There’s no doubt that for most Aussies, our lives are busy. You’ve worked hard to be where you are; you’ve raised kids, worked to make sure they’re educated, healthy and happy, all whilst keeping on top of work and the daily chores of life. Chances are, the two minutes you’ve had to dream about your retirement have been disrupted, or overrun by thoughts of a holiday or break in the short term.
While a holiday might be a great escape, for now, have you had a chance to think about how you will spend your time whilst on permanent holiday?
What will you do? Will you get bored? Despite all of your hard work, will you be able to afford to stop and enjoy your golden years?
Deciding how you’re going to spend your time in retirement can be difficult, to say the least. And what’s to say your plans won’t change? Planning your retirement doesn’t mean you have to have each day organised for the next 30 years… but it does mean you will need to have an idea of generally how you will spend your time.
There’s more to think about when retiring than just whether or not you’re financially prepared. A much better question to ask yourself is “Am I ready for this new phase of life”. The best time to retire isn’t a specific day or time, or when you turn a certain age, but when you know how you will spend your golden years. While you should be financially prepared for retirement, you should also be able to prove to yourself that you’re ready for a new lifestyle.
The trends of retirement have changed a lot over the last few decades and many people are choosing to ease themselves into retirement, or are looking at new and exciting ventures. Retirement no longer means you stop working, put your feet up and spend most of your time on the golf course. Well, it can if that’s what you wish to do! But chances are your retirement won’t look anything like your parents did. Read more about new retirement trends here.
Boredom in retirement can be very dangerous, especially if you’ve had a very active working life. Three great ways to avoid boredom are to:
1. Routine – get into good habits – food, sleeping, eating, etc. plan your time
2. Connecting w people – family and friends
3. Find a passion – what do you love? If you’re not sure, learn something new – beware of costs, make sure they fit into the plan
Preparing for retirement can be daunting, especially if you’re worried if you’ll have enough. It’s about comparing your expectations with reality; identify what you want, look at what you have, and set a plan that will help you achieve your ideal lifestyle.
Everyone’s idea of a ‘perfect retirement’ is different, and so their needs will be too. But for comparison’s sake, take a look at the average super balances of Australian’s. How do you compare?
Planning your estate is just as important for your lifestyle in retirement as it is for your children’s lifestyle after you’re gone. Having an estate plan will help you to maintain your lifestyle now and well into retirement.
For more information on estate planning, you can download our Estate Planning guide here.
Moving into retirement, you might decide that the family home is simply too big. As of the 1st of July 2018, new legislation allows Australian’s who wish to downsize to contribute a significant amount to their superannuation. Check out the details here.
Planning your retirement doesn’t have to be scary and hard, and you don’t have to do it alone. Working with one of our advisers will help you to understand what you want and how you will support your ideal lifestyle.
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