Preparing to Retire: 11 Tips to Enjoy Your Retirement
When pondering your retirement lifestyle, many people primarily focus on the financial aspect. They think about funding an abundant retirement and often get stuck on the amount of money they’ll have.
During your retirement lifestyle planning it’s essential to keep in mind that this money is meant to support a lifestyle. So, in reality, retirement planning should encompass both the financial preparation and what you aspire to do during your golden years.
At The Hendrie Group, we genuinely care about what you want the money for. We believe that your retirement lifestyle goals are the true objectives. The amount of money someone has in retirement is merely a means to an end — it’s all about the quality of life and enjoying the things you’ve always dreamed of doing.
Let’s look at 11 considerations for ensuring you make the most of your retirement…
1. Apply for Centrelink Benefits
Once you reach Age Pension age you may be eligible for an Age Pension benefit depending on your assets and income. (Hopefully you’ll have too many assets to be eligible.) If you’re not eligible there are health care cards such as:
- Commonwealth Seniors Health Care Card if your assets are too high for Centrelink Age Pension and/or Low Income Health Care Card, as well as the
- Victorian Seniors Card.
Remember if you retire before reaching pension age you are not going to be eligible for Newstart Allowance, with the exception of certain rules around volunteer work.
2. Embrace Travel
One fulfilling way to spend retirement is by travelling. Whether it’s caravanning across the breathtaking landscapes of Australia or jet-setting overseas, exploring new places can add vibrancy to your retirement lifestyle.
3. Care for Grandchildren
Spending lots of time with your grandkids—a.k.a. the most affordable form of childcare!—not only gives you a lot of joy and should this be a “but” instead of an “and”? keeps you active. And because you’re also helping your own children by possibly allowing them to return to work earlier, you’re bolstering their financial position.
4. Engage in Continuous Learning
Never stop learning. We are great believers that you need to continue to learn throughout your life as this keeps your brain active. Whether it’s enrolling in formal courses, pursuing a hobby, or simply watching informative YouTube videos, constant learning keeps the mind sharp and agile.
5. Prioritise Socialising
It’s important that you don’t turn into a hermit in retirement! Avoid the risk of isolation in retirement by spending precious moments with family and friends. Consider joining groups and clubs that cater to retirees with similar interests. There’s so much to sink your teeth into!
6. Consider Part-time Work
Transitioning from a full-time job to complete retirement can be jarring. This may seem out of place on a list of what to do in retirement, but consider gradually reducing your working hours to allow you to adapt to the new pace of life. Going ‘cold turkey’ can have negative side-effects.
7. Launch a Business Venture
Retirement can be the perfect time to explore a passion project or even kick-start a business. It could be a small hobby venture or something that eventually grows into a full-fledged endeavour.
8. Stay Physically Active
To support a thriving retirement lifestyle in Australia, it’s paramount to stay active. Whether it’s gardening, sports like tennis, golf, swimming or lawn bowls, or perhaps frequenting the gym, regular activity will significantly enhance your physical and mental well-being.
9. Focus on Health
Given the increasing life expectancy, ensuring optimal health will make a difference in the quality of your retirement years. Regular health check-ups and maintaining a balanced lifestyle are crucial.
Most of our clients retire in their early to mid 60s. The life expectancy of a 65 year old male is approximately 19 years and for a female approximately 22 years, and 50% of people will live longer than this. Do whatever you can to maximise the possibility of a long and active retirement.
10. Giving Back through Volunteering
Retirement offers ample time to give back to the community. Whether it’s aiding in op shops, supporting a local sports team, or contributing to a charity, or all of the above, volunteering can be profoundly fulfilling.
11. Taking Time to Relax
While staying active is vital, so is relaxation. The beauty of retirement is having the flexibility to do things during off-peak hours, avoiding rush-hour traffic or crowded places. Indulging in simple pleasures like watching TV series, attending sporting events, or just reading a book can add to the joy of retirement.
And let’s not forget the luxury of sleeping in, especially on Mondays!
Making that retirement lifestyle a reality
Preparing for retirement goes beyond financial planning. At The Hendrie Group, we emphasise that it’s all about the lifestyle you envision for yourself. We are here to guide you every step of the way, ensuring your golden years are truly golden.
Get in touch and let’s put that plan in place.
