Retirement Planning

In your 50s and caught up in the whirl of life? Whether you are single, have your grown children still living with you, or are now back to just yourself, or you and your partner, it’s worthwhile to take a breather and plan for your retirement.


Nowadays, with retirement ages being increased, there is maybe a bit more time to think about the transition and how you will manage it. While retirement is a change that most people should welcome, this is not always the case and it can be quite a shock for some people.


Retirement means that relationships will change at home, that there will be more time to fill with extra activities and obviously the financial situation changes. Have you enough superannuation to last into your old age? What are you going to do with your time? How are you going to define yourself? What will you be doing that you see as worthwhile? These are some questions that you should find an answer to.


If you are single then the answers to these questions don’t need to take anyone else into account. However, if you have at least one grown up child living with you then they need to be factored in to your plans. You could see your home now as a share house. The best run share houses that I’ve been involved with have had regular house meetings where discussion is about chores, general running of the house, and the airing and resolution of grievances. Hopefully you have already set something like this up, but if not then start by calling a house meeting and set the ground rules. You should be charging rent and board. It doesn’t have to be market price but it does need to be something that you can all live with. It costs a reasonable amount to feed someone and there are also the utilities to take into account. Who does the washing could be covered by your rules or could be included in the amount you charge.


In the situation where all your children have left home, then you or you and your partner have the house to yourselves. Perhaps you think that you need to decide whether to stay in the family home, or to downsize. This can be an emotional time. There are many memories and experiences attached to your home and maybe it is a decision to be made as a family or over time. You might find that you have more time now to spend together, or to develop a new hobby or resurrect an old one. The important thing to remember is that your children still love you even though they are no longer living with you. You can still guide them when they ask for advice.


So the decision of downsizing or not might depend on your financial situation and how you want to prepare for the next stage of your life. Are you thinking of travelling? How much superannuation do you have to subsidise the lifestyle you want? Do you have a financial planner who can advise you?


It’s worthwhile to start preparations for retirement even in your twenties so that you are contributing to your superannuation. And again in your 50s it is more important to sit down and seriously think about the changes retirement will bring and how you are going to manage it all. At the very least you should organise a will, and advise your superannuation company of the person you want to be the beneficiary of your super. This is not covered by your will.


Retirement planning may not take a long time but it’s worthwhile to think it through at the very least. Maybe it’s helpful to talk it through with a life coach and ensure that you have all your bases covered.

Please contact me to make an appointment now on 0417 295 100.