Retirement planning can be a daunting prospect, but putting some thought into what you will do when you finish work forever can save a lot of hassle later on.
There are several main areas of consideration to bear in mind, all of which will contribute to a happy and more financially secure retirement.
Superannuation and investments
You will need to think carefully about how much money you will need to retire on, which will largely hinge on the type of lifestyle you want to lead.
There might be ways in which you can maximise your superannuation, although this is something that an expert in the field will be best equipped to advise upon.
It is essential to consider any other investments you might have as part of your retirement plan – although many retirees will rely on their super, pooling your other assets can bring a host of benefits.
Retirement can lead you to question your current living arrangements and whether it would be worthwhile making some changes.
A family home, for example, may be too big now the kids have left home, or a bungalow may seem more appealing as you get older.
Some people decide to stay in their own home and have modifications made to make their life easier, while others may opt for assisted living arrangements.
Downsizing your property can help to fund your retirement if you are a little short on funds – make sure you discuss this option with your advisor if you are thinking of going down this route.
One area of retirement that some people fail to give much thought is their relationships – how will they change now you have finished work?
The dynamic of your retirement may be affected by whether or not you have a partner who also no longer works, or friends who are in the same situation.
If the bulk of your friendship group is made up of colleagues, it might be wise to think about how you can expand your social circle now you have more time on your hands.
Being close to family members in retirement can also bring peace of mind, which is why some retirees decide to relocate.