If you're approaching retirement age, it's important to take time to discuss your future plans with your children. Some issues can be really difficult to talk about, like death and illness, and retirement plans can also fall into this category. Retirement can be a complex family issue, as it's often intertwined with money matters and could also involve health considerations, so many people take the easy route and just avoid discussing the matter.
Reasons to discuss retirement plans with children and family members:
Prepare your children for the future
Although you won't want to become a burden in any way and will wish to retain your independence, it is possible that lack of adequate financial planning or serious health issues could mean your children help support you financially or in a caring role at some stage in your retirement. As mortality rates increase and people live much longer, this could become even more likely. And you really can't forecast what will happen in the future.
Avoid any confusion later on
Taking time to have a lengthy discussion with your children about your plans for retirement and your current circumstances could well help avoid confusion or family arguments later down the line. Once your children are fully aware of all your circumstances, they will be less likely to react negatively if emergency situations should occur.
It helps them to understand your circumstances
Your financial circumstances are likely to dictate the comfort you will experience during retirement. If you are due to receive occupational pensions they will help cushion the shock of learning to live on a reduced income. Other considerations you might wish to discuss could include downsizing to help fund your retirement with equity from your existing property. Again, talking about this with your close family helps them understand and appreciate your reasons for selling the family home.
Downsizing offers a number of advantages for people in their retirement years. Accessing equity tied up in your home allows you much more flexibility and financial freedom and there are a wide range of properties you could purchase. If you've never looked into the benefits of park home living, you might want to check out just how much you could improve your lifestyle when you opt for a residential park home, surrounded by extensive grounds and located in some of the most scenic countryside areas.