Relationships Australia recommends planning for retirement at least five years in advance
Nick Tebby, National Executive Director of Relationships Australia, advises people to start planning for life after retirement at least five years in advance. According to him, it’s important to consider not only financial matters but also your future daily routine, social life, family expectations, and new hobbies, ABC News Australia reports.
Tebby noted that retirement is one of the most significant life changes for workers. Gradually reducing work hours—for example, transitioning from full-time to part-time work or to irregular work—can help you adjust to fewer hours at work and more time at home.
Lachlan Searle, CEO of RUOK?, a national suicide prevention charity, believes that planning for retirement is just as important as financial planning. He highlighted the change in routine that occurs when a person transitions from full-time employment to a much more flexible schedule.
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Experts also advise discussing in advance with loved ones how daily life will change. For couples, this may involve the time partners will spend together and apart, household chores, and home maintenance. They also suggest agreeing on when a person will be able to help their children or grandchildren to avoid tension or conflicts arising from differing expectations.
According to Tebbi, after retiring, it’s helpful to have goals and activities that provide a sense of purpose: learning a new skill, taking classes, joining group activities, or volunteering. Serl advises starting such hobbies before retirement, if possible.
Tebbi also noted that after retirement, social isolation and feelings of loneliness can intensify, since the workplace is often an important part of one’s social circle. He recommends scheduling regular get-togethers, calling friends and family regularly, and maintaining other social connections.
