10 Things to do before you retire

As your retirement years creep closer, you may be wondering what you need to do to prepare. Here is a helpful list of things to prioritize if retirement is on your horizon.

1. Decide how you are going to spend your time. What are you going to do during the first six to 12 months in retirement? And what do you plan to do for the rest of your retired life?

2. Determine realistically how much money you will spend each month. Remember to include random expenses like birthday gifts, holidays, special outings and emergencies.

3. Anticipate the cost of health care. Once you retire you will have no employer to pay all this for you, it’s all up to you.

4. Buy long-term care insurance. Now!

5. Refinance your mortgage. Many people are surprised to find out that they either cannot borrow money after they retire, or they are forced to pay higher rates.

6. Boost your cash reserves. Always try to make sure that your rainy day fund is enough to cover at least six months’ worth of expenses.

7. Evaluate your sources of income. You have already figured out what you’ll spend on a monthly basis, now figure out where that money will come from.

8. Revise your investment strategy. The way you have dealt with your investments over the last 30 years is not how you should handle them for the next 30. When you prepare for retirement you should be focused on asset accumulation, but when you’re in retirement you need to focus on income and on keeping up with the increased cost of living.

9. Review your estate plan. If you don’t have your will and trust – get them! These documents can protect you and your assets while you are alive and benefit your spouse and children when you pass on.

10. Perhaps the most important thing of all. If you are not excited to retire, then don’t. Many people quickly become very bored after retiring. It’s okay to return to school or work. Many people choose to do this.

Some of the things you should prioritize before retirement, you may have already started or completed, and others you may not have yet given any consideration. So make sure to do these ten things before you decide to retire.

At Pinelands Grove Retirement Village, we can provide you with the perfect senior community establishment you desire where you can enjoy the finer elements of life.

How to choose the perfect retirement community

There are plenty of factors to consider when researching which retirement residence may be best for you. Nowadays, you have plenty of options to consider – from residences that offer independent living options, to homes that provide care and support for individuals who require assistance with daily living. 

While it may seem like a difficult decision to choose the right retirement community, there are simply ways to narrow down your choices and find the perfect home that best suits your needs.

What is most important to you?
When you visit different retirement communities, always ask yourself: Which services and factors are most important to me? You should make a list of amenities or facilities you would like to see in your senior living home – such as exercise facilities, salon, library and outdoor spaces – to help decide which retirement home is right for you.

Research
Before you choose which retirement community is best equipped to meet your needs, always review all your options! Independent living is a great choice for you if you do not need daily assistance, but would enjoy the convenience of light services, programs and amenities. For those of you who would need to have caregivers nearby, assisted living or extended care homes may be the best option for you. These residences, like Pinelands Grove Retirement Village, not only have the same resources as independent living residences, but offer customized support from high quality care staff.

Find the best location
Determining the best location can also be a deciding factor when determining which retirement residence best suits your needs. Majority of you will most likely choose a retirement community close to your family, probably in the same city as your children or easily accessible by public transport. Another factor is how attractive the location is; fortunately for you Pinelands Grove Retirement Village is nestled into the leafy suburb of Pinelands with the majestic Table Mountain as a backdrop.

Pinelands Grove Retirement Village may be the perfect choice for you, contact us for more guidance and support when it comes to choosing the right retirement residence.

Why is it important to save for retirement?

Whether you are 25, 40 or 60 years of age, it’s an important factor of life to plan for retirement. If you aren't planning, then you definitely should start! If you are one of those people who don’t understand just how important it is to plan for your retirement, read on and your outlook will certainly change…

The main reason why you should save for your retirement is because – it is your life! And if you want to have a great quality retirement lifestyle than you need to make sure that the money you save will have a profound impact on how your life is lived.  Do you have any dreams and goals? Typically, retirement is the best time to meet your goals and transform your dreams into reality, but you can only do this if you are financially prepared.

Another important reason why you should start saving early for retirement, is for your children. Even if you are in your twenties and single, remember that there may come a point in your life when you want to have a family. If you don’t properly plan and save for your retirement you could put a huge burden on your family. As a parent it is your job to protect and care for your children, not cause them to face their own financial difficulties because they must pay for your retirement expenses.

Saving a head for your retirement can also help to ensure that you are cared for. This is important for you in terms of your health. There comes a point in everyone’s life when his or her health starts to worsen with age, it’s just a fact of life and you can’t avoid it. While it’s true, yes, you may be able to live on your own and care for yourself when you first enter your retirement, there may come a point in time when you can no longer do so. If and when it comes to that time, ask yourself: “Am I financially prepared?” “Can I afford the cost of long-term care?” The cost of care can be expensive and it should be included in the cost of your retirement; therefore, you should probably start saving now!

You don’t want to keep on working once you have decided it is time to retire. Some people who are unprepared for retirement often keep on working or later return to the workforce, is this really something you want to do? Also always keep your age and health in mind; it is highly unlikely that you will be able to work until you die. That is why you should start saving right now; you can’t generate income for yourself forever...

There are plenty of reasons why it is important to start planning and saving for your retirement right now, but always remember that your life is in your own hands and only you can make your own happiness.

At Pinelands Grove Retirement Village your desire for gracious living in an attractive location is not just be an aspiration, but a reality. Nestled into the leafy suburb of Pinelands with the majestic Table Mountain as a backdrop, healthy living and wellness in a safe, secure environment has been uniquely created for you. A new standard of retired living comes to life in a vibrant community establishment. Here you can enjoy the finer elements of life.