3 articles Tag retirement

3 home improvements that can make a difference in later life

Whether you need to make changes to your home now and you’re just thinking about the future, it’s important to be aware of the improvements that can help make a difference in later life. In this blog, we take a look at three ways you enhance your home to create a safe, more convenient living space.

  1. An adjustable bed

As you get older, you may find that getting in and out of bed becomes more difficult, especially if you have limited mobility. So, if you struggle to access your bed, you might want to think about upgrading this part of your sleep space. For example, an adjustable bed might be ideal. These pieces of furniture can be altered in terms of position, tilt and height, making it easier for you to get into and out the bed, as well as reducing your chances of twisting awkwardly or getting stuck. You can find these beds with a range of useful features too. For instance, furniture specialists Alpine HC offer models that can be controlled via an app on your smartphone, as well as double dual action designs which allow you to operate each side independently.

 

  1. A stairlift

If you struggle to use your stairs, installing a stairlift could help. This mechanical device is designed to lift and transport you up and down the stairwell, meaning you don’t need to worry about potentially falling and hurting yourself. A stairlift enables you to keep your independence and freedom around your home, and it can help make you feel safer too.


  1. An adapted bathroom suite

    To help you use your bathroom more safely, it might be worth having an adapted suite installed. Improving the room in this way can make bathing easier, as well as ensuring you don’t slip or fall.

For example, you could arrange to have a seat installed in your tub. This provides you with a place to sit while you’re in the water, enabling you to wash yourself with ease. It can also help you get into and out of the bath. If you have a shower-bath combination and you find it difficult to step over the edge of the tub, you could replace it with a walk-in design. This allows you to simply walk into the shower when you need to.

You could even accompany your new suite with other useful accessories, such as anti-slip mat in the tub, clearly marked hot and cold faucets and a toilet with a raised seat.

There’s no reason why you should struggle in your own home. By putting these suggestions in place, you could significantly improve your day-to-day life.

Planning for the Future

A few years before Burrito Baby came along, I was working in an Accountancy practice, doing payroll and assisting with accounts, when my boss made me aware of an online service which allowed you to input your date of birth to allow you to work out when you’d be eligible for a state pension. It turns out, I won’t actually reach state pension age until I’m 68 which means my generation will be expected to work longer than my parents or grandparents, which means that extra planning for the future will be needed.

Husband and I aren’t in a position to get a mortgage which means that a lot of our monthly outgoings are ploughed into rent – the way we see it, although we don’t have the security of owning a property at the end of it, it does mean that we aren’t responsible for things like replacing boilers and fixing the roof when big jobs like these come along.

One thing we have started is a savings account for each of the girls; when Sausage was born there was still the scheme where each baby got a £250 bond to start an account with but this had been scrapped by the time BB came along, which meant that we had to start to account ourselves. We add to the accounts week by week so that hopefully by the time the girls are old enough they can use the money for a car, or to put towards a house or maybe travelling the world!

In terms of Husband and I securing our own futures, one thing we keep meaning to do is start a private pension for ourselves. We don’t have a huge amount to spare at the end of the month and whenever we do manage to save a lump sum of money, it always ends up being needed for some expense or another, so squirreling it away in a place we can’t get to it would be really sensible!

With BB due to start nursery soon and me restarting my degree, I’m hoping to have completed all of my studies within 5 years. Once I’m qualified, I’m hoping to start teaching because it’s a job which will allow me to work around the girls and have most of the holidays off to spend with them. We’re used to living pretty frugally, so once I start earning a much higher wage (and probably still writing freelance on the side) I’m planning to save a decent portion of my wages. This should give us a nice little nest-egg for the future – and maybe the funds we need to retire somewhere like Bermuda! 😉

How do you plan to set yourself up for the future?

Retirement: Everything You Need To Know And Consider For The Future

Being a parent, it’s difficult to see beyond the here and now. We focus so much on the daily routine. The school runs. The fact whether our kids are eating. The chores, our work life perhaps. Not feeling like we have the right balance, but yet hoping to have as much quality family time as possible, sound familiar? This is the norm for most parents of today. There is so much focus on what you should be doing right now, and less about the future. It was a different story for our parents and grandparents. They tended to make provisions for the future.

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It’s not that modern parents don’t think about it, I think it may be more to do with the issue of it seeming like a big task. Future finances, our retirement plans. They seem like such big decisions to make for our lives that seems so far away. But as we all know, time moves exceptionally quick. Before we know it, that will be us. So I thought I would take some time to break down exactly what you should think about for the future. It’s not as difficult as perhaps you believe.

Your finances

Finances are possibly one of the biggest things you need to tackle for your retirement and future. Once you or your partner leave employment, that is it for income. Of course, you can draw your state pension. The one everyone gets. But that may not leave you accustomed to the life you have gotten used to. Don’t threat. There’s plenty of things you may have already put the wheels in motion for, and certainly, things you can start doing right now.

