1. How you’re going to spend your time

You’ve done it. You’ve worked for years and now finally get to reap the rewards, you’re about to start the longest holiday of your life. But what will you do with all that time? For many Australians retirement can be a bit of an anti-climax. Loss of social networks, lack of sense of purpose and feeling generally aimless are common responses to all that freedom.

Be prepared and think about how you want to spend your time. From taking up new hobbies and planning holidays, to reconnecting with old friends - make a list of all the things you want to get done and experience. 

2. If you still want to work part-time, volunteer or start a business

For many people work is a large part of their identity and a source of social networks, so cutting out work all together can be a shock to the system. Getting back into the workforce after you retire can also be difficult, so consider reducing your hours gradually as a way to test the waters. If you have already retired but want to stay active in the workforce there are different ways you can keep yourself busy without having a full-time career.

Volunteering is a way to reap the benefits of working while giving back to the community. And there are many ways to get involved; whether it’s preparing meals in a local homeless shelter or building houses overseas.

3. Where you want to live

Planning on downsizing or making a sea change? Not many people enjoy packing up their belongings and moving house several times so choose your retirement location wisely. If you plan on living there until ‘old age’ you’ll also need to consider factors like stairs, ease of access and proximity to loved ones and services such as health care providers. 

Don’t discount retirement villages either, they’re no longer drab flats in the middle of nowhere. Many new villages are equipped with gyms, swimming pools, social clubs and even retail outlets.  

4. If you want to help with the grand kids

Now you’re retiring you have plenty of time to pick up the grandkids from basketball, right? With the rising costs of childcare many families are turning to grandparents to help. 

While there may be some health and social benefits for retirees, the expectation to help with the kids can also cause significant stress. Decide how involved you want to be before you retire and share your decision with loved ones to avoid assumptions.

5. How to age successfully

Studies show a drop in mental stimulation can lead to variety of health issues. Taking up new skills and hobbies like languages, painting or dancing are all linked to new brain cells developing whilst staying physically active is linked to strong memory. Couple this physical and mental stimulation with healthy eating and mindfulness and you have a recipe for success. 

Thinking about retirement?

We can help you work out the implications of retiring sooner or later. You have access to general and simple advice about your TelstraSuper account for no additional cost – it’s part of your membership. If you want more personal advice, you can make an appointment with TelstraSuper Financial Planning (fees may apply). Call us on 1300 033 166 or complete our online contact form.