Countdown to retirement: Tips to help kickstart your retirement plans

For many people, their retirement dreams are about long, leisurely days without a care in the world.

The reality can be a little different, however, particularly if you haven’t thought about some of the more humdrum issues retirement involves, or considered what your partner (if you have one) and family expect once you leave the workforce.

Although retirement income is always an important issue, lots of people find it’s not the biggest obstacle to a happy and successful third phase of their life.

Things like where you live, the type of home you need, how much time you expect to spend with your partner, and even the activities you plan to fill your time with all need careful thought and discussion before you plunge into retirement.

Whether you have 15 years or just a few months before the big day, we’ve pulled together a checklist of issues to consider and discuss with your family to ensure the years ahead are enjoyable.

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Retiring in 10­–15 years?

With this many years before your planned retirement, the focus will probably be more on organising your financial plan so you have the foundations in place to build the retirement nest egg you need.

However, it’s also a good time to start reflecting on what you expect from retirement.

Here’s some issues to consider in these pre-retirement years:

1. Finances

• Begin creating a financial plan to pay for your retirement.

• Set a rough date for leaving the workforce.

• Investigate the annual cost of your preferred retirement lifestyle.

• Consider whether you are likely to be still financially supporting your children (or even your parents). 
• Consider speaking to a financial adviser.

2. Lifestyle/activities

• Consider how you would like to spend your time in retirement.

• List some personal goals you want to achieve during your retirement.
• Think about what – if any – travel (both domestic and international) you would like to undertake and how often.
• Review your hobbies and consider how much time you would like to devote to them in retirement.
• Think about any sports (e.g. golf, bushwalking, surfing) you want to pursue in retirement.
• Consider any community activities (e.g. volunteering, charity work) you want to undertake.
• Identify any new skills you could learn as part of your current employment that could be useful in retirement.

3. Personal circumstances and your family

• Consider where you will want to live in retirement (e.g. your current suburb, move closer to the beach or relocate overseas).

• Think about your family circumstances and how they will affect your retirement plans (e.g. second family with young children or elderly parents needing your assistance).

4. Administration

• Check the existing death benefit nomination for your super account remains appropriate for your current personal circumstance.

• Ensure you have a valid Will with the appropriate beneficiaries.
• Select an executor for your estate to ensure your wishes are carried out.
• Organise an enduring power of attorney (EPOA) and advance health directive.

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Retiring in 2–10 years?