RETIREMENT & LIFESTYLE PLANNING      Baby boomers need to plan their transition into retirement for  Financial Security     Active Health Management  Emotional Wellbeing  Maximum Self Esteem ISSUE - 31 - Winter 2007/2008

Your retirement countdown

Whether retirement is a long way off, or just round the corner, use our countdown tips to see if you're ready.

Many of us remain confused about the notion of retirement. We don’t really want to stop work, but are bombarded with images of laughing ‘mature’ couples leaping around on beaches and golf courses or tripping around at home and abroad. As we enter our 50s and 60s, we have a nagging suspicion that we ought to be doing something about
preparing to join them. But what is that something, and how soon do we really need
to get started? That something is, in fact, planning. And the best way to get started
is to recognise that the old ‘retirement’ – gold watch, payout, and reaching your use-by date – has gone. Today’s retirement is as simple as less work, more play, and access to the savings you have built up during your working life. No-one has to retire – but it is a mistake to believe that liking work is a reason not to plan for the day when you choose to cut back, or are forced from the workplace due to ill health or restructuring.
We all may feel as though we can work forever, but most of us won’t. The following finance section – and our Special Report Becoming financially fit – features a
suite of articles especially written to help you identify and address the strategies you
should set in place now to achieve a degree of financial freedom later. And yes, we understand it’s not just about the money. Time and again research reveals that the
most important factors for a happy later life are strong relationships and positive health.
But coming close behind these wellbeing factors is a sense of choice – and having
sufficient income to live the way you would like when you leave the workforce is a pre-requisite for the luxury of choice So use the following Ages and Stages table now to step through the critical tasks for your retirement countdown – and start that planning today.

AGE	LIFE STAGE	ACTIONS – FINANCIAL	ACTIONS – EMOTIONAL
40-50	Working full-time Raising a family Paying off a mortgage	Do you have a clear idea of your assets, liabilities and a sound financial plan created in conjunction with an expert? (See our Special Report, Becoming financially fit. ) Mortgage reduction – can you pay off more than regular repayments? How are you managing other debt? Wealth building – are you increasing your nest egg as much as possible within your risk tolerance? Are all breadwinners appropriately insured?	Are you maintaining a work-life balance? Do you have any ‘me' time? Do you have a hobby? Are you allowing time for regular family meals, outings, celebrations?
50-55	Working full-time Older children Divorced Re-partnering Caring for older parents Starting a new business	Try to predict when you plan to exit full-time work, even if it is a long way off. (See Richard Sheargold's article, Getting the timing right. ) Confirm the best financial structures for your proposed timeline. Assess your retirement taxation strategies. (See Louise Biti's article, Make tax your friend. ) Review your current investments, their performance, your future investment priorities and your risk tolerance. (See our Special Report and Dante De Gori's article, When the market falls. Consider your eventual eligibility for a Centrelink full or part-pension; ask your planner what this means. Have you bullet-proofed your new business structure so your personal assets will not be lost if the business does not succeed?	Are you enjoying your career? Is there another midlife career awaiting you? Perhaps you might see a career counsellor? Are you having regular medical checkups, and maintaining a reasonable degree of fitness? How are the relationships in your life: fair? middling? great? Now may be the time to work on them. Is your estate planning up-to-date and suited to changing family situations?
55-60	Working full or part-time Taking a package Empty nesting	Consider your eventual eligibility for the Pension Bonus Scheme – and the registration requirements and timeline. Consider transition to retirement possibilities. What will be the best way to access your super?	Time to fulfill some dreams, such as extended travel no longer restricted by school holidays or annual leave? How are your computer skills? New technologies won't go away – it's time to update and join the party online. Still don't know what you want to be when you grow up? Start exploring
60-65	Working full-time, part-time or ceasing work altogether Volunteer work Caregiver Business mentor	Are you fully aware of all the government benefits and subsidies relevant to your situation?	Is it time to review the strength of your relationships? Do you have lots of meaningful activities in your diary? Are you remaining connected by learning new skills and enjoying new experiences? Are you giving back as a volunteer or mentor?

 

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