First of all, do you need to retire now?
The standard age of retirement in Australia is currently 65, aligning with the government pension age. However, this doesn’t mean you have to pack up and leave work when you hit the mid-sixties. Even if your finances are all in order, you don’t have to leave the job you love. Many people experience heavy loss of direction and responsibility after they retireme, so if you still have stuff you want to do, do it!
[Check your eligibility for pension here]
It’s not all about the money.
The first thing that’s on most people’s minds when it comes to retiring is usually the financial aspects. While this is a huge part of retirement planning, it’s also good to think about your personal plans and goals for your retirement years. Many people get restless after giving up their work responsibilities and tasks. So put some thought into what you’re going to do all that spare time!
Then again, money is very important.
After spending the years toiling away in your career and building your super fund, you may feel comfortable with your savings and such. However, many people run out of money prematurely due to poor financial planning. As the cost of living goes up, your savings are going to deplete quicker than you’d expect, so investing in a financial advisor may be a beneficial option.
So, is retirement living for you?
There are many perks that come with retirement living, including great social communities, home maintenance services, security and more. However, retirement living can be expensive and may restrict you financially. The best thing to do is research and see what best matches your lifestyle.
If you’re looking into retirement living around the Sunshine Coast region, check out your options on LocalSearch.
Want more retirement information? Check out our other blogs:
