Retirement trends have changed in recent years, and Australians are increasingly working for longer. This trend is likely to continue as the retirement intentions of Australians continue to shift towards delaying retirement, with more Australians choosing to work well past age 60 (be it by choice or by necessity).
Did you know?
In 2004–05, just 8% of Australians aged 45 and over intended to work until age 70
In 2016-17, 20% of Australians aged 45 and over intended to work until age 70
If you asked anyone how and when they’d like to retire, most (if not all) would agree that they’d want to stop work on their terms, when they’re financially ready. However, sometimes life has other ideas ...
It’s interesting (and a little bit of a concern) to see that 1 in 3 people don’t get to choose when they stop working, which can have an impact on their financial position and ultimately their standard of living in retirement.
That’s why it’s so important to be retirement ready.
It’s all in the planning
To be retirement ready, it’s all in the planning.
There are many aspects of retirement readiness: financial, psychological and physical, but by far the most important is the financial aspect: knowing that you’ll be able to maintain a decent standard of living once you stop working.
Studies show that many Australians retire with less than they had expected and that, with the benefit of hindsight, most retirees agree that would have started preparing for retirement earlier.
The good news is that it’s never too late to put a strategy in place (although it goes without saying that the earlier you start, the better off you’ll be at retirement).
Taking steps towards retirement readiness
If you’re worried that you’re not retirement ready, the best thing you can do is get some advice. Our financial planners can help you work out how retirement ready you are, and how long your money will last. They can help you retire on your terms and give you strategies to make your money last so that your retirement is a worry-free one.
Meet with a financial planner to get advice on:
- transition to retirement strategies
- investing your pension
- budgeting in retirement
- tax minimisation strategies
- Age Pension and other social security entitlements
Call Member Services on 1800 757 607 to make an appointment with one of our planners or book an appointment online.
The information on this page has been issued by Maritime Financial Services Pty Limited (MFS). It contains general information that doesn’t take into account your individual objectives, financial situation or needs. It’s important to consider how appropriate this general information is in relation to your situation before making an investment decision. We recommend that you seek financial advice before making any decisions regarding your super or investments. The information on this page is current at the time of publishing.