“Do not simply retire from something; have something to retire to” ~ Harry Emerson Fosdick
My readings/view on retirement brings up three questions often asked by people.
Disclaimer: any information here after is not meant to be financial advice and is of a general nature only and not meant to be professional advice.
These are…
- How will I use my time?
- How long will I live?
- How long will my savings last?
Least certain of these is what’s my life expectancy and how long will my savings last?
Closely connected to this is how many hours can I work without affecting a pension?
Consult your financial planner before you are retired as there is a transition to retirement strategies you can implement. Have a budget and stick to it.
Consult Centrelink to find out what you are entitled to in the way of a pension as there are asset tests, age and residency requirements.
How will I choose to use my time is more in your control or will give you the most fulfilment as you enter retirement.
Having something to retire to or engage in is important as I know (as would you ) of many who retire and then struggle to find meaning in their new situation and decline rapidly in health and wellbeing.
Some people do the following to have meaning;
- volunteer with local council, hospital or charity organisations
- join a suitable club to keep up social activities
- nurture a hobby you may have put aside in your “working” life
- mentor a younger person
- semi-retire until you can retire more fully
Now these a just a few ideas to get you started.
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