Helpful Tips for Planning Retirement
Benefits of Retirement Planning
Retirement planning is the process of choosing your goals and what actions you need to take to meet those goals. It involves estimating your future expenses, making a budget based on your retirement income and choosing where to live.
Although planning for retirement can be difficult work, there are still simple steps you can take to secure your financial future and lead a happy and healthy lifestyle. Look at these tips from our experts at Mary’s Woods and find out how you can plan for the retirement you want.
Are You Really Ready to Retire?
Most employers offer retirement at age 65, but that doesn’t mean you actually want to retire. Think about whether you are really ready to leave your job from a mental health and financial perspective. If you’re not ready, it’s okay to put off retirement for a few more years.
Keep in mind you don’t have to quit working just because you’ve retired from your career. Many seniors enjoy the best of both worlds by volunteering, becoming more involved with their church or even picking up a part-time job.
Create a Retirement Budget and Stick to It
Those who have saved can now enjoy the fruits of their labor, but some seniors celebrate living independently a little too much. Before they know it, they’ve overspent their savings and need to create a new budget to accommodate the funds they have left over.
Fortunately, it’s very easy to avoid falling into this trap by creating a realistic retirement budget. The best way to start is by adding up your monthly expenses like mortgage, utilities, groceries, car payments, cable and internet, and phone.
Next, add in annual expenses like property tax. Finally, add in everything that makes for a happy, healthy retirement plan, which can include travel, shopping trips or home renovations. If your budget is more than what you have in savings, Social Security and any pension plans you may have, you’ll need to change your budget.
At Mary’s Woods, your monthly fee takes a lot of the guesswork out of budgeting, because it covers most of your recurring bills with one payment, such as:
- A gorgeous, maintenance-free apartment home or villa home.
- Services and amenities, like housekeeping, fitness center, woodworking shop and social lounge.
- Formal and casual dining options
- Utilities, including local phone, basic cable services and Wi-Fi services.
- Real estate property taxes paid
You can even eliminate your car payment by using scheduled transportation to shopping, entertainment and medical visits.
Don’t Forget About Health Care
It’s also important to plan for growing older. As you age, your needs will naturally change, and you’ll need health care services to help you lead an independent lifestyle for as long as possible.
Senior living communities like Mary’s Woods offer a continuum of care at a predictable rate throughout your stay at the community. This means you can receive tailored health care services, like assisted living and residential care, on the same campus at predictable rates that are much lower than market prices.
Our community believes a successful retirement requires a whole-person approach to care. That means along with an exceptional continuum of care you can expect services and amenities that will enrich every dimension of wellness. Whether you’re looking for an exercise class, healthy and delicious meal or friendly neighbors to spend your time with, your health and wellness is in expert hands at Mary’s Woods.
Use Your Home for Income
If you live in a large house, it might be time to consider downsizing to a smaller space that’s less costly to maintain. Selling your home will also boost your nest egg and give you more flexibility for your future.
Many seniors use the funds from their home to move into a senior living community, because the apartment homes and villa homes are just right. We have a variety of floor plans to match any lifestyle. Keep it simple with a one-bedroom apartment home with a den or spread out a little more in one of our three-bedroom villa estates.
If you don’t plan on moving to a smaller home, be sure to budget for future home modifications that will make spaces like bathrooms, the kitchen and stairs more accessible as you age.
Your Journey to an Incredible Retirement Starts with the Experts at Mary’s Woods
Mary’s Woods is a not-for-profit Continuing Care Retirement Community, where people like you enjoy our dynamic campus, spirit of caring, top-notch services and amenities, historic grounds and amazing views — it’s our friendly residents that truly set our community apart from the rest.
We have pet-friendly senior apartment homes and villa homes available right now, but they won’t last long! To schedule a tour or to learn more about why our community is the right move, contact our senior living experts online or by calling us at 1-800-914-8653. We can’t wait to get to know you!