Thank you to all our readers who helped us with our recent retirement survey. Your feedback has helped us get a better understanding of the issues and concerns many people face when planning for retirement.
It is not always a choice
Most people don’t think they will be forced into retirement. For example only 6% of people thought losing their job would be a reason they would retire. The reality for many of those that had already retired was quite different. 20% of people claimed job loss as the major reason for their retirement. Health concerns and caring responsibilities also forced people to retire earlier than they might have wanted. This often left people without the financial reserves they might have wanted.
So what were some of the biggest concerns for pre retirees?
- 56.7% of people said having enough money was the primary concern when planning for retirement.
- 21.7% said having a sense of purpose and
- 11.5% mentioned having something to do each day
Money is obviously important. We all have bills to pay and ideally there will be enough left over to enjoy retirement. For those of you that do share those money concerns it is important to make sure you are getting all your Centrelink entitlements. You can check yours or start your application by clicking here.
We also have some helpful articles on funding your retirement including :
- Combining your investments with the age pension
- Renovating your income in retirement
- The pension loan scheme
It is also clear that people want a sense of purpose and something meaningful to do in retirement. Lots of our comments emphasised the importance of having something to do and also of maintaining, renewing or establishing new friendships and connections with people.
Let us know what you think.
It’s important to have a plan for your retirement. I was putting a plan together when a stroke put me in early retirement at 47. After 27 years of retirement I have long since completed my part plan. I’m now struggling to find meaningful things to do. Now we’re out of lock down lunch sits at #1, but the law of diminishing returns will kick in. Then what?
What is all the talk about bringing back death tax?
A plan can be as simple as living the healthiest life with food exercise and activities. A meaning ful plan requires an out come ie I am going to learn to play golf and play in the comp…. or I am going to reshape this garden bed and replant with more appropriate plants