Have You Thought about Your Retirement Plan Yet?

If you’re like many people, you’re either thinking it’s too early to consider what’s going to happen “in retirement” or you’re thinking there’s no way you’re EVER going to be able to retire because the cost of living is simply too high these days, and it’s not getting any better.

Then there’s the small percentage of people who have managed to make a life for themselves that includes time freedom and money freedom – a truly “retirement free” lifestyle where they are able to do the activities they want whenever they wish, without fear of running out of money. Oh, to be part of that group!

Since having a freedom lifestyle is not where the majority of people find themselves, let’s take a quick look at some standard options for where you’ll live when you reach retirement:

  • stay in your own home – until you can’t, then one of the other options might kick in; this is often the most desirable option.
  • move in with relatives or have someone move in with you – to keep costs down and to help look after you when the time comes.
  • move to an assisted living facility – various levels of care are provided in most facilities, from full hospital in-patient services to minimal services for the still self-sufficient seniors.
  • move to a seniors’ retirement community – these communities are designed for the active retiree who’s just looking for maintenance- and worry-free accommodations and maybe a few new friends to do things with.

Now, these are the most common options, for sure. Each of them has a price tag associated with it, naturally. The assisted living facilities and retirement communities will undoubtedly be the most expensive, because they will include services and probably meals, depending on the facility chosen.

Retirement isn’t for the faint of heart, for sure! And if you haven’t put aside funds over the years, it’s going to be a stressful time when you have to decide on your new home.

But Terry Robison came up with another idea that could save you money and ease your stress immensely. He posted in Facebook a few months ago about his plan, and it’s getting a lot of publicity. If you haven’t read it already, please go and read it here before finishing the rest of this post.

It’s quite possibly cheaper to live in a hotel full-time

He’s got an interesting idea, don’t you think? It’s definitely worth considering. Another option I’ve heard about is booking yourself on cruises. This isn’t going to be as cost-effective as the hotel option, perhaps, but you’d certainly get to see a variety of destinations. This article discusses the pros and cons a bit, and shows that crusing might be a viable option.

Think of the places you could visit, living on a cruise ship!

Whatever your situation, it’s a good idea to weigh all your options before deciding on a retirement plan…maybe you can afford more than you thought!

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