Guide to planning for later life and discussing retirement plans with loved ones

Later life should be fulfilling, a time for enjoying family and friends, An opportunity to discover new things and continue to do the things you’ve always enjoyed. Yet later life can also be a time that people avoid thinking about, or planning for. We’ve created a Guide to Planning for Later Life, with advice on how to get retirement living right.

Understanding your needs 

At Anchor, we know the way to get the most out of your retirement years is to think ahead, talk about it with your family and friends – and do some retirement planning. This includes open communication with loved ones and a clear understanding of your own needs and aspirations. Here are some questions to get you started:

• Lifestyle: What kind of lifestyle do you envision for yourself in later life? Would you prefer to live in an active community or a quiet environment?
• Location: Would you like to stay in your current location, move closer to family, or explore somewhere new?
• Financial security: How comfortable are you financially? Do you have a budget?
• Must-haves: Are there any necessities for you? E.g., must be close to open spaces, a library, or a post office. 
• Level of independence: How much assistance do you anticipate needing with daily living?

How to discuss retirement with loved ones

Talking about retirement living with loved ones can be a daunting prospect, but open communication is important for you to live the life you want to. Some tips (that we go into in more detail within our guide) include:

• Preparation is key: Think carefully about who you want to speak to and what you want to achieve with the conversation. Explore a range of potential options like properties for sale, properties to rent, housing with extra care and care homes. 
• Choose the right time: Pick a calm and uninterrupted moment, free from distractions.
• Break the ice: You could start with a question like, "I'd like to talk about something with you, but first I'd like to get your point of view. Is now a good time?"
• Active listening: Pay close attention to the other person's concerns and acknowledge their feelings.
• Shared planning: Discuss your own vision for later life and find common ground.
• Open communication: Encourage ongoing conversation, it's a collaborative process, not a one-time discussion.

Help and advice from Anchor

Too many people make life changing decisions about their retirement, housing and care without understanding all the options available.

So we've created this guide to help get more of us talking about the choices available and to help families have conversations about retirement living and care in an open, clear and supportive way.

We’ve got pointers for the best way to arrive at your plans including information on the options available, things to consider and tips on how to get the conversation started with the people who are most dear to you.

Guide to planning for later life (May 2024)

We should all be talking today, about all of our tomorrows.