91ºÚÁÏ

Only 20% of people aged over 55 see retirement as a one-off event1 instead planning for a series of phases where paid work gradually takes up less time. So while retirement is on the horizon, images of grey-haired couples, strolling on a beach may not feel quite real yet. Instead you may be thinking about working less, or a career change.Ìý

This stage of retirement planning is all about inquiry: asking ourselves questions and taking in information, ideas and advice. A good starting point is some daydreaming: imagine what the next decade could look like for you. Do you want to keep earning an income? What would working less look like for you? What responsibilities will you still have? If you can start to form a picture of your day-to-day life, you’ll be better equipped to make decisions about your financial future.

If you enjoy listening to podcasts on your commute, consider adding a retirement focused one into the mix. Got a minute for a bit of choose-your-own-adventure fun?Ìý Our My Retirement Planner helps you maximise your savings to prepare for retirement. Start by including your estimated SASS retirement benefit balance and play with some different scenarios based on different paths you can take. They may be bite-sized, but these moments for retirement planning will help you form the foundations for the next phase.Ìý

If you’re unsure where to begin, our Retirement Guide offers a day-to-day exercise on page 27 to help you think through what this next phase might look like. And on page 29, you’ll find guidance for the common questions like: Where will my income come from? How much money will I need?Ìý What do I need to consider before exiting SASS?

The big 6-0 is the earliest you can access your super (if you permanently retire or change employers and temporarily stop working), but you may not be ready yet to stop working. This life stage often brings new family dynamics, such as financially helping adult children (who are increasingly likely to live at home for longer) and even increasing responsibilities for ageing parents.Ìý

Life’s busy, so use that to your advantage: get networking wherever you go. Talking to friends and family, as well as the people you meet socially, about their experiences. Speaking of financial planners, now could be a good time to chat to one. 91ºÚÁÏ’s financial planners are experts in the SASS scheme.

If you’re over 65, you may have stopped working, but that doesn’t mean life is quiet. Milestones like welcoming grandkids, downsizing, health challenges and even watching friends go through their own retirement journeys might prompt a review of how your retirement is going. And that’s how it should be: retirement planning isn’t a set and forget exercise that stalls when you stop working.Ìý

Just like during your working years, your financial goals in retirement will likely evolve. Changes in your health, family situation, or even your bucket list can make it essential to regularly review your finances and your household budget. Whether you do this on your own, with a partner, or with a financial professional, staying on top of your finances is key to feeling secure throughout retirement.

No matter where you are on your journey to retirement, the key is to start somewhere and to keep revisiting your plan. Life is full of unexpected changes, but by breaking your retirement planning into manageable steps and making adjustments along the way, you can feel confident about the next chapter. No matter your age, there’s always room to refine your plan and stay on top of your finances.