Retirement tips for 2023

St Ives Front entry

With the start of a new year now upon us, many of us are thinking about our plans for the future!

If you’re considering retiring in 2023, here are a few tips to help you prepare:

1. Review your retirement savings

Take a look at your current retirement savings and make sure that you’re on track to have enough money to retire comfortably. If you’re falling short, consider increasing your contributions to your superannuation fund. If you’re not sure how much you should be saving, consider working with a financial advisor to create a retirement savings plan that’s right for you.

2. Create a budget

Retirement can be a big adjustment, so it’s important to have a clear understanding of your expenses. Create a budget that includes all of your fixed expenses, such as housing and transportation, as well as discretionary spending. Be sure to factor in potential future expenses, such as healthcare costs, that may increase as you age.

3. Consider downsizing

If you’re still paying off a mortgage or have a large home with a lot of maintenance, consider downsizing to a smaller home. This can help you save money on housing costs and reduce your overall expenses. Additionally, downsizing can help you free up some money to invest in your retirement savings or to use for other expenses.Downsizing and moving into a retirement village can be a great way to reduce your expenses while also improving your lifestyle. When you live at St Ives, you’ll find yourself surrounded by all the things you need to live a happy retirement. With regular events on offer, and excellent access to amenities like gyms, restaurants and clubhouses at every village, there’s something for everyone to enjoy at St Ives. Explore our range of housing options or book a tour today to find out more.

4. Plan for healthcare

Health care costs can be a major expense for retirees. Make sure you understand what kind of coverage you’ll have in retirement, and consider options like long-term care insurance. It’s also important to understand how your healthcare expenses may change as you age, and to plan accordingly.

5. Stay active

Retirement is a great time to pursue hobbies and interests. Staying active can help you stay healthy and engaged, which can help you enjoy your golden years to the fullest. You could also consider volunteering for a cause that you care about, or taking up a new hobby or sport.

6. Take time to plan

Plan your retirement goals and objectives. Consider the kind of lifestyle you want to live, the place you want to live, the activities you want to do, the kind of care you want to get and how much you will need to save for all of these. It’s important to set realistic goals and to make sure that you’re saving enough to achieve them.

7. Be flexible

Be open to change and be ready to adapt your plans as your life changes. Retirement planning is not a one-time event, it is an ongoing process that requires monitoring and adjusting as needed.

By following these tips, you can help ensure that you’re prepared for retirement and that you’re able to live comfortably during your golden years. Remember that retirement planning is a lifelong process, and it’s never too early or too late to start.

If you’re interested to find out more about what it’s like to live in a retirement village, enquire today to get in touch with our staff.

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