Retirement Ready – 4 Things No One Tells You About Retirement

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Things No One Tells About Retirement

Retirement is relatable on some level to absolutely everyone, yet it tends to be a neglected conversation topic. Sure, it may not be as glamorous as trading holiday tips, but discussing plans for your golden years is far more riveting than any small talk you’ll ever make about the weather! It’s also beneficial for you to understand your retirement options as early as possible. Here are four things no one tells you about retirement and worth knowing about retirement that you may want to start talking about criminal defence lawyer

1. Get an accountant for SMSF

There are a lot of advantages to having a Self Managed Super Fund (SMSF), including tax benefits and flexibility. In order to get the most value out of this option, however, you should consult with a professional about your preferences and your long-term goals. A qualified SMSF accountant can help you with all of this and ensure that your SMSF is properly managed at all times so you don’t have to worry about it.

2. You will have more free time than you imagined

It’s not just the 40 or so hours of the workweek that you suddenly get to yourself when you retire. Taking into account all the employment-related commuting, study, and events that are currently part of your schedule, chances are that retiring from work will leave you with a lot more free time than you know what to do with. 

Stay socially active by engaging with your hobbies, working on personal or volunteer projects, and joining new networking groups based on your interests. If you identify strongly with being a career person, you can continue to engage with your industry by attending events, staying informed, participating in forums, and possibly mentoring others.   

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3. You may need to make new friends

You are not going to lose your friendships and connections by becoming a retiree, but some of the factors of retirement can distance you from your friends. This can be due to the differing schedules you’ll have with friends who are still working or physical distance if, like many retirees, you choose to relocate your home. Of course, you should stay in touch with your loved ones, but you may want to consider forming new networks while you’re in this new phase. 

One way to meet new friends is by engaging with your hobbies or industry, as mentioned above. Another is by connecting with your local community through meetups, neighbourhood initiatives, and local social media groups. There are even retirement networks, clubs, and communities you may want to consider joining. 

4. The pension may not be enough for your lifestyle

According to the Association of Superannuation Funds of Australia’s Retirement Standard, a 65-year-old single person retiring today needs an annual income of $43,601 to fund a comfortable lifestyle in retirement. This is assuming they’re relatively healthy and own their home outright. 

At less than $30,000 per year, the current maximum age pension rate for a single person in Australia pales in comparison. It’s also worth noting that the age you can access your pension and your superannuation may differ. Staying on top of your super to ensure you get maximum returns is important, as is thinking about the lifestyle you lead and all the associated costs.

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Whether retirement is on your horizon or decades away, it’s never too early to start thinking about what you want and working towards it. With these four prompts, hopefully, you can open up some important conversations!

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