In retirement, you really need to understand your living and housing options, as each will provide a different outcome of your cashflow, value of your assets, level of your income and most certainly level of Age Pension payments if you are eligible.
Also, if you are going to live in retirement for almost 30 years, obviously things will change as you get older. What I mean by that is:
- your income needs change
- your lifestyle needs change
- your living arrangement changes
- your health changes
- your legal needs and mental capacity changes
And your money needs to support you every step of the way, which is not an easy task.
This is why the financial advice support is essential not only to start the process at commencement of your retirement for the first years of enjoyable filled with excitement days of travel and fun with family members and friends.
What is even more important is to adjust your planning as you get older to accommodate for all other items I listed before.
This is why retirement planning is not static and adjustments need to be made as your life changes, with major reviews at the time when your decide to change your home arrangement, when your health starts deteriorating or you require care and assistance.
Today is an overview of living and housing choices available to retirees in Australia and slowly step by step, we will be discussing each option in more details.
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Katherine Isbrandt of About Retirement
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Email: hello@aboutretirement.com.au
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Living and housing options in retirement
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