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How To Plan Your Retirement Homes

How To Plan Your Retirement Homes

Many elderly people in Indian homes are choosing to move into retirement homes. Though not a black-white-choice, more seniors are looking into this as a serious option. Retirement communities and assisted living facilities nowadays offer the independence and dignified life that the elders so badly need. Read the article to get a better insight on how to plan your retirement homes.

Why Retirement Homes are becoming important in the current scenario?

importance of retirement homes
The rate at which society is transforming is having major impacts on the social, financial and personal lives of the elderly people in our country. With changing lifestyles, in some cases for the better and few with negative fallouts, the senior citizens have been facing problems in the recent past. 

Retirement homes were not there about 50 to 60 years ago when the concept of joint families was still in vogue. Elders lived with their children and other relatives in one home or close by. The help of every kind was available whether it was for organizing family functions or health exigencies. Let us look at some of the prominent reasons for the growing popularity of retirement homes.

Changing lifestyles 

The emergence of the nuclear family system in the last 50 years has changed family and social relationships to a great extent. The disintegration of joint families because of the migration of children and relatives to faraway places in search of jobs, education, financial independence, improved lifestyle, pressures of overpopulation, changed the lifestyle of the elders in the family. 

Though it was easier for the children to move away from homes to newer countries and cities, it was difficult for elders to adjust to new changes and leave their homes and lifestyles behind. Retirement homes were a more attractive proposition.

Demand-Supply Gap

With over 100 million elderly people in India and poised to treble by the year 2050, there are not enough retirement homes to take care of even 5% of this number which totals 5 million. Therefore, this is a huge market for realtors.

Plan in advance to make a better investment in Retirement Homes

If you have been working for some years now and you can now see retirement on the horizon, you should be planning to retire in dignity. Planning for a retirement home 10 years in advance is a good idea. You can keep the following suggestions in mind on how to plan your retirement homes where you want to move into in the future. 

  • Envision the kind of retirement life that you want. Be clear about whether you want to volunteer and help or you want to travel the world or you want to spend your days in peace. 
  • Build a realistic vision of the financial resources that you possess and whether you need help to fructify your plan.
  • Ensure that your financial investments are diversified and are growing.
  • Take full advantage of retirement accounts.
  • Work towards reducing any debt that you may have.
  • Have a clear idea about your retirement income and expenses. Factor in inflation.
  • Consider medical expenses now and in the future.
  • Plan the city/town where you want to spend your retirement life.

Your retirement which is about a decade away may seem like a distant event, but start today for days will pass sooner than you can imagine. It is never too late to start planning for your retirement home in the future.

Points to keep in mind while selecting a Retirement Home

Given that there are no major social security advantages for the senior citizens in India, either financially or socially, the private sector has stepped in to build retirement homes for the elderly citizens of the country. These facilities offer medical care, meals, security and cleaning services and a host of other conveniences including age-friendly designs. 

If you have decided to move onto a retirement home, we cite below a few points that you should keep in mind when you plan for your retirement homes or are ready to choose them.

Assisted or Independent Living

Senior living is of two categories: assisted living and independent living. Assisted living is for older seniors that need round-the-clock care for daily activities and others who need medical care. These facilities have attendants who will help the residents with daily tasks such as eating, washing, bathing, walking, etc. The living units are also designed with suitable conveniences for this.

Independent living provides living spaces that you can choose according to budget and tastes. 

Food

Choose a retirement community if you do not want to cook daily and want food to be served in the dining halls. Sometimes you want to pick a snack during the day at odd times. Is this possible? Factor in all your food requirements when choosing a retirement home.

Lifestyle Maintenance

Seek out the opportunities for you to be able to exercise, read, go to the city, to follow your hobby. There should be a seamless extension into the greater community if you are keen on maintaining the lifestyle you did before retirement. 

Services, Conveniences, and Amenities

Check out the services, amenities, and conveniences that have been provided: hair salons, libraries, medical services, housekeeping services, exercise rooms, facilities to pursue your favorite hobby, indoor games courts, jogging/walking tracks, etc. Keep a long list ready when checking out retirement homes. 

Pets

If you are keen on keeping pets, check out the pet policies of the retirement home. Do not get stuck in the wrong place if you love to keep pets.

Transportation

If you want to keep your car, ensure that the retirement home has parking options. Just because you are senior does not mean that you should be homebound. 

Family-Focused Space

Ensure that you choose a retirement home where your children and loved ones can visit you. Do not choose a place that restricts family visits. 

Cost

Most importantly, choose a retirement home that fits within your budget. Homes with more amenities cost more. Therefore, choose wisely.

These are only some factors to be kept in mind when choosing a retirement home. Consider what is most important for you when planning to move into retirement homes.

About OMG Properties

Set up in the year 2010, OMG Properties are the leading builders in Palakkad with ample experience in construction and management of houses, independent villas, gated villas and apartments. They have established projects in different places such as Angamaly, Ottappalam, Vaniyamkulam and Palakkad town.

Also Read:
Home loan tips for first time buyers

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