Six smart ways to enjoy retirement

Retirement is an exciting new chapter, but a little planning goes a long way to ensure you make the most of it. From sorting out your finances and health to finding new hobbies and staying open to change, these simple steps will help you create a rewarding and enjoyable retirement.

1. Take control of your finances

Your money works differently in retirement, so it’s important to review your budget. Even if budgeting isn’t your thing, now’s the time to look at your income and expenses. A financial advisor can help you maximise your superannuation, investments, pensions, and government benefits.

Check your super and investments

Understanding where you stand financially is key. You might want to look at diversifying your investments or turning your super into an annuity or an account-based pension. Getting expert advice ensures you make smart choices.

Plan for your retirement lifestyle

Spending habits change in retirement. Research shows retirees aged 75 spend significantly less than they did at 60, with higher-income retirees cutting back even more. Downsizing your home can reduce living costs while freeing up cash for travel, hobbies, or other priorities.

2. Consider your living options

Less house, less maintenance, more time for what you love! Downsizing can free up money and let you focus on experiences rather than upkeep.

Finding the right place to live

Where you live matters – think about being close to family, your lifestyle preferences, and any financial benefits. The Downsizer Super Contribution Scheme lets couples put up to $600,000 from a home sale into super.

Exploring over-50s lifestyle communities

Land lease communities offer financial and lifestyle perks over traditional retirement villages. You own your home but lease the land, meaning no stamp duty and potential rental assistance if you’re eligible. Unlike retirement villages, these setups avoid hefty entry, exit, and deferred management fees while offering great amenities.

3. Plan for your health and well-being

Sorting out your legal and healthcare needs early gives peace of mind for you and your family.

Get your legal affairs sorted

Updating your will every few years ensures your wishes are clear. An Enduring Power of Attorney (POA) is just as important, yet only 11% of Aussies have one. A POA ensures your affairs are handled properly if you ever need help.

4. Stay active and engaged

Looking after your body and mind helps you make the most of retirement.

Keep Moving

With more free time, it’s a great opportunity to get into activities like pickleball, tennis, swimming, or yoga, which boost both physical and mental health. Social activities also keep you connected and engaged.

Look after your mental well-being

Adjusting to retirement can be tricky. Staying engaged with volunteering, learning, travel, or family helps keep you sharp and fulfilled. Strong social connections improve mental health and life satisfaction.

5. Discover new hobbies and interests

Retirement is the perfect time to rediscover old passions or explore new ones.

Find your next passion

According to psychologist Paul O’Keefe, retirees should adopt a ‘growth mindset’, exploring literature, outdoor activities, or travel. Many retirees find themselves busier than ever with new interests.

6. Stay flexible and embrace change

Retirement is a whole new experience, so flexibility is key. Keeping an open mind lets you embrace new opportunities as they come.

Rolling with life’s changes

Change can be daunting, but a positive outlook makes all the difference. Downsizing, for example, might feel bittersweet but can lead to fresh beginnings in a welcoming community with fantastic amenities.

Retirement is your time to explore, travel, or try new things. Whether it’s pickleball, art, or long-term travel, this stage of life can be one of the most rewarding.

Final thoughts

A happy retirement is all about good planning, staying active, trying new things, and embracing change. By making informed choices and keeping a flexible mindset, you can enjoy a fantastic and fulfilling next chapter!