There certainly isn’t a hard and fast age for retirement that makes sense for everyone. When it comes down to it, finding the right time to retire is a combination of your values, interests and financial planning. Retirement living communities often top the list of considerations for retirement life as they allow you to combine your living arrangements, a social network and options for additional health and wellness support.
However, before you start touring retirement communities or retirement homes in Oakville, you really need to spend some time thinking about when you’d like to retire and determining the type of retirement lifestyle you want. Taking an active approach to planning can often result in being able to retire earlier than you thought, or at least being able to formulate a concrete plan so that you know the retirement date you are aiming for.
Figuring Out What Retirement Means To You
Would you choose to downsize your lifestyle if it meant you could retire earlier? Or would you rather work a few more years so that you can maintain a higher standard of living, even in retirement? It comes down to what sounds ideal for you.
It would be very nice if someone was able to provide a simple answer as to when you should retire and the funds you’ll need, but you really need to work through your individual budget and expectations on your own. If you’re looking for guidance, it may make sense to meet with a financial planner that you feel comfortable with to help calculate the amount that you likely need to afford your desired retirement.
For those thinking retirement living communities may be a part of their plan, here’s what you should take into account when trying to decide on the right community:
- What size suite would be right for your needs? Do you still want to cook?
- What are the costs and options for different meal plans? Can you bring guests into the dining room?
- Do different retirement homes offer different levels of support? If so, what is the difference in cost?
- What type of activities is available in different retirement communities? If you reach out and connect with retirement homes in Oakville make sure you get a sample of what their recreation and leisure schedule looks like to see if it matches your interests and hobbies.
As you start to really think about retirement, see if it’s possible to put some plans into action to help you move towards your final retirement vision. For example, is it possible to go down to working part-time before you retire completely? No matter when you officially retire, recognize that it is a major life change and will require a significant adjustment period. However, the more time you spend preparing and planning for retirement, the more likely you’ll feel confident in your decisions.
Queens Avenue Retirement Residence Makes Balanced Retirement Possible
Queens Avenue Retirement Residence offers a balanced approach to retirement. We offer our residence the independence they crave while still helping to support their health and wellness needs through our programs and services. We invite you to set up a tour and to meet with us to find out why our retirement community may be just what you are looking for. Contact us today.