The idea of retirement as one long holiday sounds attractive, but the reality may not quite measure up. It can be quite an adjustment, for yourself and for other family members, and there's more than finances to think about. One common way to approach this is to transition from full time work to part time work before full time retirement, and this is encouraged by tax regulation and super rules. Others may change jobs, start a new career as a volunteer, enrol in a course, take up new hobbies or interests or even start a new business.
The MoneySmart website has some good advice on what to expect and how to plan for a happy and healthy transition to retirement, such as a trial retirement period using long service leave. And of course they also have some good tips to make sure you are aware of all the government benefits which may apply too. They counsel:
"It's normal to find the transition from work to retirement quite challenging. Many people feel lost after they stop work and wonder what to do with all the 'spare' time they now have. After a few months of being footloose and work-free, you might feel a bit listless, even depressed. If you and your partner are both retired, you might find yourselves spending more time together than ever before - for better or worse. Taking up some separate activities can be a healthy way of giving each other some breathing space."
Find out more on the MoneySmart website.
Adjusting to Retirement
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