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OPTIONS ON WHERE TO LIVE WHEN YOU RETIRE Retirement planning involves things apart from seeing to it that you have saved enough. As you approach retirement age, you will have to consider where you are going to live once you are retired and what you will do with all the spare time you will suddenly enjoy. Where you live will depend on your personal circumstances and preferences, but there are also practical things to consider, such as security and access to health care, which shouldn't be underestimated.
prove expensive to maintain, in which case you could downscale to a smaller dwelling in the same area. This would free up some capital that could boost your retirement savings.
1. STAY WHERE YOU ARE
CONS: Same old, same old; the family home may be too large; maintenance, insurance and rates expenses may be unnecessarily high; there may be security issues; no automatic access to health-care facilities or to frail care once you reach a certain age.
This may be the easiest and most practical option, but for some this would be too boring. If you are in a family home and your children have “flown the coop”, the house will probably be too big for you and may
PROS: You are part of an existing community of relatives and friends and have an established network of service providers, such as your family doctor. You are familiar with your surroundings.
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