For some, downsizing in retirement is about practicality. Well-designed retirement property, like Honeybourne Gate in Cheltenham, is easier to move around and easier to clean and maintain. For some its about security and peace of mind - knowing that there will be someone to help in an emergency.
For some its about the financial benefits. Perhaps releasing equity from your current home to provide you with extra cash or to invest to provide on-going income. And sometimes, the financial benefit is in reducing your monthly outgoings - a well designed retirement property may be more energy efficient, cheaper to clean and less expensive to maintain.
But perhaps the best reason for downsizing to retirement property is your own health. Numerous studies have identified that older people enjoy a better quality of life if they move into retirement developments where people live independently in their own property but have access to some shared communal facilities and the support of on-site staff who can offer care when needed and respond to emergencies. This type of development is called 'extra care' by the Department of Health but different developers sometimes give it other names. Whatever it is called, the evidence is clear, people in this type of development enjoy improved mental and physical health, are less susceptible to falls and if you do have to go into hospital you will be able to return home sooner.
Even more striking, a study has established that many people who move into 'extra-care' retirement property live longer. Those people who move in a timely fashion and downsize before they have a need to use care services benefit the most but even those who make the move after they have developed a need for extra support live longer on average than those who try to stick it out in their old home.
We all want to maintain our independence as we get older. Make the right choice of retirement property and downsize in a timely fashion and you will stay independent for longer, be better off financially and have a better chance of staying healthy. You can find out more about retirement living from our articles in the menu on the right or, if you are interested in Honeybourne Gate, we would love to hear from you.
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