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Equity Release

Have you bought a property that you own? Whether you live in it or rent it out for income, that’s one big step for securing your financial future. If you haven’t bought a property yet now’s the time to start saving to do it. It’s a great investment and one that can secure you in the future. Equity release is one of the things you can consider. This is where you draw down some of the equity in your property, it can be done in a lump sum and then used to live off or pay for things like holidays. Some people love this kind of option whereas others see it as using up funds that could be passed down to children or grandchildren when you pass away. The choice is yours to make, but it is an option.

Pensions

You may have one you pay into already, which is perfect. However, many employers now offer the workplace pension scheme, and it is one you should consider. The money is taken directly from your wages each month so you don’t need to think about it. Your employer also pays a set amount, which means you get more investment. It’s a great scheme that many of you can take advantage of. If you want to consider a personal pension, then there are many advisors who will be happy to advise on some of the best packages available.

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Savings and investments

Finally, when it comes to your finances, you could always look into your savings and investment options. This is where you could tie in your money to a high interest savings account for a set period. Or consider investing in the stocks and shares market, although that can be quite risky if you are inexperienced.

What you might do with your time

On a positive note, now is a great time to consider what you will do with the time you have. Retirement is a new chapter in your life and one that should be embraced wholeheartedly. You should make the most of the time. If you are unsure, here are a few suggestions.

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Make a bucket list

Start now and sit down and make a bucket list. This could include all the places you want to see and experience. It’s a great idea to get some perspective on where you want to go in life. Retirement is the perfect time to take advantage of seeing these pleases, but don’t let that stop you if you have the chance to begin exploring now.

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Travel

Now that you have some time, and no doubt have saved for retirement, you could consider travelling. There are many options like taking extended cruises, seeing different countries or travelling to the other side of the world.

Take up a new hobby

Whether it was something you stopped years ago or something you have always wanted to try. Retirement offers you the chance to start a new hobby, and invest yourself into it. It could be anything you like. If you are stuck for ideas, there are plenty of websites to provide some inspiration. Taking part in a hobby or pastime allows you to get involved in your community and could ensure you make some firm friends in the process.

The future beyond

The one thing we cannot predict is our health. It’s one of those things that would love to prepare for in advance, but sadly that isn’t the case. While you may take care of yourself with a balanced diet and regular exercise, you never know what the future holds. This is why it is worth having a plan in place, just incase.

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Would you consider a care home?

Many people are put off by the idea of heading into a care home when they are older but these days these places are state of the art and luxurious. A care home could provide you with everything you need around the clock, and provide you living that is more comfortable and rewarding. Care homes can cost, so this is why it is something to consider for the future, it’s worth knowing whether this is what you would want. If you want some more information, you can find it from HC-Care-Homes.co.uk.

Family carers

Alternatively, you could consider staying at home and having a relative or family member care for you. There are many benefits to this including being able to stay in your home. You could consider having it adapted to help with mobility. There are many options, depending on what you need. Carers get allowances to help cover the financials. If you wnat to look into this further, then check out https://www.gov.uk/carers-allowance/overview.

Have you made out a will?

Making out a will is often something we can forget to do. But it’s our opportunity to make a note of how we want things to proceed when we pass away. While it is never a pleasant subject to think about, what is nice is that you can ensure your family’s future. You may want to make sure that your children get the house, or that your grand daughter gets your wedding ring. It might even be to make a note f how you want things to happen when it comes to a funeral. It is your time to have your say, so don’t miss out on it.

Funeral plans

So as we mentioned this isn’t exactly a nice subject to think about, but you may have strong beliefs that you want taking into account when the time comes. Perhaps you don’t want a fuss at all, or want people to wear bright colours instead of black. Perhaps you want someone in particular to say a few words, or you prefer to be cremated instead of buried. These are all things that you have every right to request and note down. This is your last song. This is where you still get the chance to be in control when you have no control whatsoever. It’s one moment in your life that you have to think about it, and then it’s done, and noted for when it is needed.

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Dividing of assets

Again, perhaps not the nicest thing to think about it, but you have worked hard for your money and assets. The last thing you will want is someone else taking control of matters. In you will you need to make a note of who you want things to go to. Mostly people keep things simple and state that their estate is divided between their children, or to their partner. Many couples agree to have their assets transferred to one another in the event of someone passing before the other. Then it would be divided after that. It’s up to you. You can go into as much detail or keep it as simple as you want. Again once it’s done, it’s done. The only thing to bear in mind is that assets change over time, you may purchase more property or get a bigger house. Try and remember to keep your will up to date.

I hope this has opened your eyes a little about the future and made you realise it’s not as difficult to plan ahead as you once thought. It’s just about taking a few moments to consider some things, and then carry on living your life.