Living a secure and fulfilling life in retirement is a common goal for many individuals. But how do I achieve this?

The Wealth Creation team answered some of our most frequently asked questions about how to have a fulfilling retirement.

Am I retiring at the right time? Too early? Too late?

It’s a big decision! This is why it’s important to chat with us about finding that Goldilocks moment – so you’re not hanging up your hat too soon or missing out on well-deserved relaxation. Let’s get it just right.

To stay or go?

Do you intend to stay put (75%) or relocate to better weather? Retirees reported being satisfied with either choice if they are near family and friends, maintaining an active lifestyle, and pursuing a passion. 

It is worth considering how you will stay connected with others and continue to enjoy the social activities that you enjoy. Equally important are our relationships with friends, family, and community. They all contribute to a sense of belonging and purpose in retirement.

What makes Retirees excited to get up in the morning?

Pursue hobbies, sports, travel, and volunteering, coupled with spending quality time with family and friends. A word of caution though, 26% of retirees ‘unretire’ and return to work part-time, stating they needed a purpose and sense of accomplishment.  

Markedly, you need a financial plan and a social plan for how you will stay connected with the community to have belonging and purpose in retirement.

Our current home is too big to maintain in retirement, can the proceeds be contributed into superannuation?

If you have outgrown your home, you could utilise the Downsizer Contribution. This allows individuals 65 or older to contribute some of the proceeds into superannuation fund boosting retirement savings. Be careful though, as certain eligibility criteria must be met. It is crucial you obtain financial advice before doing this.

What advice would you give a person in the early years of retirement?

Enjoy it and have fun! Write a bucket list and come visit our team of financial advisors so we can help you achieve the fulfilling retirement of your dreams.   

Remember, early planning and smart financial decisions make a significant difference in your quality of life during your golden years.

Want to read more about retirement? 7 questions to ask yourself about retirement, guide to concession cards, + what lifestyle are you planning for when you retire?

Book an appointment

If you’re interested in booking an appointment, your first consultation is free, call us on 03 5821 9177.

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Published 4th July 2024.
The information provided in this article is general in nature only and does not constitute financial advice.