Things To Consider When Reaching Retirement

You’ve worked hard for decades and retirement is the time to put your feet up and spend your days how you please. But before you slow down and smell the roses, there are some important things to consider to ensure your retirement is a happy one.

Will I have enough money? Understandably, one of the most common worries for those reaching the age of retirement is “Will I have enough money?”. This is determined by a number of different factors including investment markets, your super balance and the lifestyle you’d like to lead in your retirement.

To get you started, there are retirement calculators you can find online where you input data such as your annual income, age, expected retirement age and super balance to help project if you will have sufficient funds. From there, it may help to discuss this with your financial adviser to ensure you have the right mixture of investments and contributions to secure your financial future.

Will my family be looked after? While we hope that most of your retirement will be spent being able to do the things you love, there will come a time where care options will need to be considered. Having a plan for health care costs, and the possibility of assisted living or aged care expenses, will help avoid passing the financial burden onto your family. This may also involve considering health insurance options for services that Medicare does not cover such as hearing aids, glasses and dental services.

How will I spend my time? The options are endless when it comes to ways you can spend your time in retirement. Here are just some to consider:

Travel - This is at the top of many peoples bucket list, no matter what age! Whether you’re booking some flights or jumping in the caravan, you’re sure to make some great lasting memories. Speaking of the caravan, this can be a significant purchase for many, so be sure to consider how this will impact your retirement budget.

Get involved in the community - Many people choose to volunteer in retirement to give back to the community while keeping active and meeting new people. Revisit your hobbies or learn new ones - Reading, painting, gardening, music… whatever you’re interested in, retirement is the ideal time to explore them further. You could also look into local classes to learn something new.

How will I look after my health? Whilst staying physically active in retirement is highly important, your mental health should also be a priority. Sometimes, the drastic change of daily routines and stopping work can cause people to struggle with their self-worth. To combat this, planning out each of your days so that they’re filled with things you enjoy, or time that is purposeful such as volunteering, can help bring more feelings of fulfillment.

Retirement is meant to be enjoyed and is an opportunity to live life on your terms. Taking some steps to plan before hand will set you up for more success during this big life transition.