Get a first-hand look at what you can expect from retirement, and the lessons they have learned.
Retirement is often seen as the ultimate goal—years of hard work finally rewarded with the freedom to enjoy life at a slower pace. Yet, for those who have reached this stage, the reality can be quite different from the expectations. Through my work and conversations with retirees, certain key lessons keep coming up—lessons that those of us still working should seriously consider as we prepare for this next phase of life.
1. You Can’t Plan for Everything—But You Should Still Plan
One of the most common lessons shared by retirees is that life in retirement doesn’t always unfold as expected. Health issues can arise, family dynamics change, and even the global economy can have an impact. While you can’t predict every twist and turn, being financially prepared is essential. Setting up emergency funds, ensuring that your superannuation is in good shape, and considering other income streams, like investments, will provide more stability during retirement.
A key resource to get started is the MoneySmart website, which offers tools to assess your financial readiness for retirement. If you’re unsure where to begin, speaking to a financial adviser can help you map out a plan that takes potential challenges into account.
2. Time Becomes Your Most Valuable Currency
In retirement, you’ll often hear that time—more than money—becomes your greatest asset. But the way you spend it can determine how fulfilling your retirement is. Many retirees reflect on how important it is to remain socially and mentally engaged. Finding purpose through volunteering, learning a new skill, or even part-time work can be incredibly rewarding.
Look into community centres or platforms like University of the Third Age to find courses and meet new people.
3. Relationships Matter More Than You Think
One of the biggest regrets I hear from retirees is not spending enough time with loved ones during their working years. Retirement offers a chance to reconnect and build deeper relationships with family and friends. However, this requires effort, especially when people have busy lives.
For those approaching retirement, it’s worth thinking about how you can invest time in relationships now, so they remain strong in your later years. Building a social network outside of work is essential too, as many find that when the routine of going into the office disappears, so do many of their social connections.
4. Health Is the Real Wealth
No matter how much you have saved or how well you’ve planned, without good health, retirement can be a struggle. A recurring piece of advice from retirees is to take care of your health well before retirement. Whether it’s prioritising regular check-ups, maintaining a balanced diet, or simply staying active, health investments today will pay off later.
Consider adopting healthier habits now by incorporating regular exercise, meditation, or even something as simple as daily walks. Many super funds offer health-related benefits for retirees, such as discounts on gym memberships or wellness programs, so it’s worth exploring these.
5. Don’t Wait to Live the Life You Want
One of the most striking lessons from retirees is that many wish they had started living their dream life earlier. While the idea of ‘saving the best for retirement’ seems logical, life is unpredictable, and it’s easy to fall into the trap of waiting too long. Whether it’s travelling, taking up a hobby, or moving to a new location, many retirees say they wish they had begun these pursuits earlier in life.
As the cost-of-living crisis continues to strain many Australians, learn these 5 Essential Tips to Help Australians Manage their Personal Finances. And as you enter your silver years, here is How to Avoid the Biggest Money Regrets in Your 50s.
