Are Your Parents Ready to Move into A Retirement Village?

(Updated: 22 February 2023)

The decisions that surround the “When”, “Why” and “How” of retirement are incredibly personal and will largely depend on your parents’ individual circumstances. If you think your parents are ready for retirement, whether it’s in the next few months or the next few years, there are plenty of things you will need to consider and discuss before they officially do.

When considering your parents’ retirement options, it may be a good idea for you and your parents to formally plan the next few months or years leading up to their retirement. This will not only help you gain a better understanding of what is required, but it may also help your parents confidently navigate this new chapter of their life.

While many people choose to retire at the suggested age of 65 in order to use their retirement period as an opportunity to do things such as making a career change, learning something new, travelling across the country or around the world, or even starting their own business venture, others prefer to retire in stages. They may choose to take on part-time work, giving them a sense of financial stability while offering freedom to do more things.

Now, let’s delve into the five burning questions you should consider when contemplating retirement for your parents.

1. 1. Can your parents afford to retire?
      This is an important question to consider at the very beginning of your parents’ retirement planning journey, as it will determine the “When” and “How” aspect of your planning process. If your parents retire completely, they will be losing their main source of income. They will need to make sure they have enough income from other sources such as pensions, retirement plans, investments, or savings to supplement this loss. Therefore, having a detailed financial plan for your parents’ retirement in place can help you better determine when they can retire and how they will be able to support themselves when they do. This plan should include considerations for both the pre-retirement period and retirement itself. If you want to find out how much money your parents will need in order to retire comfortably in South Africa, you can read this article from AA:  “How much do I need to retire?”.
   2. What will your parents do during their retirement years?
      Once the novelty of retirement has worn off, you’ll find your parents will become bored, restless, and may start to question their retirement. Although it is natural for people to want to find a renewed sense of meaning and purpose during their retirement, having a good idea of how you want to spend your newly found free time can lead to a happier and healthier lifestyle. For example, getting your parents to help out with the grandkids, perhaps see if they are interested in starting a new hobby, or making their current hobby a source of income. Perhaps they want to dedicate more time to exploring new activities or travelling. You can easily sit down with them to find out what they could do on a weekly basis to fully utilize their retirement. Check out our article “6 Ways to Lead an Active and Purposeful Life in Your Retirement”. A benefit of retirement estates is that they also provide social, physical, and creative activities which your parents can take part in on a daily basis. Having an age-appropriate and like-minded community around them transforms the lives of those retirees who live in them.
   3. What will your parent’s retirement lifestyle look like?
      It is important to consider how your parent’s current lifestyle might change if and when they decide to retire. Retirement could have a huge impact on various aspects of life, therefore having a plan in place as mentioned in point 2 is vital. For example: If your parents have an active job, what activities could, or should they take part in to remain active during retirement? If they are incredibly sociable, are their clubs or classes they can join to be around people?
      It’s also important for your parents to consider how retirement living can impact the dynamics of their relationship. They will need to establish a good routine to not only ensure they have appropriate time apart to do what they like, but also adequate time together.
   4. How will your parents feel about retirement?
      This is a question you should ask when considering appropriate retirement options for your parents. As there are many misconceptions regarding retirement, your parents may not be enthusiastic about the idea. Therefore, it’s important to educate them on the benefits of retirement, you can read our article “Six Advantages of Moving into a Senior Living Community Now”. If your parents are nervous about moving into a retirement estate, you could recommend taking them for a walk-through of the estate. This will give them a chance to view the estate, ask questions, see what the estate offers before having to move. It would also be helpful to gather a list of activities your parents can have access to at the estate. Social engagements can give your parents a huge boost to connect with other people who are living a similar lifestyle and have interests that relate to theirs.
   5. What should you look for in a retirement estate?
      When coming to a retirement estate, there are obvious things to consider such as location, costing, basic amenities, different retirement packages etc. There are a few things to consider that do not often come to mind, these are:
      1. Floor Plans: If you are looking into rooms, apartments, or homes within a retirement estate, be sure to review the floor plans if available, of your preferred property, to ensure it fits with your parents’ living requirements.
      2. Measurements: Similarly, to reviewing the floor plans, you should view the property’s measurements, to be sure that the property is of an adequate size. By viewing the property’s measurements, you can best determine if your parents’ furniture will fit in the space, thus avoiding future hassles.
      3. Community Policies: Knowing the estates policies and rules regarding pets, parking, monthly costs, inclusions, and exclusions can help you make informed decisions regarding the estate or the type of living you will need.
      4. Waiting Lists: Certain estates, due to popularity, may not be readily available to take on new residents at this time. Therefore, it’s important to plan ahead by starting early. Do your necessary research in advance and once you and your parents have found a suitable estate, apply to be on their waiting lists.

Conclusion

Deciding where your parents are going to live is critical for their post-retirement lifestyle. If your parents are retirees and considering where to call home on this exciting, new chapter of their lives, consider joining Lonehill Manor’s bustling community.