Imagining your retirement

Connecting with your future self can sometimes feel a little daunting. But reframing the concept of retirement and putting a creative slant on planning might just do the trick.

Put future ‘you’ on your agenda

With life expectancies inching upwards our working lives are becoming longer, and it’s tempting to put retirement planning in the too-hard basket or leave them for the future.

However, research shows that women are not only likely to live longer than men on average, but they spend less time in the workforce (such as working part time), tend to earn less and as such are less likely to have adequate retirement savings. Because of this, it’s even more important for women to consider their future.

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Use your imagination

Before you plan for retirement, you need to imagine what it might look like for you.

A comfortable retirement relies on more than just having enough money. It's about feeling happy, fulfilled and secure. Is your retirement dream to potter in your garden, volunteer in your local community, travel the world... or something else?

Ask yourself big questions such as:

  • What does my 90-year-old ‘self’ want to have achieved?
  • What are my values, what is important to me?
  • What does retirement look like to me – will it be a gradual transition to retirement?

 

Start planning

Just as you’d set goals, make plans and find mentors in both your career and life, you should do the same for your retirement.

After imagining what you want to be able to do in your ideal retirement, work out what you need to do to make it happen.

This is the time to ask practical questions such as:

  • When can I retire?
  • Will I have enough money?
  • How will I manage the changes to my lifestyle?
  • Should I seek expert advice?
  • Who will my support networks and communities be?

ANZ has tools, and experts, available to help you with your choices.

Time to put that imagination to use and plan for your retirement!

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