How to Plan for Retirement

Retirement is a time for relaxation, enjoyment, and pursuing new interests. It’s a time to reflect on a life well-lived and spend time with family and friends. However, as we age, our needs change, and planning for retirement helps to ensure we can spend our golden years on the things and people we love most.

Why plan ahead?

Throughout our lives, we often think about the future and what we want to achieve. We make plans for our careers, relationships, homes, and travel aspirations. Having a plan is important because it helps us steer our lives in the direction we want.

However, as we get older, our priorities and perspectives tend to shift. Many Australians overlook the importance of planning for their retirement years and may end up compromising the lifestyle they had envisioned for themselves.

Ita Buttrose, who recently sat down with one of Teman’s partners, Five Good Friends, says that “what happens for a lot people is you arrive at this older age and you don’t have a plan. You need a plan, or you don’t have a purpose. And the plan gives you purpose.”

Jacquie Liddiard, a Teman resident, also believes planning ahead is key.

In order to make the most of the facilities and activities, and to make new friends, Jacquie urges everyone who’s considering making the move to do so sooner rather than later:

“It’s a new adventure; it’s great. But don’t leave it too late. Definitely move in before you turn 80. You really need to be moving before your seventies.”

When planning for retirement, it’s essential to consider factors such as financial planning, social interaction, and maintaining good physical and mental health. It’s also crucial to factor in the need for community care services that can make a difference in the quality of life of older Australians.

What options are there for housing?

As progress in life, we may want or need to reassess our living arrangements. Depending on our preferences and needs, we’ll have to choose between staying in our own home, moving in with family, moving into a lifestyle or retirement village, or transitioning into an aged care home.

Each option offers different levels of support and care, so it’s important to consider our needs, as well as the type of life we want to live.

In Australia, home care services have been proven to be effective in keeping older Australians out of aged care facilities. A recent study by Macquarie University showed that each additional hour of home care services received each week was associated with a six per cent lower risk of entry into permanent residential care. This is excellent news for those of us who want to age in place and stay in our own homes.

Another option that many Australians are choosing is moving into a retirement village.

Retirement villages, often termed lifestyle villages, offer a range of benefits, from access to support services to social interaction and community events. While most people who do move into a retirement village do it for the easygoing lifestyle, the social life, and the ability to spend more time on their hobbies or travelling, there are some surprising benefits to retirement living as well:

According to a report by the United States General Accounting Office (GAO), people who choose to live in retirement communities live 1.5 to 2 years longer than those who choose to retire in their homes. There are also multiple studies showing that being active and social – one of the key reasons people prefer lifestyle villages – can significantly reduce the risk of dementia.

Regardless of where you choose to live, retirement planning is an essential part of life, and it’s never too early to start.

Many Australians fail to plan for their later years, leaving themselves with few options if their health deteriorates or they’re unable to drive. Having a plan can help you maintain control over the direction in which you’re heading and ensure that you enjoy a quality lifestyle in your later years.

Planning for retirement. Residents of the over 55's retirement village Fitzroy by Teman in Rockhampton stay social and active by finishing the Rocky River Run

Five Tips on How to Plan

To help you get started, here are five top tips for retirement planning:

  1. Start early: Regardless of your age, it’s crucial to begin retirement planning as soon as possible. For those in their 50s or 60s, it’s especially important to prioritise your retirement goals and take actionable steps to achieve them. This will help you build a secure and comfortable foundation for your golden years.
  2. Focus on financial planning: Financial planning is an essential part of retirement planning. Consider meeting with a financial advisor to discuss your retirement goals and how you can make the most of your savings and investments.
  3. Maintain good health: Maintaining good health is crucial for a happy and fulfilling retirement. Make sure you prioritize regular exercise, healthy eating, and preventative health measures like regular check-ups and vaccinations.
  4. Stay socially connected: Social isolation can be detrimental to your mental and physical health in retirement. Make sure you stay connected to friends, family, and your community through hobbies, volunteer work, and other activities.
  5. Consider your housing options: Your living arrangements in retirement can have a significant impact on your quality of life. Consider your options carefully, whether that’s aging in place in your current home, downsizing to a smaller property, or moving into a retirement community.

Ultimately, retirement planning is all about ensuring that you’re able to enjoy a fulfilling and comfortable lifestyle in your later years. By taking steps to plan ahead, you can maintain control over your future and ensure that you’re prepared for whatever life may throw your way.

Life’s good, and it’s even better here

Did you know we have Teman retirement villages across Australia? We are located in Cooranbong, Gillieston Heights, Cessnock, and Orange in New South Wales. Brisbane, Rockhampton, and Gladstone in Queensland. Perth and Ravenswood near Mandurah in Western Australia. If you’d like to know more about living in a Teman community, the benefits of a lifestyle village, or to preview our fantastic facilities, simply complete the form below and we’ll email you an information pack.