When you have kids, you may feel as if you are never going to retire. However, it is important that you are able to start planning now in order to reduce the burden of your retirement on your family and to ensure that they are aware of your wishes as you get older. Here are the top steps that you need to take if retirement is soon to be on the cards for you.
Choose an assisted-living facility
As your children, it can be extremely difficult to decide on where to place you if you become ill or if you are unable to look after yourself. Then, it is important that you are able to research and choose the best assisted-living facility for you before you take the next big step toward retirement. This will enable you to have a sound plan for the future, and will ensure that you can easily be moved into the destination of your choice. At Brookdale Senior Living, they offer a range of services for hospice and outpatient therapy programs that can give your kids the support they need when caring for you in the future.
Plan with your kids
Although your retirement should be based on what you want, it is also important that your kids have a say in your plans. For instance, if you want to move close to them, you need to discuss whether they will have time for you and the disruption that this may have on their lifestyles.
Downsize the family home
Family homes often carry a lot of sentimental value for both you and your kids. However, it is important that you are able to let it go when you need to. Not only can downsizing your home unlock funds which you can use to stabilize your financial situation, but it can also enable you to move into a property that is more suitable. For example, you may want to look at bungalows that are easier to move around within.
Create a will
Everyone should make a will. However, wills are even more important when you have a family, as they can ensure that your family is financially secure and protected when you are gone. You can either create your will by using a kit, by using online software, or by hiring a lawyer to help you to complete this to a high standard. They can also ensure that there are no loopholes that could prevent your wishes from being followed. You should then tell your kids where your will is stored.
Ensure children are financially supported
However, before you retire, you should consider whether this is the right time for you to give up work. For instance, you need to make sure that your kids are financially supported if they are dependent on you, particularly if they are still education of if they want to go to college. You should also avoid having to ask them to support you.
Take out life and health insurance
As we get older, there is a much higher risk of illness or injury. To check that your children are well-looked-after if something happens to you, you should find a good life insurance policy that will pay out on your death. If you find that you no longer need the life insurance policy when approaching retirement, you can then use resources like a life settlement calculator to see if selling the policy for cash is the right choice for you. You should also take out health insurance to avoid your children being left with a number of costly medical bills if you are suddenly taken ill.
