the services of professionals when needed can take any emotional charge from the situation. Remember to prioritise your own well-being so that you are in the best shape to look after your older relatives.
By actively engaging in discussions, understanding your parents’ needs, and assisting in planning, you can help your parents to transition into retirement living with confidence and ease. Ultimately, supporting them in this phase of life can foster peace of mind and a fulfilling retirement experience.