Is the prospect of retirement worrying you? 

The financial implications of leaving the working world can take their toll on mental health, often causing feelings of anxiety – particularly as you start preparing for retirement. 

It’s an uncertain time in your life, and it may be hard to figure out what’s best for you from an emotional, physical and financial point of view.

The practicalities of living in an extra care property are multitudinous and can help you make the most out of your retirement fund. Keep reading to find out more:

Enjoy the Whole Package

When you move into an extra care property, you’re not just buying a house; you’re buying into a package. In most cases, home maintenance and assistance are included, which allows for a more relaxing, stress-free experience. 

Some service charges include cleaning and laundry, as well as building and grounds maintenance, leaving you free to make the most of your retirement with the reassurance that everything is taken care of.

You’ll be downsizing, too, and most retirement properties are equipped with high-quality insulation. This means you’ll cut costs on your bills, with more money to treat yourself to some well-deserved retail therapy!

You’ll also have peace of mind with access to onsite healthcare, which, in many cases, offers 24/7 support, as and when you should need it.

Cutting Costs as a Community

As an extra-care property owner, you’ll have a ready-made community of like-minded individuals on your doorstep. 

With plenty of onsite amenities at your fingertips, you can enjoy taking part in unlimited group activities at a reduced cost. You could, for example, start a community book club, or enjoy daily coffee mornings with your neighbours! 

You Could Be Eligible For More Financial Support

You may be eligible for reduced council tax payments, or even be exempt. It’s dependent on your personal circumstances, so be sure to check if you qualify.

You’ll also own your extra care property, offering you peace of mind for your families’ future.  

There are lots of schemes and benefits available for people going into retirement – from travel perks to TV licence discounts – so it’s worth researching what you may be entitled to.

Entertainment venues such as cinemas, sports grounds, and museums often have discounts for seniors, so you can enjoy an abundance of activities during retirement for a reduced price. You could also be entitled to healthcare discounts, too, such as free prescriptions and eye tests.

Setting up a Side Business

Amongst other benefits, extra care living offers the luxury of flexibility and financial freedom. Safe in the knowledge that you have a secure home with an abundance of time on your hands, you may decide that you want to keep generating an income with your own side business.

There are lots of things you can do from home to earn a little extra income, and the pandemic has seen a huge increase in businesses from home!

From making macrame wall hangings to postal-order cookies, there’s scope for whatever you want to do.

To help reduce any uncertainty you have around moving into an extra care property, it may be useful to do some research beforehand. This will help you better understand how your finances will likely be distributed during your time there.

If you’d like some more financial advice, take a look at some of our previous blogs.