Planning ahead is the key to a happy retirement. The team at Mine Wealth + Wellbeing step you through the process...
Traditional retirement is becoming less popular as retirees try out new career paths, travel, pursue long-held interests or anything else they choose.
It can be a really joyful time, but like any change it brings challenges too.
"People whose identity is really wrapped up in their career can find the transition to retirement most difficult," says Kirstin Bouse, clinical psychologist from Life Resolutions.
Avoiding this difficulty doesn’t have to mean distancing yourself from that identity. Instead it’s about preparing for the challenges and joys ahead.
What does retirement mean to you?
Everyone retires differently. Retirement doesn’t always have to mean you’re working one week and at home the next. Modern retirees are reframing this stage of life by looking at the possibilities available to them and how they can use the skills they’ve built up over time.
"You might want to look at doing community work that your skill set could be really beneficial to, or take on a mentoring role," Bouse says. This can help you use your talents and give back to those around you in a very purposeful way.
Considering what an enjoyable retirement looks like to you can also help you focus on what you’re leaving and what you can gain instead.
"Look at what your working life has given you, in terms of lifestyle, social connections, finances and identity," suggests Bouse. "Then think about how you can replicate or get pieces of that in retirement."
This could help your retirement lifestyle be one that fits who you are and what you want from the next stage of your life.
One way to getting the most out of your retirement is to ask yourself what you’ve always wished you had the time to do. Are there any long-held desires to try a new interest? Are there some career paths or business opportunities you’ve always wondered about? Or have you been wishing you could spend more time with your family?
This is your chance to find a new purpose in your life away from the work you’ve been doing. Bouse adds: "In retirement you can find meaning that’s defined by you, not by somebody else."
Plan ahead for retirement
Research has shown that a good retirement plan can make this next stage of your life more enjoyable and better for your wellbeing. "Retirement is something to really plan for," says Bouse. "You’re doing the financial planning, but you might not be giving much thought to your lifestyle."
Planning for how you want your retirement to look can give you things to look forward to and some direction for the coming years. It can also provide some alternatives if your Plan A doesn’t work out as you’d imagined.
Your comprehensive plan can include:
- Your work, study or volunteering intentions
- Family time with your partner, children, grandchildren or parents
- Social activities you’d like to pursue, and friends you’d like to see more of
- Travel plans
- Ideas for looking after your physical and mental health
- How you’ll manage your finances
- How you’re feeling about retirement
Your retirement plan can be as rigid or as fluid as you choose. The important thing is having a plan in place that shows you all the possibilities ahead. That’s when you can really enjoy your newfound freedom.
How Mine Wealth + Wellbeing can help
Financial advisers are experienced at helping retirees make plans that consider more than just their finances. If you’re considering retirement, think about getting in touch with a financial adviser from Mine Wealth + Wellbeing Financial Advice to discuss your plan to make your dreams a reality.
This is general information only and does not take into account your financial situations, needs or objectives. Before acting, you should consider whether the information is appropriate for you and read our Product Disclosure Statement (PDS). If there’s any inconsistency between this document and the PDS or Trust Deed the terms of the PDS or Trust Deed prevail. This information is based on our understanding of current Australian laws and assumes they will remain unchanged.
Issued by AUSCOAL Superannuation Pty Ltd ABN 70 003 566 989 AFSL 246 864 Trustee for Mine Wealth and Wellbeing Superannuation Fund ABN 16 457 520 308. Mine Wealth + Wellbeing Financial Advice is a trading name Mine Wealth and Wellbeing Services Pty Ltd ABN 49 051 315 014 a Corporate Authorised Representative of Adviser Network Pty Ltd ABN 25 056 310 699 AFSL 232729.