YOU are nearly there – just a short wait until that big day when you retire from the workforce.
Perhaps you’ve already made some plans with your partner, and the two of you are looking forward to a well-earned holiday.
Statistics suggest we can expect about 20 years of retirement before age begins to slow us down. That’s a long time, and planning is essential if you want to make the most of it.
You may already have a list of jobs to do around the house – things you’ve postponed over the years. Now, with extra time on your hands, you can finally tackle those projects and tick them off your to-do list.
Maybe part-time work is on the cards – a way to earn a little extra for long-awaited purchases, or to save for that dream caravan or new car.
A cruise might be something that’s lingered in the back of your mind. If you’ve never tried one, consider a short coastal voyage to get your sea legs. If that goes well, why not plan a two-week cruise around Australia – or even overseas?
Planning ahead is vital. If you don’t, it’s easy to overlook something important.
Being away from home for several weeks can be a concern. Do you have a family member who can house-sit, collect the mail, mow the lawn, and keep an eye on things?
Many people turn down holidays simply because they’re worried about leaving the house unattended.
But with a little forward planning, this needn’t be a barrier. There are also agencies that can arrange professional house-sitters or pet carers during your time away.
If you have pets, you’ll be glad to know that more accommodation providers now accept pets – especially dogs – making travel more accessible for animal lovers.
Many homestay properties now welcome furry companions, so you won’t always need to leave them behind.
If you’re approaching retirement, one of the most important financial goals should be paying off your mortgage.
Retiring with a home loan can make adjusting to a fixed income far more difficult.
It’s also worth remembering that regular expenses – such as health insurance and general insurance – are only likely to increase. Electricity bills, in particular, seem to rise year after year.
If you’ve installed solar panels, you may be receiving a credit each quarter. In many cases, solar can significantly reduce or even eliminate your electricity bills, offering some welcome relief.
Some retirees are also considering battery storage to accompany their solar setup.
With a proposed rebate for batteries coming into effect on 1 July, it’s worth waiting to see the fine print before making any purchases.
With bills still to pay, it’s no surprise that some are choosing to stay in the workforce a little longer to set themselves up comfortably for the years ahead.
