Some people might still have caring responsibilities around the time they retire. What caring responsibilities might you have then?
What sort of regional facilities and infrastructure would be important to you? Maybe you’ll decide to make a sea-change or tree-change to live in a part of regional Australia. If you’re considering an apartment, where will it be? In the city, the country, on the coast, or in the outer suburbs? If you spend more time at home in retirement, you might want to finally make those renovations you never had time for, or get into gardening and landscape the outdoor area. If you own your home, you don’t have to factor mortgage or rent payments into your retirement planning-and the family home has a privileged position within our tax and superannuation systems. So, it’s important to think about what sort of payments you’ll need to make. Not everyone will own their home when they retire. Home ownership makes a difference to the amount of money you might need in retirement. You might need to look at options for nursing home or hospital care. In the frail phase, there may be more restrictions on your mobility and most of your money will go towards essentials like food and medical expenses. In the passive phase, you may not be able to travel as far from home but will still have lifestyle costs like making your home more suitable to health needs, or travelling short distances to visit family.
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You’ll be using your new found free time to do things you may have missed out on when you were busy in the workforce. In your active phase, you’ll be spending more on your lifestyle, leisure and family activities. Of course, these changes could potentially impact the amount of money you might need. You might also think about living or relocating closer to good medical care.Ī retiree’s needs and wants change over time as people move from a more active phase, to a passive phase, to a frail phase (usually some time in their 80s). This can give you some insight into some potential issues that might impact your health as you age.ĭo you have existing health conditions that could deteriorate further by the time you retire? If that’s the case, think about any impact that might have on your lifestyle, as well as the sort of accommodation you’ll need. You should consider your parents’, grandparents’ and other biological family members’ health histories. There are many things that can change the retirement you might have What sort of health issues might you face? You could choose to live alone, or in a communal setting with family, friends, or close neighbours. You might want to talk to friends and family about their plans around that time. Maybe you’re planning to retire as a single person.
If you are in a couple, sometimes you and your partner know exactly what your retirement plan looks like, but others may find their expectations or plans quite different. But, what comes next? Have you spoken with your partner or a close friend about that stage in your lives? When you’re at the end of your career, there might be a farewell morning tea, lunch or dinner … and a big ‘Congratulations’ from your workmates, family and friends. To understand how much money you’ll need, you’ll first need to consider what your retirement might look like. If your last day of work is just around the corner, it’s never too late to make some adjustments to improve your financial position.
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