For many people, retirement can be a daunting prospect – after spending several decades working, the thought of it all suddenly coming to a stop may not be too appealing.
However, people's attitudes towards retirement have changed over the years and it no longer has to mean sitting back in a comfy armchair watching life pass by.
There are various options available to those approaching retirement, but the challenge is finding the one that fits best with how you want to live out your post-work years.
If the thought of stopping work completely fills you with dread, then there is always the option of switching to a part-time schedule.
This is especially attractive if your retirement income is going to be restricted, as it will bring in a little extra money while still giving the freedom to do all the things you always dreamed of.
Some retirees take part-time hours in their existing job, while others will change to another role that is less stressful or demanding.
It is entirely up to you whichever path you choose for your retirement plan!
Volunteer work can be rewarding and is a popular option among retirees who feel as though they still want to make a difference.
Although it doesn't have the same financial benefits to working part-time, volunteering is a great way to get involved in the community and meet new people.
There are all sorts of organisations that welcome the input of retirees – get in touch with some local charities or groups to see what sort of work is available.
Stop working altogether
For some people, the thought of permanently finishing work is rewarding enough in itself!
If you decide to do this, it might be a good idea to seek some retirement advice to determine how much money you will have to live off over the coming years.
Retirement is not a decision that is to be taken lightly, as it often involves years of financial planning to ensure that it will be feasible.
Seeking financial advice as early as possible is the best way to maximise the amount of cash you will have access to when you do finish work.
However, it is not uncommon for people to fully retire and then decide to return to the workplace part-time – employers are generally quite flexible these days, so this is worth some consideration.
ipac is one of Australia's largest financial advisory firms and has offices based across the country. A wholly-owned subsidiary of the AMP Group, ipac specialises in research and financial advice that helps clients lead happier, more fulfilling lives.