When creating your retirement plan, it’s important to figure out how you would like to spend your time. Doing this will enable you to determine how much you need to save in order to support the lifestyle that you want to lead in retirement.
You may wish to spend your time playing golf every day, travelling the world, or take up volunteering to share your skills and knowledge.
It’s also a good idea to discuss with loved ones how you are going to ease into retirement, as the process needs a lot of mental and financial planning in advance.
“People need to plan what they want to do in retirement – in terms of working full time one day and being retired the next – those people who don’t fully prepare for it find it hard,” stated ipac financial expert Colin Lewis.
“Those who find it hard are also people that haven’t planned well enough in advance – and when they come to retire, they find that they don’t have that nest egg behind them to support their lifestyle.”
Determining how you would like to spend your time is up to you, and there are hundreds of things that you could consider doing.
Volunteering has become a popular choice for elderly Australians to take up once reaching retirement, as it is a great way to connect with others and contribute to the community.
Types of volunteering include looking after children, coaching community sports teams, working at the local library, or taking a position on a community board.
Recent data from the Australian Bureau of Statistics (ABS) showed that there were 3.1 million people aged over 65 in the year 2011.
The information also showed that 24 per cent of people aged between 65-69 and 70-74 were engaged in volunteer work after retirement.
working part time
Working part time whilst being retired is a good way to earn a little bit of cash to supplement your retirement income.
You could also consider hosting classes to share and pass on your knowledge – such as gardening, craft, cooking, music or art classes. This also gives you the opportunity to control how much you work per week, and also how much you earn.
Before taking up part time work, it’s best to consult a financial adviser so that you can determine if income will have any effect on your pension entitlements.
we can help
If you are thinking about planning for your retirement, we can help. Why not get in touch by calling 1800 626 881 or by using the ‘contact us’ tool on our website.