5 factors you must consider before you retire


Post by: Eastlands Estate, 24 Oct 2018

So, you’re 50+ and starting to think about retirement. But do you actually know what that means? These days people talk about rehirement – remaining actively employed beyond retirement age; refirement – pursuing activities that offer financial reward, intellectual stimulation and provide for your emotional and physical wellbeing; and retirement – the traditional idea of putting your feet up and adopting a more sedentary lifestyle.

No matter which option you choose to fill up your days, there are a couple of things to consider before you hit 65:

  • What is the state of your personal savings? If you’ve been saving money every month, now is the time to look at those savings and see exactly what they can buy you in retirement. For example, if your pension payout is sufficient to cover day-to-day living expenses, you can keep your savings for a rainy day. This might be needed later to cover, say, medical costs when your care needs change. If your pension funds are not sufficient, you may need to dip into your savings for daily expenses.
  • Draw up a retirement budget: It’s a good idea to look at your current monthly cost of living, and add inflation to this amount to get an idea of future monthly costs. Don’t forget to take into consideration your present source of income, and how this will change after retirement. If your projections look bleak, you may want to consider adopting additional sources of income to supplement this amount, such as renting out a room in your home, turning a hobby into a sideline revenue stream, or downsizing your home or the number of vehicles used in your family.
  • Are you covered for future healthcare events? Private healthcare is expensive. As you age your healthcare needs will change – and along with that, the costs. Now is a good time to see if your current healthcare policies cover services like homecare, assisted living or frail care. If not, you might want to change or amend your healthcare plan, or put away extra savings to cover these eventualities. Remember, today’s healthcare costs will be much higher in future, so plan accordingly.
  • Plan your retirement: If you plan to continue working after 65, it’s business as usual for you. But do make time to relax a little more, because you will slow down as you get older (and that’s OK!). However, if you plan to go the refirement or traditional retirement routes, it’s good to know what you actually want to do with your time so you don’t feel you’re wasting it. A weekly plan that sets aside time for social engagements, mental stimulation and physical exercise will ensure you make the most of your time.
  • Do what makes you happy: It’s vital that as you get older, you actively pursue activities that make you happy. If you’re still employed, (try) make it a job you love. If you’re looking at retirement, be sure to include hobbies and fun activities that you really enjoy doing. And if it’s refirement you’re after, look at pursuing your ‘calling’ – that is living your passion, every day. It’s common for over 50s to reinvent themselves and adopt new lines of work or pursue their passions as income generators. If you no longer wish to work for a boss, but are not ready to retire, asking yourself what truly makes you happy might just provide the answer to your refirement ambitions.

 At Eastlands we have taken all these factors into account, and developed a retirement estate that allows over 50s to be socially, mentally and physically active, or just relax, if they want to.

 We have also considered the financial implications of retirement, and developed affordable upmarket homes that come with excellent security and access to advanced healthcare service for later in life, when our residents’ care needs change.

 Whether you’re looking at pursuing rehirement, refirement or good old retirement, at Eastlands we’ve got you covered.

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