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Change of life
As with any other stage of life’s journey, retirement is but one more element – if you’ve planned well, retirement living can be one of the happiest times of your life. Geoffrey Lush and Charlotte Cossar report
‘‘More retirees are choosing to invest in communities that offer premier resort-style facilities, such as spas, gyms,
indoor swimming pools and luxurious finishes in their homes’’
Evolving lifestyles over the last few decades have – in many ways – made the retirement process less stressful than it once was. Growing old gracefully is no longer fashionable and, assuming you have set aside sufficient funds, an enormous range of exciting lifestyle alternatives exist for today’s ‘senior’.
There has been a boom in retirement accommodation and five-star-plus facilities now feature highly in retirees’ requirements. Today’s accommodation is very different from what was on offer 10 years ago and this is mostly due to market demands.
In a survey conducted by Primelife, a developer of retirement accommodation in Australia, 40 percent of respondents said that it was seen as a time to ‘rediscover’. This reinforces the notion that doing less when you retire is a thing of the past.
Primelife’s group sales manager Kevin McKenna says the idea of ‘spending the kid’s inheritance’ is becoming less of a taboo subject. “We are noticing that more and more retirees are choosing to invest in retirement communities that offer premier resort-style facilities, such as spas, gyms, indoor swimming pools and luxurious finishes in their homes,” he says. Clearly, the grey movement has high expectations, both in terms of quality and space, and they are looking for the service to go along with that.
Selecting the right retirement accommodation is very important and should be treated as seriously as at any other stage of the lifecycle. Many people look to move somewhere familiar, where they have a support structure of friends, family and doctors. But if you are thinking of spreading your wings by investing in retirement property overseas, there are special considerations to be taken into account.
Of course, no investment overseas is without risk but you can minimise this by choosing to put your money into a country that has a history of encouraging foreign homebuyers. Within Asia, Malaysia is a good bet, since the legal system is based on British law, and property laws are transparent. You’ll want to invest in a country where freehold tenure is available, retirement visas are provided, and foreign buyers can purchase property in their own name.
When evaluating your potential lifestyle alternatives, consider that modern retirement villages now come in all shapes and sizes. You can opt for independent living arrangements, assisted care living arrangements, care centres, or a combination of all three. Indeed, you could be confused into thinking you’re moving to a hotel resort rather than a home.
Modern retirement villages often have their own restaurants and are usually located close to large service and shopping centres. Residents feel as though they are part of a village community, rather than a sterile, demoralising and impersonal environment.
Independent living arrangements generally refer to the provision of townhouses or apartments whereby residents are fully self-contained and self-reliant in all their requirements. Basically, you’re free to do your own thing and are not bound by any rules. But you benefit because the complex is secure and often provides numerous recreational facilities. Not only is companionship with other residents an option, there is comprehensive back-up care available should anything go wrong. Additionally, units are generally designed for low maintenance and will often come with assistance for gardening and general household chores.
For residents who require some help with daily living, the assisted care living arrangement is an ideal option. The independent home-style of living is maintained, however it is complemented with a range of services tailored to the individual resident’s specific needs.
Central to the idea of care in quality retirement accommodation is the notion that there is regular and immediate access to services such as medical practitioners, physiotherapists and nursing staff. A critical aspect of the care centre is the hospital, which should be much more than a stereotypical geriatric facility. Socialisation and entertainment of the residents is a requirement of the most modern facilities.
Fees vary and it is recommended you do your homework to understand what is on offer and how much it will set you back. Seek legal advice, and talk to your financial advisor about the ongoing nature of charges.
RETIREMENT-READINESS QUIZ
Being financially secure is incredibly important – but there’s much more to a happy and fulfilling later life than that. First and foremost is a sense of choice. Next is independence, with a readiness and willingness to move on not far behind. Research confirms that those who plan their transition into retirement carefully are much more likely to create a satisfying life-balance.
Check your retirement readiness now with our quick 25-question quiz.
Activities
| 1 |
Have you researched what you plan to do? Playing golf seven days a week may be less fulfilling than you think. |
Y/N |
| 2 |
Do you have a ‘work’ component in the mix? |
Y/N |
| 3 |
Do you have hobbies? |
Y/N |
| 4 |
Do you have activities which make you feel of value, apart from your day job? |
Y/N |
Purpose
| 5 |
Do you have goals? |
Y/N |
| 6 |
Does your partner have goals? |
Y/N |
| 7 |
Are these goals compatible? |
Y/N |
| 8 |
Are you mentally able to ‘leave’ work? |
Y/N |
| 9 |
Are you leaving because you want to? |
Y/N |
| 10 |
Is this your decision or someone else’s? |
Y/N |
Preparation
| 11 |
Have you planned for the future financially? |
Y/N |
| 12 |
Have you done your homework on housing? |
Y/N |
| 13 |
Have you thought about how to keep busy? |
Y/N |
| 14 |
Do you know what benefits you are eligible for? |
Y/N |
| 15 |
Do you have opportunities going forward? |
Y/N |
| 16 |
Have you considered a transition into retirement (part-time work, part-time play?) |
Y/N |
Relationships
| 17 |
Do you have close relationships? |
Y/N |
| 18 |
Have you discussed your plans with your partner/nearest and dearest? |
Y/N |
| 19 |
Have they discussed their plans with you? |
Y/N |
| 20 |
Are you in agreement? |
Y/N |
| 21 |
Will you be happy if one of you remains in the workforce and the other does not? |
Y/N |
Well-being
| 22 |
Are you in good physical health? |
Y/N |
| 23 |
Are you getting regular exercise? |
Y/N |
| 24 |
Is your mental health positive? |
Y/N |
| 25 |
Are you happy spiritually? |
Y/N |
How did you do?
If you answered ‘yes’ to 18 or more questions, your transition to retirement is well underway.
‘Yes’ responses to 12-18 mean you are moving toward a happy post-work life, but need to further address the questions to which you answered ‘no’.
A ‘yes’ to 12 or fewer questions means you have given little consideration to the later years of your life: now is as good a time as any to make a start.
Apart from assessing your overall score, consider your responses to questions 5, 16 and 18. These points are critical for those considering leaving full-time work – and if you haven’t answered ‘yes’, then do yourself (and those around you) a favour and stay at work until you can.
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