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What do you want to do?
Read this before you dream up your retirement home!

However, you work hard to save up a nest egg for your retirement despite the challenges. As such, buying a retirement home is a major expenditure from those savings. The wrong place or the wrong home can undo a lot of the retirement savings you've worked so hard to achieve.
Here are a few factors you should consider before buying a retirement home:
Are you buying your retirement because it's a good investment or a good deal?
Buying a retirement home is more of an emotional decision than a financial one. While you want you have a nice place to enjoy the second innings of your life, don't give in to the temptation of a good deal that may turn out to not actually be a good investment. For instance, one might think that a cheaper house in the suburbs would be a good idea. In that case, evaluate how the property prices have appreciated there in the last decade. It's not a good idea to make the purchase if they have been going down or only marginally increasing. Financial planning is all about giving yourself the freedom of choice and insuring yourself against unforeseen circumstances. Buying a home just because it seems like a good deal now will hurt both the goals.
Is the location ideal or are you making any sacrifices?
There are a few things you need to keep in mind before deciding on the location of your retirement home: a) it should be close to good clinics and hospitals as healthcare issues get more frequent in old age; b) it should be close to where your friends and family live - what good is retirement for if you can't meet your dear ones when you feel like; c) it should have easy access to services like domestic help, laundry, grocery stores and other everyday needs; d) retirement is when you have ample time for recreation - the location of your home should be close to a park where you can stroll regularly, cinemas, a library and perhaps your club.
How much does the cost affect your future finances?
Evaluate your financial needs for the next two decades such as health bills and travel. If your children aren't financially independent by the time you retire, you might also have to consider the cost of their higher education and other expenses. Most importantly, you should also have enough legroom to be able to spend when you feel like on stuff like the first bicycle for your grandkids, creating a personal library or learning something you were always passionate about but couldn't find the time to pursue.
Conclusion
Planning is just as important as saving when it comes to retirement. Choose your home wisely. It's never too early or late if you want to start saving up for your dream home. You might want to consider a ULIP (unit linked insurance plan) from HDFC Life. The two biggest financial goals of retirement generally are a home and protection against health emergencies. ULIPs combine the best of both worlds by extending a life cover and building an investment moat. HDFC Life Click 2 Wealth also comes with the added benefit of Golden Years Benefit option to plan for your retirement and offers the unlimited flexibility of switching between 10 funds whenever you wish to.
ARN:ED/08/20/20195
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HDFC Life Insurance Company Limited. CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101.
Registered Office: Lodha Excelus, 13th Floor, Apollo Mills Compound, N.M. Joshi Marg, Mahalaxmi, Mumbai 400 011. Email: [email protected], Tel No: 1800-266-9777 (10 am to 7 pm). The name/letters “HDFC” in the name/logo of the company belongs to Housing Development Finance Corporation Limited (“HDFC Limited”) and is used by HDFC Life under an agreement entered into with HDFC Limited.
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