As your retirement progresses you may be interested in pursuing life in a retirement residence. Retirement residences offer a wonderful option for those who are still enjoying life and would like to lead a social, active lifestyle amongst their peers in comfortable accommodations. If you are worried your financial situation will not support a move to a new retirement residence you can consider the following when trying to make a financial plan to support your new lifestyle.
Do the Math
You currently have many costs associated with day to day living. Start by making a check list of your monthly costs including:
* Household repairs and upkeep
* Property taxes
* Laundry fees
* Home Insurance Rockford, IL homeowners pay
Be as thorough as possible when you prepare a complete profile of your expenses.
Get Some Quotes
Next you want to call around to the retirement residences you would be most interested in making your permanent home. Make an itemized list of what is included in your monthly all-inclusive retirement community including meals, laundry and housekeeping. Find out what they include and cross these off of your current monthly expenses as a kind of comparison check list. Then do a comparison between your current costs and the costs of a retirement residence.
Consider Your Finances
If you own your current home you can also rely on the money made when you sell to add to your finances. Have your property evaluated by a real estate agent and consider this amount when calculating your finances. If your mortgage is paid off you will receive a substantial amount of money for the sale of your home. Include annuities, life Insurance Rockford IL in the case of a spouse’s death and any retirement plan you might have and see where you come out.
Now you can figure how long your money will last when paying for your new retirement residence. Chances are you will come out a lot further ahead than you might think! You will be able to enjoy the lifestyle you had hoped for without the burden and worry of caring for a property. That leaves nothing but spare time and freedom to do as you please enjoying the amenities at your new luxury residence.
Associated Insurance Group can help advise you on the best Insurance residents require for all of their insurance needs in Rockford, IL.