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Planning for Retirement – more than just money 

What are the things you think about when considering retirement? Is it all those holidays you’ll now have time for? Downsizing, or maybe spending more time with family? 

While there’s plenty of time for travel, adventures and family, it’s good to remember your day-to-day living will have the biggest impact on how your retirement plays out. 

There will be financial changes, but don’t discount the emotional, social and physical changes that also occur. Your retirement will probably last decades, so it’s important to give as much attention to these other aspects as you do to your financial strategy. 

How you spend your time

Some people can struggle after finishing work for good. It’s important that you find a purpose and look after your mental and physical health as you get older. A recent study found a correlation between having a strong purpose in life, healthier lifestyle behaviours and slowing chronic illness. 

Having a daily routine and scheduled activities helps to create a sense of purpose and community. It’s best to think about what this could look like now, so you can start to focus on what interests you. 

A recent poll of retired people found that retirement was spent travelling, working on their fitness and chasing passion projects like crafts or music. 

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Source: Forbes Health, 2023, Cognitive health in early retirement.

Stop the brain drain

Mental exercise is just as important as keeping your body moving. Be prepared to replace the mental stimulation you gained from work with another form of thinking: like learning a new skill or by giving back by sharing your knowledge with community groups. Mental activities are also a good way to create purpose in your life. 

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Staying connected and active

When you’re no longer going to work every day, the lack of social connection can hit harder than expected in retirement. That’s why you should plan to catch up with family and friends, and meet new people through new hobbies or volunteering. The World Health Organisation says that social isolation and loneliness is a priority public health issue globally.

Regular exercise is a great place to start. Staying active reduces the risk of health problems and it can also improve your social life. It could be as simple as a regular walk with friends, or joining organised classes or a sporting club. 

Helping you feel confident about retirement

The building blocks of a good retirement go beyond just a financial plan and could be the difference between a good retirement and a great one. 

You don’t need to make big decisions about retirement on your own.

An Aware Super financial planner1 can help you:

  • Get clear on your retirement goals and how you might achieve them
  • Understand how much money you’ll need to live your best retirement, and how you might make up for any shortfall 
  • Work out the best time to retire – and the right strategy for you.
     

To book your next appointment, request a callback or call us on 1300 650 873.

1Financial planning services are provided by our financial planning business, Aware Financial Services Australia Limited, ABN 86 003 742 756 AFSL No. 238430.

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General advice only. Consider if this is right for you having regard to your objectives, financial situation, or needs, which have not been accounted for in this information. Read the PDS and TMD before deciding to acquire, or continue to hold, any financial product.  Advice provided by Aware Financial Services Australia Limited (ABN 86 003 742 756, AFSL 238430), wholly owned by Aware Super. Issued by Aware Super Pty Ltd (ABN 11 118 202 672, AFSL 293340) trustee of Aware Super (ABN 53 226 460 365). You should read the Financial Services Guide, before deciding about our financial planning services. 

[AD2] Members can get advice about their Aware Super accounts at no extra cost, or advice on their broader needs for a fee. Advice provided by Aware Financial Services Australia Limited (ABN 86 003 742 756, AFSL 238430), wholly owned by Aware Super.

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