The team at TelstraSuper has been helping people retire with confidence for 33 years. In that time, we’ve identified the 3 biggest fears that those on the cusp of retirement experience, and more importantly, what to do to tame all that anxiety.

1. Running Out of Money

The most common retirement fear is ‘outliving my savings.’ The 2022 Financial Wellness research report by AMP found concerns about retirement have escalated, with those worried they will not have enough to retire increasing to three in five Australians, up from two in five in 2020.*

Over the same two-year period, the number of people who believe they will need to work longer has risen by more than 10 per cent.

The reality is that this is a reasonable and rational fear. When we retire, everything we have ever experienced about managing our own finances gets turned upside down and the notion of running out of money is indeed terrifying. 

So what can you do? As the old saying goes, people don’t plan to fail, they fail to plan.

A great thing you can do is build a strategy which aims to ensure your money works hard for you in retirement. As retirement can last around 30 years, experts recommend segmenting the lifetime of a retiree into several time horizons. Accordingly, they create different investment portfolios to address the financial needs of each segment.

This is where a financial adviser comes in. Financial advice can not only help you manage your finances, but it can also make you feel more confident and in control at retirement. It can make a big difference to your future 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
• implementing contribution strategies to maximise your savings if you’re still working. 

FIND OUT MORE

2. Boredom

Boredom is a huge concern in retirement. People often wonder: ‘how will I spend all that newfound free time?’ And, without a sense of purpose, the risk of unhappiness increases.

The notion of retirement as a time of leisure is outdated. Most retirees want a similar level of engagement and meaning as in their working years. From learning a new skill to helping people in need, there are a variety of activities that can give you meaning and joy in retirement.

Feeling part of a community that you enjoy can be the key to staying happy. Why not try group activities like singing, gardening, cycling, walking, 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 U3A, Lions, Rotary, Probus or National Seniors Australia organisations.   

3. Volatile markets

We already know how fragile investment markets can be. The pandemic, inflation and recession can all throw your plans out of the window. So, it’s understandable to be concerned about whether your investment can provide enough income when you need it.

While there’s very little you can do about the broader economy, you can take steps now to give your investments a better chance of performing well over the long term.

A great thing you can do is get a proper understanding of how you should allocate your investments. Choosing the right investment options plays a significant role in how your retirement balance will perform.

Don’t let your retirement worries get you down

Are you haunted by what lies ahead? Fear no more. 

As a TelstraSuper member you can get general and simple personal financial advice about your TelstraSuper account over the phone at no additional cost – it’s all part of your membership.  

For more comprehensive personal advice, you can make an appointment with an adviser from TelstraSuper Financial Planning. They have a range of advice options available for a competitive fee and the first appointment is obligation free.

To get started, simply give us a call on 1300 033 166 or request a call back.