Thursday, March 25, 2021

Moving into a Retirement Community? 4 Ways to Prep for the Process

Finally living out the retirement dream is an incredibly exciting prospect. If you've already found a community that you love and are ready to call it quits on your business prospects, follow these steps to make sure you're completely ready to go.

Create a Calendar

Deciding to retire is a big decision, and many people find themselves stalling on the final move. Once you know that you're ready to retire, draft out a schedule of when you'll be stepping away from your current life. 

Start by marking the day when you'll quit your job and the day when you'll move into your new home. In between, make plans for actions like cleaning out your house, visiting your old friends, donating items to charity, and meeting with various professionals to help you settle your affairs. Then, share this calendar with any family members who want to help you with the process.

Sort Your Items

One of the difficult parts of retiring is deciding what items to keep from your old life. Some people choose to carry all of their belongings with them, while other people prefer to start fresh with nothing more than a box of mementos. 

No matter which camp you fall into, you'll want to seriously downsize your current possessions. Use boxes to separate items that you want to give to friends, donate to charity, or simply throw away. 

You should also use this time to sort through your paperwork; keep important documents, but get rid of old bills and other papers that have gone out of date.

Prepare Your Taxes

Finally selling the family home isn't as simple as listing it on the market. When you cash in your equity, you'll need to grapple with property taxes and local requirements. 

That's why your best option is to hire a real estate tax attorney who can help you handle the selling process as professionally as possible. 

The right attorney will make sure that you're paying the right amount of taxes, discuss any legal requirements that apply to your situation, and help you manage the transition period between moving into the retirement community and actually selling your home.

Gather Your Contacts

As you move from your working life into your retired one, remember to get contact information for everyone that you'll want to keep up with. 

Depending on your lifestyle, this may mean adding people on social media, saving their phone numbers, or even writing down their information in your address book. 

From business cards to scribbled notes, make a place to keep everyone's contact info until you have a chance to write it down. That way, you won't have to lose touch with any of the good friends that you've made.

Retiring can seem like an overwhelming process, but it's also completely rewarding. Take your time sorting through old mementos and calling people who you haven't seen in a while. As long as you make the date on your calendar, there's no reason to rush through one of the most significant events in your adult life.

No comments:

Post a Comment

Join 1000's of People Following 50 Plus Finance
Real Time Web Analytics