3 biggest fears before retirement
June 9, 2023
In the lead up to retirement people face a revolving door of emotions and doubts. Here are three big fears.
1. Will I run out of money?
Three in five Australians are worried their money will run out in retirement, up from two in five in 2020. *
Running out of money is indeed terrifying. So, what can you do?
Experts recommend retirees plan for several time horizons and create different investment portfolios to suit each retirement stage. This is where a financial adviser can help by:
• reviewing your retirement goals and your income
• maximising your government entitlements
• reviewing your investment strategy
• building long-term tax effective savings (not just within super)
• setting up contribution strategies and maximising your savings if you’re still working.
2. Will I get bored?
Once you’ve ticked off a couple of dream holidays, how will you spend your free time? Without a sense of purpose, the risk of unhappiness increases for many retirees.
Feeling part of a community that you enjoy can be the key to staying happy. You can try group activities like gardening, cycling, walking, singing and dancing, painting, theatre, food, or films. Or perhaps, join a club—there's many to choose from— sporting, reading, animals, craft, exercise, language, or the larger and well-known Rotary, Probus or National Seniors Australia organisations.
3. How can I manage volatile markets?
We already know that investment markets can be unstable. A pandemic, inflation, a recession, could all impact your investment plans and retirement income.
While there’s little you can do about the broader economy, you can take steps now to help give your super the best chance of performing well over the long term.
Why not try managing your own investment options? Choose your level of risk with help and guidance from an expert financial planner when you need it. Start with these 4 questions to ask yourself about risk.
Are you haunted by what’s on the list? Fear no more.
Your super fund can make a big difference and help support your lifestyle when you’re no longer on the clock. And what better way to start your golden years than with the Chant West 2022 and 2023 Pension Fund of the Year!
We’ve been helping Australians with their retirement for over 30 years, perhaps we could help you with yours.
Anyone can join our fund and when you do, you can get access to simple financial advice about your account at no extra cost through TelstraSuper Financial Planning.
JOIN TELSTRASUPER TODAY
Please consider the relevant PDS and TMD and whether this product is appropriate for you. Telstra Super Pty Ltd ABN 86 007 422 522/AFSL 236709 as trustee for the Telstra Superannuation Scheme ABN 85 502 108 833.
Please refer to the TelstraSuper Awards page on our website to see further information on our awards from both third-party rating agencies and industry peers that recognise TelstraSuper as a leading profit to member super fund www.telstrasuper.com.au/about-us/awards."