Retirement Housing Plan
Are you planning for your retirement? But have you look into your retirement housing plans?
So what is retirement housing plan?
The following situation may apply to you right now:
- You are currently staying in a big house and your children have just moved out. The house has become too empty and quiet. You are considering plans to move to a smaller property and also to unlock some cash for your retirement needs.
- You are still paying for your housing loan. It has clearly become too taxing for you to work and still pay for your mortgage. You have plans to take life a little easier. You are exploring to sell your property and fully paid your next one.
- Your retirement funds are low now. You have plans to sell your current property and move to a studio unit.
- You are currently living alone and you do not need to stay in such a big house. Moreover, you have plans to have some cash for retirement.
The above situation is not exhaustive but if basically apply to most retirement housing situation facing Singaporean.
Here, we will share a few pointers to get you going in your retirement housing plans:
- Knowing your housing needs.
For a start, its will be good to discuss with your spouse, children or family members where you would like to move to. What are the alternative housing plans? Should you live with your children and sell your current property? Should you down size to a smaller property. If that is a yes. What kind of property are you considering? Alternatively, you may have plans to transfer your share to your family members and so on.
- Knowing your financial needs.
Next, it will be good to assess your financial ability. After you have sold your current property. How much do you have? Can you comfortably afford a smaller property and at the same time with extra cash for retirement? If you are unsure. You can always contact me for help.
Here, retirement planning does not only include your insurance but also your housing plans. Many overlook that they would have sufficient cash to tight them over towards their twilight years. Some may be planning how to leave a legacy to their children. These are questions you need to ask yourself carefully. Start early and plan early and you will have a peace of mind in retirement.