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Have You Considered the Different Retirement Living Options Available to You?

Introduction

There comes a time for most when different retirement living options need to be considered.

Here we examine the most common ones:

Downsizing your home or relocating

Modifying your existing home and

Independent & Assisted Living Arrangements

Different Retirement Living Options

Downsizing or relocatingDownsizing Your Home or Relocating

When you’re considering downsizing or relocating, it’s important to consider the financial implications of your decision. However, there are other factors that should also be taken into account.

  • Financial considerations: How much money will I save by downsizing? What are the tax benefits of moving? How much will it cost me to sell my current home and buy another one (including real estate commissions)? Will my new mortgage payment be less than what I’m paying now?
  • Non-financial considerations: What type of lifestyle am I looking for in retirement? Do I want to live alone or with others? Do I want a house or an apartment building with amenities such as swimming pools and exercise facilities onsite? Do I prefer urban life over suburban living or vice versa; rural living over either urban or suburban areas; etc.?

Whichever option/s you are leaning to, fact is that well-constructed and thought-through retirement planning strategies will be integral to your success in achieving your retirement goals.

You might like to read our article – “Comfortable Retirement Lifestyle Insights” as it may help you in your decision-making process too. Additionally, the link here provides some insights into Australian Retirement Standards.

Modifying or renovating your existing homeModifying Your Existing Home

Modifying your existing home can be a great way to make it more accessible, especially if you have a lot of money tied up in your house. There are many different types of modifications, but some common ones include:

  • Adding an elevator or ramp
  • Widening doorways and hallways
  • Installing grab bars around the toilet and bathtub/shower area
    Modifying your home will also give you access to other benefits that might not be immediately apparent–for example, if you’re planning on selling your house someday (or even renting it out), having these types of modifications done may increase its value.

different retirement living optionsIndependent & Assisted Living Arrangements

Have you considered the different retirement living options available to you?

If so, then it’s likely that you’ve thought about moving into a retirement village. Or perhaps living in an aged care home is an option that you’re considering.

While both of these options are popular and have their pros and cons, there are other types of housing available for seniors that may be more suitable for your needs.

How A Wealth IQ Adviser Can Help You With Your Retirement Planning

Wealth IQ advisers are highly qualified professionals who specialise in:

Tony Skinner - Founder and Senior Adviser

The Wealth-IQ Group, led by Tony Skinner, is a professional, holistic financial services company, based in Adelaide South Australia, with well over 35 years of experience. Therefore, we understand that our relationship with each client will be built on trust, integrity and professionalism.

To learn more about the services we offer, please take a look at our website.

The Wealth-IQ Group is committed to providing you with the best possible service, and we are proud of our reputation for excellence. We will always act in your best interests and will endeavour to exceed your expectations. Our team of dedicated professionals has extensive experience in financial planning and wealth management. Moreover, we are committed to providing a high level of personal service and expertise, while remaining client focused. Our team of advisers provides a range of financial advice and solutions to help you achieve your financial goals.

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