Retirement is something you look forward to through most of your career. Finally having freedom from the stress of the 9 to 5 is something that comes well-earned. But with the decision to retire come a lot of decisions: decisions about money, decisions about your home, and decisions about your family. That is why it is critical to talk to your family about this change in your life. Keep the following things in mind when bringing up the next phase of your life to your loved ones.
Your family is concerned with your living situation.
Open and friendly communication is key when explaining your retirement plan to your family. Part of looking to the future is anticipating your living situation long-term. Many retirees choose to continue to live in their homes, while others downsize based on space or budget. Others choose to move to a retirement community such as Sherwood Oaks to help relieve the household duties they have and build a relationship with their neighbors.
If you do decide to sell your home, consider the consequences to your family. Retirees who sell their homes often are leaving the home that they raised their family in, making this an emotional decision, but one that may have their best interest at heart. Having an open discussion with your family where everyone’s feelings are heard, even if they don’t affect the end decision, will help everyone feel more comfortable with the retirement situation you choose.
Your family is concerned with the cost.
Money is a touchy subject, even when you’re talking about it with the people closest to you. It is important to explain how you plan to finance your life once you retire, as well as how you will handle any costs of long-term care. Most people are concerned with the burden that it could put on you… and possibly them. Be sure to come up with a clear financial plan to explain to your family to help ease their minds. This is especially important if you are retiring before your spouse. Going from two steady incomes to one will take some adjusting.
Your family wants you to be happy.
Families are very concerned with your quality of life following your retirement. They will want to know how you plan on spending your free time when you enter retirement. Do you want to take up volunteering or a hobby? Will you have a part-time job? Would you like to travel? Your quality of life will be a topic that your family will want to explore and be reassured about.
When discussing your retirement with your family, it helps to start talking early so that they have time to process and help you with the transitional period. And don’t worry if you and family members don’t exactly see eye-to-eye on your decisions. Make the choices that are right for you, and your family will be supportive.