There are plenty of things to plan for in retirement. If you are not of retirement age yet, then one of the most important things to consider will be your income. For most people, this will mean their pension, which could be made up of state pension, or you might also have a private pension. There are also potential sources of private income, such as rental income, for example.

As well as the financial side of things, there are the social ones too. With all that extra time on your hands, what will you do? Will you consider moving home to be closer to friends and family? Will you take up a hobby or volunteer to help with something you are passionate about? Many retirees opt to continue working too, albeit with reduced hours. Whatever you choose to do when you retire, all of these things need to be considered carefully.There are no right or wrong answers – just different circumstances and preferences for different people.

One thing that many people often overlook, however, is their developing care needs. What might this entail when you are planning your future? To begin with, some people need care throughout their life, while others require more help with certain aspects of daily living as they get older. Although some people may receive care from friends and family members, there often comes a time when care needs to be delivered by professionals.

Some people understandably baulk at the very idea of care planning in retirement since they have always looked after themselves and see no reason why this might change. However, things can change as we get older and it pays to plan ahead. This is because care can be expensive, especially if you are on a fixed income. With this in mind, thinking about what you might need and when is always a good idea. 

Another thing to consider is that not all care is the same, either. For example, residential care homes are often much more expensive places to receive care than in your own home. To receive support in a residential care home, people often need to sell their own home in the first instance to fund the costs, at least to the point where their assets have dwindled sufficiently for their local council to take them on.

There are also costs to receiving care in your own home too, but they are often nothing like at the same scale of residential homes for the elderly. The costs are also spread over the time you receive home care services. Even better, domiciliary care that is provided in people’s own homes often means more independence is maintained into old age. Couples and individuals can plan for their in-home care provision by getting to know the sums charged by local care agencies. 

According to Anglian Care, an award-winning care agency in Essex, care needs often change in retirement but they don’t always get progressively more expensive. It depends on how many visits you might need a week rather than the actual care that is administered by a care worker in your home.

Like residential care, care that is provided in your home can be covered by local authority funding. However, this will depend on how the council assesses your needs, of course. Nevertheless, it is worth knowing that even ongoing and long-term care can be provided in your own home once you are retired whether or not you qualify for state-funded assistance.