What you do now might affect your happiness in retirement
Most of us have considered the financial side of retirement, but there are other aspects that are important and should start sooner than you might think.
Retirement marks a significant life transition for many Australians, bringing both excitement and trepidation. Experts warn that failing to plan for this major change can lead to challenges such as loneliness, loss of identity, and family expectations. Nick Tebbey, national executive officer at Relationships Australia, advises starting retirement planning at least five years before leaving the workforce.
This allows ample time to adjust to a new routine, potentially reducing work hours gradually to ease the transition. Lachlan Searle, CEO of RUOK?, emphasizes the importance of mapping out retirement goals, similar to other life transitions like marriage or buying a home. He stresses the need to plan for potential social isolation and recommends regular social activities to maintain connections.
Both experts suggest setting personal goals—whether learning a new skill, volunteering, or engaging in a hobby—to provide a sense of purpose and direction. Open communication with family and friends about retirement expectations can also help alleviate potential conflicts and ensure mutual understanding.
Written by urgent.news from ABC News AU's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
