Age-appropriate retirement communities
Posted 6th November 2023
What is the best age to retire?
The UK workforce has been expected to work for increasingly longer years. Whilst many reasons for this can be positive, sometimes there are other forces at work.
We’re generally a lot healthier than previous generations, living longer, happier and healthier retirements.
However, some people are forced to retire sooner than they would have chosen. A recent study by The Age Alliance reported that 33% of retirees retiring between the ages of 50 and 64 did so due to ill-health or physical impairment.
A further 15% reported that they were either made redundant or were unable to secure employment. One in ten stated that it was due to caring for a family member that bought their working life to an earlier end.
For many, retiring earlier than expected would likely have an impact on their financial security. One of the key things that we secure at all stages of our life, is our home.
Cutting living costs in retirement
If you are a homeowner, one consideration would be to sell your current home and rent in retirement. By selling your property, you will free up your equity which can help you to enjoy your retirement years.
Lifetime lease renting in retirement
Renting with a lifetime lease with My Future Living could be the answer. It offers a long-term assurance that you can live in your home for as long as you choose. This offers far greater security than renting privately where you could be asked to leave your home within 2 months of receiving notice.
Capped rent increases
Renting your retirement home through My Future Living also has the benefit of a cap on rent increases. In the current and recent economic climate, we’ve seen private rental increases of up to 20%. This will obviously have a massive impact on your outgoings. The average UK rent is around £1,000.00 per calendar month, so an additional £200.00 a month could be hard to find – especially as there is no gain!
Support with maintenance
Renting in a retirement community with My Future Living, also gives you the benefit of support with maintaining your home. Obviously, if you accidentally damage your property, we couldn’t help. However, issues with your heating, plumbing etc. we can. See below for a chart to see what unexpected bills we could assist you with.
| Repair List | Tenant | Landlord | Managing agent |
| Blockages to toilets or sinks tenants have caused | x | ||
| Changing light bulbs | x | ||
| Batteries in doorbells | x | ||
| Curtain rails | x | ||
| Lost keys | x | ||
| Infestations including insects and vermin | x | ||
| Sink and bath plugs and chains | x | ||
| Broken windows (if damaged by the tenant) | x | ||
| Dripping taps and leaks | x | ||
| Faulty storage heaters | x | ||
| Carpets | x | ||
| Blown window units | x | ||
| Water heaters and boilers | x | ||
| Sanitary ware (basins, sinks, baths and toilets) | x | ||
| Water, gas, electricity and sanitation and the equipment that has been installed for delivering these services | x | ||
| Cleaning and maintenance of communal areas including the residents lounge, garden, laundry and carpark | x | ||
| Heating and hot water installations | x | ||
| Structure and outside of the buildings, including the roof and external walls | x | ||
| Paths and steps to the building | x | ||
| Shared facilities such as door entry system, 24 hour emergency call systems, rubbish areas and lift | x | ||
| External window cleaning | x |
The benefits of living within a community as a retiree have long been documented. Solialising and support are key to feeling safe and secure in your environment.
Find out more from the helpful and friendly team at My Future Living.
