Gearing up for the golden years

It's never too early to start thinking about retirement, even if it is years off. The reason for this is simply that a comfortable retirement requires taking a long-term view of both your financial reality and your lifestyle preferences. 

"Everybody wants to retire comfortably and maintain the lifestyle they enjoyed while actively earning income, which requires careful planning and an understanding of the more common retirement property options available to South Africans," says Bruce Swain, CEO of Leapfrog Property Group. 

He shares some insights on what to consider when it comes to retirement property. 

Location 

Where property is concerned, location always has a key role to play. Some people plan to move to the country or seaside in retirement, while others prefer to stay in the neighbourhood they know and love. 

"Deciding on a location, perhaps in order of first, second and third choice, is important because different areas offer things, particularly in terms of infrastructure. The cost of property can differ vastly from say a suburban area in the north of Johannesburg to the small town in the middle of the Karoo," Swain says. 

Retirees tend to need somewhat more medical care than younger generations, so looking at such facilities in your location of choice is one example of an important consideration. "You also want to consider the accessibility of the location, like how quick and easy it is to reach from major centres, or is it important to you to live near an airport because you're likely to have regular visitors from abroad," Swain adds. 

Other factors to consider around location include the weather, activities in the area like sports clubs and cultural societies (remember you'll have lots of free time), as well as the general "vibe" of the community. 

Type of property 

While 'retirement village' is likely the first thing that comes to mind when retirement property is involved, this is just one option. "For many people a retirement property is a fixer-upper in the country, an apartment in the heart of the city, or simply about downscaling from a large family home to something smaller," Swain shares. 

Having said that, retirement villages are a great option because they're designed with the needs of ageing residents in mind. These facilities typically offer 24-hour security, on-site medical care, recreation facilities and financial security as many of them offer life rights to residents. 

Ultimately, the choice of property depends on the needs, preferences and financial situation of the individual. "A trusted property advisor is more than equipped to help aspiring retirees to select the property that suits them best, as they can advise of everything from the investment value to the character of a chosen location," Swain emphasises.