It's a new life after you retire.
All this is well and good if everything has gone to plan during your working years but life has many twists and turns and no matter what your intentions were at any specific time in your life many of us fall through the little traps that can change the picture completely.
This doesn't mean you can't still enjoy your retirement, you can, as long as you don't take any overwhelming debts into retirement with you. If it looks like this might be the case start selling off your assets before the big day comes so that when you get out of bed the morning after and have no job to go to, no creditors will be chasing you for anything.
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*Past performance data is for the period ending December 2018.
Disclaimer: Performance, fees and insurance data is based on each fund's default MySuper product. Where the performance, fees and insurance data for the MySuper fund vary according to the member's age, results for individuals between 40-49 years of age have been shown. This article is general advice. You should consider your own personal circumstances before deciding if a superannuation product is right for you. Superannuation is a long term investment and past performance is not indicative of future performance.
A sizable retirement fund is not necessarily the most important thing
Even if you haven't got any sizable amount of superannuation to look forward to you will be eligible for the aged pension and if you are willing to supplement this with a couple of days work a week your life can still be quite enjoyable. As it was when you were working, a budget in your retirement years can prove to be invaluable. The purpose of living to a budget is to make sure, at all times, that you are still bringing in more money each fortnight than what you spend. Keep doing this and you will be surprised how free retirement can really be. When you reach retirement age and you become eligible for the pension you will also be eligible for discounts on public transport, attendance at movie theatres, concerts, sporting events, some tourist attractions, concerts and different exhibitions.
Stay healthy, active and alert
An important thing to keep in mind when you do finally reach retirement age is to keep both your mind and body active. It is vitally important to keep active in some sphere. If you have certain skills in any area exploit these skills by either mentoring or taking part in consultancy work. Whatever you do don't give up on life and start believing you have nothing to contribute anymore. You always will have something to offer to some degree so make the best use of what you have and earn money with it. Whether you like it or not, it is a fact that we all need money to be able to partake fully in today's society. When you retire you will still have to pay your way in many regards but you can make this enjoyable. You won't have to do anything you don't like doing as you will finally be independent. However, if you are still able to contribute in some way, do so and don't hold back. It will give you a reason to get out of bed in the morning and you will one day come to realise that this is one of the pleasures in life, the simple act of getting out of bed each day.
Some tips on making your retirement years enjoyable can include the following:
- Plan your retirement before you get to experience it. The day after you retire have something to replace the void you could otherwise find yourself in. Take up golf if you feel the urge, have a go at mentoring or consultancy work in your area of expertise, do some work for a charity, the secret is in having another life to replace the one you just left.
- Join a club to find new friends to replace workmates. You will find many other people in the same position as yourself, start enjoying their company.
- Take time out for a few weeks or months and travel. Enjoy visiting other states and hit the bitumen. There are a lot of grey nomads out there doing just this and they all look forward to meeting you on the road. Some even sell their homes and live in mobile luxury.