CHOOSING WHERE to retire is one of the most important decisions a person will make in their lifetime. With many retiring in their mid-60s and human life expectancy at the highest it's ever been, the odds are that retirees are stuck with the retirement living option of their choice for at least a decade, if not more.
Moving is stressful at any age, but it becomes much harder when you're older.
To avoid this stress, some stay in a home that they're unhappy with-an outcome that is truly devastating considering that these are meant to be the 'Golden Years'.
In making a decision about where to live, many retirees focus on the obvious considerations: well-trained staff, adequate healthcare facilities, comfortable rooms, and affordability. These factors are important, but given the weight of this decision, it's necessary to 'go deeper'.
There are certain 'hidden factors' that play an equally important a role in improving quality of life, and possibly even extending it. Careful consideration of a retirement home can make all the difference.
It's therefore important to choose a retirement living option that ticks all of the following boxes, not just the obvious ones.
1. Community
As people get older, it is almost inevitable that their social circles will shrink. To avoid the negative physical and mental health implications of isolation, retirees should determine if the retirement living option they're considering has measures in place to promote social interaction.
Denne historien er fra November 2022-utgaven av Personal Finance.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra November 2022-utgaven av Personal Finance.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
'Hack' your money psychology
Spending too much money? Tempted by sales? These money psychology hacks’ can help
Accounting tips for small businesses
It's important to properly manage your business finances
KIDS AND MONEY: FIVE WAYS TO START THE CONVERSATION
WHEN IT comes to teaching young children about the world, parents may feel that some topics—like politics and religion—are too tough to broach.
REDUCE THE PAIN OF DOWNSCALING
Investing in a holiday home as a retiree
THE RISKS INVOLVED IN INVESTING
Finding the balance between eating well and sleeping well
TESLA: WHY IT MIGHT BE TIME FOR MUSK TO GO
What 2023 holds for the electric vehicle company
FINDING SOMEONE TO STEP INTO YOUR SHOES
The Eskom crisis demonstrates again the importance of proper succession planning—loDSA
BORROWING MONEY ISN' ALWAYS A BAD THING
On the contrary, debt can be a sensible way to build wealth
WILL SOLAR POWER INCREASE THE VALUE OF YOUR HOME?
The upfront investment is high, which you'll want to recover when you sell
WHERE NEXT FOR THE GLOBAL ECONOMY?
Why central banks face an epic battle against inflation in 2023