But this could be considered retirement phase one. Retirement is increasingly being divided into three phases and, for many people, it will cover 30 or 40 years. Your priorities, needs and expenses can change through the phases. Looking at it this way can make it easier to plan ahead. 

Phase one

This is sometimes called ‘active retirement’. It’s the brand new time when, hopefully, the future looks rosy.  You’re in good health, you’ve planned how you’ll spend your time, enrolled for a couple of courses to try out some new interests, committed to volunteering at the local op shop or men’s shed and booked the big overseas trip. Or perhaps you’re tempted to become a retired globetrotter?

You might even still be working part-time, although you now consider yourself retired.   

Financially you feel well prepared. As a TelstraSuper member you may have been to a retirement planning seminar and consulted a TelstraSuper Financial Planning advisor to help plan your finances.

In this early phase it’s important not to underestimate your future expenses.  A recent report* showed most retired people spend 58 per cent of their retirement income on living expenses and the Association of Superannuation Funds of Australia (ASFA) estimate a single person needs around $48,266 per annum for a comfortable retirement.*     

But if you’re in phase one and realise you’re not sure about your financial plans it’s not too late to seek advice and ask the experts.  We offer a range of financial advice services from general and simple personal advice over the phone, which is included as a part of your membership, to full comprehensive advice, which includes meeting with a TelstraSuper Financial Planning Adviser to create a personalised strategy based on your individual circumstances.

Phase two

This is sometimes called ‘passive retirement’, generally seen as around 75 – 85 years old. By then most people have finished all paid work but many will still be volunteering, pursuing hobbies and travelling. 

When you’re at this stage you may be preparing to downsize to a more comfortable way of living. Whether it’s a smaller unit, a retirement village or a better position closer to family or transport, where and how you live can have a big impact on your way of life. There’s even some financial incentives to downsizing.

Of course, good health is vital at any stage of life but its importance tends to become even more apparent as we get older. Here’s a few tips on how to stay well in retirement.

Phase three

Often called ‘frail retirement’, this third phase of over 85 can be a time of slowing down, but it’s not for everyone. There are still many very active Australians in their late 80s, 90s and even beyond. 

It is a time to find out what help you can get and take advantage of it. There are many services to help you stay in your own home, if that’s what you want to do. They range from meals delivered to cleaning or help with shopping. The costs can vary greatly and it’s important to factor these in to long-term financial planning. A good place to start is your local council.

If you or your partner needs care there are different options to consider, and all with varying rules and price tags. It’s worth investigating and doing your research so you’re prepared if that time does come. Check out our Aged Care education modules.  The Government also has useful online information at
• MoneySmart
• Human Services 

How we can help you

If you need help planning out your retirement and understanding how long your super may last, TelstraSuper Financial Planning can sit down with you and develop a plan. Call TelstraSuper on 1300 033 166 or you can request a call back online.

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