What to consider when preparing for retirement in Australia – Hunter Valley News

What to consider when preparing for retirement in Australia

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Aussie seniors who are approaching their ideal retirement age have a fair amount of considerations to make before they can settle into life after the workforce, ranging from financial evaluations to potential relocation.

Even thinking about how you’d like to spend your years in retirement can be a big point of exploration in itself.

If you’ve found yourself struggling to outline the semantics of your transition into retirement, then it may be worth breaking your to-do list down into categories.

We’ll be taking a closer look at the many facets you’ll need to consider when preparing for retirement in Australia today.

Read on to unearth just how to structure your own retirement preparation plans.

Finding a sense of community and belonging

Over recent years, retirement villages across Sydney have been experiencing population booms for a few notable reasons. First of all, these expansive care facilities can feel quite different to the construct of an ‘aged care home’ as you may know them to be.

Unlike other care facilities, retirement villages are vibrant communities in themselves, populated by retirees who seek to cultivate a sense of belonging and develop new friendships in their golden years.

Enjoying all the luxury amenities like golf courses, swimming pools, and shopping areas that retirement villages have to offer with your fellow like-minded retirees will essentially ensure that your years in retirement kick off with more excitement and anticipation for the new world and carefree lifestyle that’s now available to you.

Finding a retirement village and community that aligns with your personal retirement goals will allow you to feel deeply enriched and connected to the world around you throughout your retirement years.

Evaluating your emotional and physiological health

Of course, you can’t enjoy all the fruits of your life’s labours if you’re combating emotional and physical health issues.

Your retirement should not be spent simply treating all the pesky discomforts that may accompany growing older. Taking the time to stay fit and active throughout your adult life can naturally ensure you reach your golden years with minimal health concerns, but in life, there are simply just no guarantees.

You should absolutely schedule some physical and mental health evaluations as you prepare for your transition into retirement.

Understanding your personal healthcare needs can help you make deeper decisions surrounding your retirement plan, whether it be ensuring that you have access to the care and support services you may need, or making absolutely sure that your retirement plan accommodates your desire to stay physically active in your own way and through continuing to practice your favourite heart-healthy activities.

Assessing your financial security

Perhaps the most daunting category on this little list, assessing your financial security prior to retirement can often feel like the only thing that matters in the world, even if you know that this is not the case.

Your financial circumstances may inhibit your ability to achieve your outlined retirement goals, or they may also keep you from retiring altogether, out of concerns that you may outlive your savings.

The good news here is that some basic financial planning and assessment of your superannuation and other retirement funds can quickly ascertain whether or not you’re fully financially ready to enter retirement.

If you find that you aren’t as financially ready as you’d like to be, however, semi-retirement is still a greatly attractive option for many Aussie seniors who may not feel comfortable stepping away from the workforce entirely.

Leaving your career doesn’t necessarily have to mean leaving your passion for professional pursuits.

If semi-retirement isn’t for you, then lifestyle changes such as downsizing or relocating to a region, living arrangement or yes, a retirement community, where the costs of living may be better suited to your retirement income.

Planning for personal enrichment

Finally, there’s no better way to spend your retirement than picking up new hobbies you’ve always wanted to try and rediscovering old passions that you may have had to put on the backburner over decades of working, living, and raising a family.

There is an abundance of ways to spend your time in retirement, including picking up a new sport like golf or maybe even yachting, or dusting out your passport and jet-setting off to explore corners of the world that you may never have seen before.

You may even decide to bring some of your family and friends along for the ride and find ways to deepen your connections with all your loved ones during shared leisure time.

In doing so, you may even find that your social horizons may expand even further, and feelings of enrichment in your retirement will come increasingly naturally!

It goes without saying that in all of life’s major transitions, feelings of deep uncertainty and apprehension for the future can often make themselves known. Retirement is no exception here.

Departing from the workforce can inspire many complicated emotions, and this rearrangement of your life can feel arduous well before it begins to feel serene.

Enlisting the support of and seeking input from your family and loved ones will alleviate more of these feelings than you may currently think possible. You should feel confident conducting all the steps we’ve outlined above with your loved ones right alongside you.

Not only will this kickstart your cultivation of a sense of community and belonging, but it will also ensure that your transition into retirement will be a collectively enjoyable experience, not simply an experience that you’ll have to shoulder alone.