Just when you thought you were too old for learning anything new, along comes the age of retirement.  Yes, the golden years still have something extra to teach you!

The general school of thought is that, once you stop work, you can finally enjoy winding down without a care.  But that’s not quite right.  There are three defining chapters in your retirement story – each punctuated with its unique concerns.

As Australians are living longer than ever before, it’s essential to prepare for the lifestyle changes and hidden expenses that are likely to crop up when you least expect them.

So, let’s examine these three important phases of retirement and how they’ll affect you.


1. Ready

This is stage 1 – the early years.  You’re ready and raring to go.  This phase usually spans from your early 60s to your mid-70s, depending on your level of health.

At this point in the game, you can’t wait to soak up all your wonderful free time.  You may choose to continue to work on a flexible part-time basis (so you’re not drawing down as much on your super) or just give it up once and for all.

These years are likely to be the most expensive – when you have the energy and finances at your disposal to do the things you want.


2. Reduce

Stage 2 kicks in.  Here you are in your mid-retirement years, starting anywhere from your late 60s to your early 80s.  Your energy levels may begin to decline, and health issues may arise.

Your income is less likely to accrue from paid employment; more conceivably coming from downsizing and less general lifestyle expenses.  As you’re probably spending less on leisure and travel, your financial focus will likely shift towards taking care of your health.


3. Rest

The third and final stage may see you requiring extra support – whether it’s maintaining your home or taking care of yourself and loved ones.

Your accommodation and healthcare needs may change again, often resulting in a move to a retirement village or nursing home.  This sort of transition can be emotional and certainly needs considered financial attention.

During the closing stage of your journey, it’s also vital that you have all your affairs in order through proper estate planning.


Your financial consultant can help you devise a plan to ensure you’re as ready as you ever will be.  And if you want to hear more about growing your nest egg well ahead of time, get in touch with one of our investment strategists asap.  We offer an A+ approach to increasing your wealth and enjoying your lifestyle.