Australian’s are a lucky bunch. We live long lives and have the freedom to do all sorts of things that people from other parts of the world simply don’t get the opportunity to experience. But with all that freedom comes the pressure of making our own decisions – and one of the biggest decisions of all is retirement.
But how do we know that it’s time to retire? How do we know that we are ready? We’ve found that these questions have weighed heavily for many prospective retirees throughout the COVID-19 pandemic. But you don’t have to confront the whole question at once!
Let’s take a look at some of the bigger considerations you’ll need to make, and how they can help you understand whether it’s time for you to consider making the step into retirement.
Consider your Finances
While financial considerations shouldn’t be considered the be-all and end-all – it’s essential that you consider your financial situation carefully when considering the move into retirement. Fortunately, you can rely on the help of professionals to assist you in making this assessment.
An accountant, a financial planner, or even your bank can help you determine whether you’re on track financially for retirement. They can each help you figure out whether you have the resources to sustain the lifestyle you want, whether you have any debts you need to take care of first, and how you might best arrange your finances to make a steady and secure transition into retirement living.
The Emotional Side of Things
We can reach a point of financial security but still not be ready on a personal level. This particular side of the retirement journey is much harder to pin down, as there really isn’t anyone who can tell you how to feel about the idea or experience of retirement. For some, stepping away from work comes as one massive relief. For others, work has formed a large part of their identity, and the transition can be quite scary!
For those retiring with partners, the common desire to make the leap together makes it very important that each of you is open and frank about what you want. Provided you are honest with yourself and your partner though, you shouldn’t have anything to worry about. After all, life can’t be all about work!
Set your Goals
Retirement is more than just the conclusion of your career. It’s an opportunity to get going on any number of things you didn’t have time for during your working years. The current lockdowns are not going to last forever. To make the most of it, we recommend that you put some serious thought into how you want to spend your time in this exciting time in your life!
You don’t have to call it a bucket list. But we do encourage you to work on getting a clear picture of what it is you want to do in retirement. This might mean diving into new hobbies, planning (post-COVID-19) trips, and generally just making the most of your retirement years. Being ready for retirement means planning, but also wanting to act on that plan.
Get in Touch to Learn About Life with Centennial Living
Retirement is a big step for anyone to be making – but you don’t need to confront every aspect of it at once! To start the process of figuring out where you are on your retirement journey, you can get in touch with us at Centennial Living to find out more about living life among a community of like-minded retirees.
You can reach out to our team by calling 1300 098 000 or filling out a contact form today.