"If you get to retirement age and you’re able to go, don’t muck around, just do it."
I had four of my colleagues pass away within a year, and that's what helped me make up my mind to retire at 60. These blokes could have left work, and they didn’t, and what for? I had lots of other things I wanted to do. And when I looked at them passing away, and looked at myself, I just thought: what am I doing here?
I spent my whole working life at one company, straight out of school. I’m a carpenter by trade but I ended up as a manager. I started seriously considering retirement planning when someone I knew retired and gave me the best advice: to start salary sacrificing into my super. I didn’t know I could do that until he told me, but it’s made a big difference. The only thing I didn’t expect was the way inflation has gone and how much more we’re paying for everything. Fortunately, we had our home paid off, but we do have to watch our money a bit.
I’ve now been retired for a little over a year... and honestly, I’ve never worked harder or been busier! I’m currently renovating the family home to get it ready to sell so my wife and I can move out of Sydney, up to near Newcastle. I’m really looking forward to moving where the water is and enjoying life. Between our house and the renovations I’ve been helping my daughter do on her place, I feel like life is fuller than ever.
I still wake up at 5am and get on with it. The difference is I’m doing what I want to do. I can spend more time with my wife, and we’re able to pop out for coffee or lunch together—there are some good Seniors deals around. The best thing is to be able to make plans that don’t have to factor work in, like moving out of the city, and all the travel we’d like to do. We’ll be heading to see my son in America soon and we have lots of other trips in the works.
Geoff, aged 66
New South Wales
“Get a game plan ready early so you can go when you’re happy to go.”
I always thought I’d retire at 65 like my father and uncles did, but it wasn’t until the recession in the Nineties that I thought about a proper plan. I made sure that my super fund was tracking alright and I was putting enough in at that point, so even if it wasn’t a great time to go through, I do have to thank it for making me get serious about the future.
I started out as a pastry cook, and then I began working at Sydney Water, firstly on the tools doing water maintenance and then in 1991 I worked my way into training other people on safety, skilling up and doing things safely. I was also the branch treasurer at the New South Wales and ACT Australian Services Union and was heavily involved in that. Over the years, I watched people work past 70 and not have much longevity in retirement. I knew I wanted to go when I could, and when I was 65, I did. I’d spent almost 50 years of my life working, and that’s a long time to give your time to someone else—you’ve got to give something back to yourself.
It’s been 13 months since I retired and it took me a while to break the 4am wake up habit. The main goal — to be available for my family — has definitely been happening. I had been planning to do other things like travelling straight away but life gives you curveballs and my family comes first. I have an ageing mother to look after, and my father passed away recently. He had dementia, and that also made me realise that you’ve got to enjoy what you’ve got, when you’ve got it. I’m really enjoying spending lots of time with my three grandkids, and not having to sit in traffic on my commute! My wife and I are keen to see the rest of Australia, go on a cruise to New Zealand and pick back up on volunteering for Camp Quality.
My advice is to plan early for retirement. Get a strategy and work out how you can go when you want to go, so you can live your life. Definitely think about your lifestyle, what income will suit you, and ask lots of questions about going into retirement from the experts — Aware Super has been great for that. Go to the seminars and webinars and ask all the questions you can.
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Disclaimer
This is not financial advice. This information is the personal opinion of the individuals concerned only. The views expressed here are not the views of Aware Super and should not be taken as a substitute for professional advice.
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. You should read the Financial Services Guide, before deciding about our financial planning services. Issued by Aware Financial Services Australia Limited (ABN 86 003 742 756, AFSL 238430); wholly owned by Aware Super (ABN 53 226 460 365).