Why more people are making their retirement move before they retire

Retirement planning traditionally focuses on pensions and savings, but where people live can have just as significant an impact on their finances, lifestyle and wellbeing.

Government research found that 72%* of people aged 40 to 75 who had not yet fully retired expect to retire later than their ideal retirement age, with the median expected retirement age now 66 compared with an ideal age of 60.

With the State Pension age rising to 67, retirement rental specialists, My Future Living is encouraging people approaching retirement to consider whether their home still works for the life they want, even if they are still working. My Future Living believes this makes rightsizing before retirement worth considering, rather than waiting until people have stopped work before thinking about their next home.

Making the move before retirement can also help take some of the pressure out of what can otherwise be a major life transition.

For people still working in their late 50s or early 60s, moving earlier may provide time to settle into a new home and community, build friendships and establish new routines before work comes to an end. By the time they do retire, they may already be living in a home that better suits their needs and, in a community, where they feel settled and connected.

For 61-year-old Tracy Gulliver, moving into retirement rental with her husband, Pat didn’t mean retiring. Tracy continues to work full-time as an NHS call handler, while her husband Pat, 82, has been retired for 16 years. The couple moved two years ago to a one-bedroom apartment at Meadow Court in Gorleston-on-Sea, having previously rented privately.

The couple embraced the social side of life at Meadow Court and value the friendships and community. Tracy says: “There’s a real sense of community here. Everyone has everyone’s number, and people genuinely look out for one another.”

The apartment’s 24-hour careline also gives Tracy reassurance that her husband is looked after while she is at work. Tracy comments: “The careline gives me real reassurance. I know there’s always someone on hand if anything should happen.”

Joanne Couch, Director of Finance and Operations at My Future Living, said: “Retirement often brings several changes at once: stopping or reducing work, changes to income and routine, and potentially changes to health or mobility. Choosing where to live before retirement could mean that one of the biggest decisions has already been made.

Moving house before retirement is worth considering, rather than waiting until people have stopped work before thinking about their next home.”

For people approaching retirement, rightsizing could therefore be an opportunity to rethink not only the amount of space they need, but also the costs, responsibilities and lifestyle that come with their home.

As the age at which people retire continues to change, My Future Living believes starting that conversation earlier could help people make a more considered decision about where and how they want to live in later life.

For more information visit: www.myfutureliving.co.uk.