10 tips for your retirement

The one event that people are not very good at planning for is the likelihood that they will spend 25 years or more in retirement. Even if you are already retired, much can be done to make sure these years are some of your best!

Security

Most people who are thinking of retiring talk to a financial planner and a lawyer – perhaps also an insurance agent, a doctor, and a real estate agent. We will refer to others you should talk to. Security for your Retirement Living means money to spend, some protection of risk, a current Will (and even an advance Will directive) and management of your estate and assets. You cannot provide against every mischance, accident – illness, bereavement, natural disaster, war or change – but you can make prudent provisions with professional advice, and plan your financial, legal and insurance needs, and have a risk-management strategy, for when the ‘What if’s’ come.

Housing

Where do you intend to live? Why? Who will live with you? Are there older relatives, children or grandchildren you (may) need to provide for? How? In the garage or a caravan or extra room? What will you do if someone close to you (your spouse or partner or sister) becomes ill or dies, or simply leaves? Remember, too, if you are thinking of retiring to your beach house – where you’ve gone for holiday for the last twenty years it may not be the same when you actually live there – and it’s your only address. If you can, try living there for a while before you sell (if you do) your city home.

Health

Good health does not guarantee a happy retirement – nor relatively poor health a miserable one. But, like everything else, you need a health strategy – and one which will provide for good and poor health if illness suddenly strikes. Exercise as much as you can regularly – through bowls, tennis, golf, swimming, walking, attending a gym, joining a yoga or exercise group. Gardening, making toys, and walking to the shop are healthy activities. Many Australians over 60 have at least one ‘ailment’: hereditary, sports injury, lifestyle, work. Cancer, asthma, diabetes, arthritis, heart, knee and back injuries affect almost everyone. Again, prudent health management through diet, exercise, positive attitudes, an active mind and social participation can make a huge difference to your well-being.

Work

‘Retiring’ used to mean stopping work – for good. It meant at last you could leave the office, the shop, the phone, the paintbrush, the lawn mower – and relax. Not everyone can or wants to do that. Part-time and contract (portfolio) work, self and home employment, ‘phased’ retirement or ‘transition’ to retirement have become the buzz words, and for many the financially necessary way to ‘retire’. If you can or need to, work on and keep earning to subsidise your retirement living or to donate to worthy causes. Otherwise, there are limitless opportunities for you to volunteer – not only in seniors clubs, but to sports and social clubs, local governments, libraries, computer clubs, first aid, hospital visiting and Lifeline. Ensure you use your skills, develop new ones, and do new, socially participative things.

Recreation

Ah! This is what retirement living is about – travel, fishing, golf, parties and dinners
at the club. Motor homes and Harley Davidsons, veteran cars, boats, caravans, cruises, trains and round-the-world tickets once a year are just the tonic for tired, work-weary souls. Recreation is wonderful, particularly if your finances, health and relationships allow it. ‘Retiring’ is a time to recharge the batteries, gain a fresh outlook, try new things, develop skills, and practice leisure. But recreation can also involve volunteering and new learning.

Education (Learning)

Having and keeping an active mind is a critical element of being older and healthy. Newspapers, crosswords and scrabble are excellent, but retirement can be a time of new learning and new skills – formal and informal. Perhaps it is time for you to learn (or continuing to learn) to sing, dance, play a musical instrument, cook, draw, paint, make pots, or build cupboards. Joining
a computer club or going to TAFE may mean acquiring publishing skills, or medium density photography. The opportunities are endless.

Relationships

Nearly 30% of Australians live alone. Retirement living can be lonely. Even if you have a partner or spouse or friend, you may not want to do the same things at the same time. Leaving work can mean leaving colleagues and friends and Friday drinks – with no substitute. It is very important to talk over your (pre) retirement plans with those who are important to you – family, friends, advisors. Retirement involves change. Even spouses who are good friends find it very different to be living in total proximity 24 hours a day instead of 8 or 10. In our planning we may be prepared to talk to experts in finance, real estate and law – but not about relationships! We think we can and should handle these ourselves. Retirement can be a time when all the accumulated baggage of life drags at you – or a time when you can address the ‘hidden agenda’ of your life – the stuff you don’t/can’t talk about – and clean it up!

Purpose

So, what is your retirement living going to be for? Whom is it for? You? Others? Family? New growth? New learning and opportunity? Or is it for loss, decline and death? It may be tough or easy – but even a bedridden single person can provide a room of laughter and light to others in greater need of solace and company. In the film “About Schmidt”, the retired actuary, played by Jack Nicholson, asks: “What has my life been for?” Retirement living is a new phase of the gift of human life – to do with it what you can – the best you can.

You

Retirement Living is very personal. Retiring involves change – change that is welcome and change that may hurt. You need to think about and plan all these things I have written about above. However, ultimately, your plan, your life is peculiar to you. Your plan is your own.

Planning

We are suggesting to you that you think about all the above things and talk them over with key people whose opinion and knowledge is important. Above all, ask yourself – (and others). What are my (your) assumptions? What are my (your) expectations? What are the ‘What if’s’?

Disclaimer: This article contains general information and is not actual advice. Please consult with family and especially with professionals in this field.