Not Ready to Retire? Simple Steps to Build Confidence and a Plan

Not ready for retirement? You’re not alone. An Australian National University survey found that 56% of respondents were concerned about finishing work.

If thinking of retirement leaves you feeling more insecure than excited, perhaps your retirement strategy needs rescuing.

These easy steps will get you started.

1.   Create a financial action plan:

• Assess where you’re at financially. If you haven’t already, set up a household budget. The government offers a free tool to help.

• Have you considered downsizing? Government downsizer incentive schemes can boost your super right when you need it most.

• Practice living on a reduced income and track your progress.

• Consider working part-time to help you adapt to your new lifestyle.
  

Important decisions like these are certainly daunting, but you can remove the worry and guesswork by consulting a professional financial advisor.

They can assist by structuring your retirement investment, tax and estate plans, helping you achieve your personal retirement goals.

Additionally, they’ll keep you on track by updating your strategy as your needs change, guiding you through your transitional period, and beyond.

2.   Create an emotional action plan:

• Cultivate a rewarding lifestyle before finishing work. It’s always a good time to build a routine of activities that keep you engaged, active and socially fulfilled.

• Consider things you can do while still working. Explore community centres or libraries for special interest groups, or hobby or craft classes you can attend, or even facilitate!

By taking small, simple steps now, once you retire, you’ll wonder how you ever found time for work!

Retirement is a new beginning; you just need to decide what it will look like for you.

You may not have all the answers yet, but you can start planning a successful transition today: for financial peace of mind and emotional wellbeing.

Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.