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The first thing to remember when talking about retirement with your parents is that attitudes towards age in the UK are changing. Gone are the days when the over 65 year olds felt that they no longer had a contribution to make towards their community.
A recent study published in The Daily Express shows that 80% of this demographic believe that they can still make a positive impact on society.
When financial struggles are getting you down during retirement, look to your home to help you. Taking out a mortgage can provide you with money based on your home’s value. But do not settle for a standard loan that requires you to start repaying portions almost right away. Learn how reverse mortgages work , instead. It is a retiree loan available when you reach age 62 that pays you in continued monthly installments, unless you select a different payment option. As long as you keep living on the property, you have a long time to pay the reverse mortgage back. There is no additional monthly bill to worry about, so you can have a relaxed, enjoyable retirement without worrying about an immediate extra financial burden.
Positive retirement plans
]If you want to cheer your parents up just remind them that Judi Dench is a youthful 78 and the singer Cher is just 67 and still performing in packed out concert halls across the world. Retirement doesn’t mean that your parents have to feel alienated or rejected.
In fact, many over 65s embrace this time of their lives in order to try out some new activities and one of the most positive ways in which you can help your parent prepare for this time is to discuss their housing needs.
A viable option
Some people will never suffer a health problem as they approach their retirement years, but even if this is the case it’s a good idea to look at your family home and see whether it will be an ideal house for your parent to look after in the future. Retirement apartments for sale are becoming an increasingly useful option if your parent wants to retain their independence but also wants a flat that’s easy to run and is fitted out with all of the latest design features.
There are many companies in the UK that develop these types of retirement living, including McCarthy and Stone. Your parent can sell the family home at a guaranteed price and then move into a flat of their own where they’ll be able to retain their independence and be encouraged to continue with all of their activities.
Cost effective retirement
One of the biggest worries for those approaching retirement is finance. Care in the home can come to as much as £15 per hour and the caregiver can change from month to month. Apartments for retirement living provide consistency and security so you’ll never have to worry about your parent opening their front door to an unwelcome stranger. These housing developments have CCTV and an on site manager so if your relative does need more support, they’ll be in safe hands.
Active later life
A special show garden celebrating later life at the RHS Hampton Court Palace Flower Show in the summer is just one example of how retirement can be a time of celebration and something to look forward to.