BABY Boomers are on the verge of retiring from work, but what are they retiring to?
We rarely give pause to consider how we will fill our retirement and for how long it will be.
These considerations give rise to planning and that should happen while we are still working.
According to the Bureau of Statistics, the average age at retirement for recent retirees is 62.9 years.
With the average life expectancy at just under 83 years, that’s two decades of non-working.
How you will support yourself – and how you will spend your retirement – are questions needing careful planning.
Above are three main areas for consideration; how to maintain your health and independence, how to ensure you have enough money to survive and the best type of accommodation.
A growing phenomenon is the retirement coach, experts who will mentor, lead and guide you through the wealth of information available to retirees.
There are at least 23 certified retirement coaches across Australia who will help with an holistic approach to retirement; how will you fill your time and manage your health, what are your goals, are you considering downsizing and will you take on part-time work?
The federal government runs free seminars across Australia for those planning retirement.
You can also phone 132 300 and talk to a financial information service officer.
Visit the website humanservices.gov.au to find out how to claim the aged pension online. You can access information about pensioner concession cards and government and community support services.
If you live in Victoria, the Seniors Law program is a government funded service offering advice pro bono for those who can’t afford a private lawyer or are experiencing disadvantage. They will guide you through appointing a power of attorney.
No amount of planning will compensate for ill health.
According to the Royal Australian College of General Practitioners, about a third of general practice encounters are with adults aged 65 years and over.
Find a GP with whom you feel comfortable and plan a healthy lifestyle that will help you navigate the increasing number of hurdles associated with ageing.