By Rebecca D’Souza –
Retirement is one of the biggest transitions you’ll go through in life and the key to ensuring you enjoy this new phase of your life is to share the experience with your loved ones. As parents enter into their golden years of retirement and kids grow into adults, the bond between the two naturally evolves.
Parents in the retirement stage of their life will be unsure about how to negotiate the time they would like to see their children without interfering in their kids’ lives while their adult kids will become more protective of their parents and want to take a front-seat in looking out for them. Therefore, it is important for your well-being and that of your adult kid to ensure they are included in your retirement plans.
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Follow our top tips on how this can be effectively achieved to ensure you have a happier retirement:
- Downsizing – For many people planning their retirement, selling their home and downsizing to a smaller property will be at the forefront of their plans. In fact, it was reported last year that more than two million people over 55 will be looking at downsizing in order to raise extra money for their retirement and for one-off purchases. Research has shown that the anxiety of moving house is one of life’s most traumatic events so delegating tasks such as packing and gathering quotes from removal companies will go a long way to alleviating some of the stress. If you are moving from a large family house to a park home or a cottage by the sea for example, then it is likely you will have too many possessions to take with you on your new venture. It is worth writing a list of things you wish to keep and selling the rest in a yard sale or on eBay to make some extra dollars for your retirement pot.
- Finances – Retirement is expensive and planning is key to a secure retirement. Firstly, it is important to sit down with a financial planner to take a long look at your finances and spending habits. This will enable you to manage your expectations and make informed decisions when building the foundations of your action plan to ensure you have a secure retirement and can enjoy your golden years with limited stress.
Research shows that 70% of new retirees struggle to manage their finances so discussing your financial situation with your children early may be an awkward discussion to have but it is an important one that could save costly mistakes further down the line.
At this stage, it is a good idea to add at least one of your children as a person of interest to your financial and other accounts so that any potential problems such as late fees, missed payments for mortgages, utilities or other obligations can be picked up early. Of course, setting up online banking will help solve the majority of these issues but having regular discussions about money with your children will ensure nothing is missed and allow you to revisit the plans you make and ensure that they still make sense.
Many parents will be reluctant to share these details with their kids initially because they may feel like a burden but, in fact, discussing your finances will give your children greater peace of mind to know your situation. If you are not tech-savvy, they can also help reduce your spending by using a comparison website online such as Compare the Market to show you how you can cut down on your electricity and energy bills, car insurance, house insurance and any other outgoing bills you may have. The results can be phenomenal.
- Embrace technology – In both cases a better understanding of the internet can help you to embrace technology and open up a whole new world of possibilities, enabling you to browse the web safely and with no limitations. Being able to use the internet will help you keep your independence and is something that your children and grandchildren could help you with initially. Perhaps you can ask them to teach you basic computer usage and ways to protect against scams? Alternatively you can ask them to enroll you on a local computer course that will show you the basics and enable you to learn in a supported environment with other like-minded people.
The way we interact with the world and each other has been revolutionized by the wonders of the internet. At any time of the day we are able to connect to a virtual world and speak to our loved ones across the world, shop for groceries or clothes, book appointments, manage our finances and find advice on every topic imaginable, all from the comfort of our home. The sad reality is that the idea of using the internet to make purchases or pay a bill through online banking, makes some people break out into a cold sweat due to a lack of knowledge. While some may absolutely refuse the idea of purchasing anything online for fear of falling prey to unscrupulous scamsters, others will freely give their bank details out without a second thought of where they may end up.
- Create a new routine – Entering retirement can be overwhelming for some who wake up one morning to find themselves without a routine and panic at the abundance of free time they have acquired. Creating a new routine will bring your retirement a sense of meaning and will ensure you keep active, which is essential for your physical and emotional wellbeing.
Enjoy your new freedom to spend quality time with your family and explore new hobbies and experiences. Why not ask your children if you could look after the grandkids one day a week? Research has shown that time with the grandkids can lead to a happy and fulfilled retirement, alongside hobbies and financial security. Write a list of activities you would like to try and any goals you want to strive for. Ticking things off your list will give you a sense of achievement and encourage you to achieve more. Sharing your new hobbies with your family and friends will allow you to stay supported by your close network of people and will help you stay motivated.
- Important documents – Organization is key. Finally, if you are deciding to trust your children with your estate plan, they will need to know exactly where those documents are. This could mean you giving them the security code for an office safe or keeping a list of passwords for electronic accounts. If you write a will and designating a power of attorney and health care power of attorney make sure that your kids know what those plans are and where to find the necessary paperwork.
Links:
http://www.omar.co.uk/park-homes/
Rebecca D’Souza is a former editor of award-winning publication, Manufacturing Global, and journalist for Retail Digital magazine. Rebecca now works as a freelance writer covering a wide variety of women’s interest topics such as health, lifestyle and travel. When she is not writing, Rebecca enjoys cooking and discovering new and interesting recipes. She can also be found supervising her errant cat.