For seniors living in Australia, retirement looks very enticing indeed, as we have one of the best healthcare systems in the world and so many opportunities to enrich our lifestyle in those golden years. Perhaps you’re looking forward to more time with the grandchildren, more time travelling, more time on the boat, or simply starting those hobbies that you never had the time for. Whatever awaits will only come to fruition in the way you imagine if you take the time to pre-plan your retirement. If retirement is in your sights, let’s get familiar with the areas that need attention before you settle into the next phase of your life and all the excitement that comes with it.
Community care or residential care?
Have you decided that aged care is part of your retirement plan in the future, but haven’t really narrowed down what sort of service you are looking for? That’s quite alright, as you can still visit all the eligible aged care providers in your area and get a sense of what is on offer in terms of amenities and aged care format. Residential care is probably the aged care solution you picture when you fast forward to those years, as it’s a flexible option that allows for you to have your own domain and still keep up an active social life. You might also consider community care in the years preceding residential care, as assistance with those odd jobs might make more time and energy for the more important things. Be sure to keep your family in the loop when planning these options as they can look out for your best interests and any blind spots you might not have considered.
Speak to a financial advisor
Many Australian’s haven’t spoken to a financial advisor before, and those who have might not have made an appointment or financial plan that centres solely on retirement. Having a financial retirement plan will give you great peace of mind in knowing what is ahead and give you an accurate snapshot of your financial standing. You might have a discussion and decide that you want to change your investment risk profile from aggressive to conservative, or even the other way around. You might want to tap into some of your superannuation to pay off the small remaining home loan. Talking about your financial position often and openly with your partner and financial advisor will put you in a fantastic position and have greater clarity when you retire.
Identify or transition to your retirement routine
You would be surprised how many people plan all the intricate details of their retirement, only to not spare a thought to what they will actually do when their retirement begins. This is an oversight you don’t want to make, so start having the conversation with your partner and family about what you see your retirement looking like. It might be that you want to pick up a casual shift at a local florist, commit to picking up grandkids from school one day a week, or even volunteering for a charity that is dear to your heart. Start to articulate what it is you want and start putting those feelers out there so that you can get exactly what you want.
We haven’t worked this hard to not savour the fruits of our labour in retirement, and by planning this time in your life you can effectively tick off those bucket list items and carve a beautiful lifestyle for yourself. You could also make this a fun planning experience and go out for dinner once a month to discuss your retirement options and start to form a plan that you can really be excited about.