7 Types of Retirement Options For All Stages of Life
There isn’t a one size fits all approach to retirement living – and thankfully that’s the case, as everyone is unique with their own unique needs.
Whatever your stage of life, or lifestyle choices, you can find the perfect place to live that suit you and in your own terms.
Let’s take a look at the most common styles of retirement living, you can choose from:
1. Downsizing Your Home
Downsizing from your current living situation can come in many forms. You may decide to downsize from your family home into a smaller house, villa, townhouse or apartment or relocate to a whole new type of lifestyle.
Downsizing to a smaller property in retirement is usually less expensive, which can reduce mortgage payments and maximise long-term savings. A smaller home is also easier (and more economical) to maintain and – depending on the location – be more convenient to transport and public services.
The key to successful downsizing is to do your research first. When you know your options, financial situation and vision for your future, then you can make the best possible decision for retirement.
2. Independent Living (Over 50 Lifestyle Villages)
Independent living provides retirees with the freedom to enjoy retirement on their terms. Residents live, just as they would in their own home or unit, but enjoy a range of added benefits such as resort-style facilities, regular activities and social events and garden maintenance services, all within a secure environment.
More and more Australian’s over the age of 55 are choosing to enjoy the affordable lifestyle this type of village or community can provide. With complete independence and flexibility to come and go as they please, they can enjoy life to the fullest, yet know that help is never far away, should they need it.
3. Serviced Apartments
Residents in serviced apartments still live independently, but with more support than an independent lifestyle village.
Usually housed within one building (similar to a hotel), residents occupy their own private apartment, but with the benefit of services such as daily meals, weekly cleaning and support from a personal care assistant and 24 hour on-site staff.
Residents still have the freedom to come and go and enjoy access to the retirement village’s facilities, social events and group outings. Serviced apartments are the perfect choice if you require a little extra support, without infringing on your independence.
4. Supported Living Apartments
Supported living apartments are similar to serviced apartment living, but take the level of support and assistance up another notch.
Residents have many needs taken care of, such as prepared meals, apartment cleaning, and linen and laundry service. In addition, they have the option to receive help with showering, dressing and taking medication, if required.
Residents still get to enjoy a variety of social activities on site, or take part in regular outings via the the village bus service.
Supported living apartments are perfect for retirees needs more day-to-day support and 24/7 access to emergency or ‘hands on’ living assistance.
5. Home Care
Many retirees prefer to continue living independently in their home as they age. If you’re able to manage most of your personal needs, but just need some help with daily tasks, there are home care support services available to help.
You may be eligible to receive either individual services or a tailored package of services such as:
help with showering and getting dressed
simple modifications to your home, like hand rails or ramps
nursing, physiotherapy and other care
house cleaning and gardening
equipment like walking frames
social activities and outings
Fore more information about home care visit: www.myagedcare.gov.au
6. Aged Care (Nursing Homes)
For elderly retirees who may need more assistance with day-to-day tasks and medical attention – an aged care home, is usually the best option.
Whether you need extra assistance due to illness, disability, or changes to your ‘carer’s’ circumstances, the aged care staff is there to assist.
Aged care residents receive help with their day-to-day needs (cleaning, cooking, laundry); personal care (dressing, grooming, toilet); and 24-hour nursing (wound care, catheter care etc) – ensuring peace of mind for both the resident and their families.
7. Respite Care
Whether you are recovering from a hospital stay, illness , or your family or care-giver is away, respite care is a viable option that provides support and companionship to retirees.
Designed to provide short-term accommodation in a comfortable ‘home away from home’ environment, it allows residents to enjoy relaxed and secure accommodation with the support of dedicated staff who are on site 24 hours.
Residents in respite care are provided all meals, apartment cleaning and linen laundry, plus some specialised respite villages also offer assistance with showering, dressing and taking medication.
Your lifestyle Options
There are a number of living options you can choose from, so whether you chose to downsize your family house, embrace a new lifestyle with like-minded people or simply not have to worry about managing the day-to-day by yourself, there will be the perfect retirement option to suit your needs, your budget and your lifestyle.