5 tips to test drive retirement
May 30, 2023
Not sure if you’re ready to retire? Some people can’t wait to leave their working life behind, but for others the thought can be daunting.
So, how do you decide when the time is right for you? You take retirement for a test drive with these 5 tips.
1. Take an extended break
If you’ve built up long service or annual leave, try taking a few months off work. This could be a good way to test retirement with unstructured days and plenty of time on your hands. Your employer will most likely be contributing to your super so you can also continue to build your nest egg.
2. Go part-time
By reducing your work hours you can get more free time and decide if you’re emotionally ready for retirement. Maybe kick start some new hobbies, widen your social network and work at being unbusy.
3. Spend more time with grandkids
Are you planning more time with the grandkids when you retire? If so, start testing out what days and times work best for you, your children and grandchildren. On the flip side, if you don’t want this responsibility, staying at work longer could help build your super balance and help ‘diplomatically’ avoid the childcare conversation.
4. Transition to Retirement (TTR)
You could set up a TTR strategy with an income stream like TelstraSuper RetireAccess. You decide whether you want to work part-time or redirect more of your full-time salary into your super. You could benefit from not paying tax on the income payments once you turn 60, whilst allowing your super to keep growing.
5. Test out your finances
Do you have enough to retire now? Would a few more years enable your dream retirement? Will you be eligible for the Age Pension? A super fund like TelstraSuper can help with these questions. By joining you gain access to simple financial advice at no extra cost, and competitively priced comprehensive advice to help you make the right financial decisions at the right time.
Anyone can join TelstraSuper. We’re the 2022 and 2023 Chant West Pension Fund of the Year* and we can’t wait to help you test drive your dream retirement.
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."