3 questions for making the most of your retirement years

(NC) As your retirement journey continues and you cross off long-time list items, like travel, it clears more room for you to see the bigger picture. What’s next for you? Now that you have the freedom to choose how to spend your time, as a more experienced retiree, here are three important questions to start thinking about:

What costs are you prepared for? One trap some people fall into is thinking of aging in place at home as the “budget” option and moving to a retirement community as the “expensive” option. The truth is that staying in your home as you age also has costs that are important to consider:

• Property taxes and home maintenance, including snow removal, yard work, replacing fixtures such as water heaters or HVAC systems, as well as periodic repair to outdoor elements. Estimated range: one to four per cent of your home’s value per year.
• Safety improvements to the home, such as a chair lift, walk-in bathtub, accessible height toilet, grab bars, lighting improvements and railing updates. Estimated range: $6,000 to $40,000 in one-time costs.
• In-home care ranging from minimal housekeeping assistance to a personal support worker, health care aide or live-in nurse. Estimated range: $4,000 to $30,000 per year, possibly over $70,000 if you need significant daily care.

Are you ready to downsize? The idea of moving to a smaller space with fewer possessions can feel daunting. But many other seniors have done it and are living even more happily than before. Here are some things to keep in mind:

• Letting go of your things doesn’t have to mean throwing them out. You can gift items to family and friends as a way to keep treasured memories alive and cared for; objects can find new life and make a difference to someone in need through donation.
• You can take things at your own pace. By leaning on people you trust for support, you can break down the logistics and details of a downsize and move, making them much more manageable. If you have friends who’ve downsized, you can speak with them to get a sense of what to expect.

How do you make the most of the freedom and opportunity that comes with being retired? Structure, purpose and socialization will always be helpful to have in your life. Without them, it can be easy to become isolated or lonely. One way to be part of a community is to join one. There are retirement residences across Canada focused on helping seniors live connected, social lives with old friends and new.

“One of the things I hear often from residents is they feel empowered to continue living life on their own terms because there’s a built-in support system of friends and people who can provide for a worry-free lifestyle,” says Tamara Ross, vice president of clinical services at Sienna Senior Living.

The key is to stay open to new experiences and connections. By calling a friend, joining a group class, learning a new skill or pursuing a long-forgotten hobby, you can find purpose in the everyday moments that bring joy, connection and a sense of accomplishment. Learn more about living your retirement life at any age at aspiralife.ca.