So, how do you decide when is the right time for you?

What to consider

Timing

 Now might not be the right time for you to finish work but next year, or in three years might be perfect.

Home life

Has your partner retired recently or is planning to do so soon? You might be discussing new activities or travel ideas for when you both have more time. Alternatively, it might suit you both better to stagger the timing. One of you might prefer to settle in to retirement first and then be joined by the other later. Discuss and plan.

Broader family

Are you planning to take on caring for grandchildren when you retire? If so, when would be the best time for you, your children and grandchildren? If your grandchild is very young, you might prefer to wait until they reach the pre-school years and you can take them to activities or pick them up from kinder. Or maybe you don’t want to undertake childcare commitments, so staying at work longer is a way of ‘diplomatically’ avoiding it.

Finances

How is your super progressing? Will you have enough to retire now or would an extra few years of contributions make the difference in enabling you to lead the type of retirement you want. Will you be eligible for the Government age pension, in full or part? TelstraSuper Financial Planning can help you plan your retirement finances. Contact us on 1300 033 166 or fill in our online contact form to book an appointment with a Financial Adviser.

Testing out retirement

There are ways to take retirement for a test drive.

Go part-time

This can be a great way to ease out of full-time work. Many employers are prepared to consider part-time and it can give you the best of both worlds. By reducing your hours you can ease off the pressure of a busy job and enjoy the extra free time. Maybe kick start some of those activities you’re considering for retirement, or develop your networks and see what it’s like to have that time freedom. You might find you love it so much you want to move to full retirement, or you might realise that you’re not ready yet.

Take an extended break

If you’ve built up long service leave or considerable annual leave, try taking a few months off work. This can be a good way to test a ‘trial retirement’ and see what it’s really like to have those unstructured days and plenty of time on your hands. A benefit of taking time off in this way is that you’re still employed and being paid plus your employer will still be contributing to your super so it’s continuing to grow.

Transition your income

Set up a flexible income stream, such as a TelstraSuper RetireAccess Transition to Retirement (TTR) to maintain your income while you reduce your working hours. A TTR is flexible so you can decide your income level and how often you receive payments and you don’t pay tax on the payments once you turn 60. Plus your super will keep growing.

FIND OUT MORE

TelstraSuper’s employee retirement trial 

At TelstraSuper our people are our priority. We’re proud of our supportive and healthy work environment, which enables our people to balance their work and personal responsibilities.

When one of our employees came to us asking to trial out retirement for a year, we were excited to go on this adventure with him!!

While his extensive travel plans had to be cancelled because of the COVID-19 pandemic, he took refuge on the coast of Victoria and embraced the slower paced lifestyle. He also visited the Gippsland region to support those impacted by the devastating bushfires and help put money back into the pockets of communities who need it most.  

To increase his social network he  joined walking and cycling groups, and further mastered his golf skills. There were many walks on the beach with his wife, he  tackled DIY projects around the house, and he was also happy to give his daughter a well-deserved break and looked after his young grandchildren for 3 weeks. 

Whilst it was a good break for him, he did return to work  as he's not ready to retire permanently just yet. Thanks to this trial he was able to realise he has some years of employment in him and we couldn’t be happier to have his years of experience back at TelstraSuper! 

Need help planning for your retirement?

If you’re thinking of retiring soon and want help with your planning, TelstraSuper Financial Planning can provide you with advice on your retirement options; give them a call on 1300 033 166. Alternatively, you can request a call back using our online form.