Tips for flying solo in retirement
Retirement is a reward for years of hard work, but for many, especially single retirees, it can be a daunting transition. If you’re planning to fly solo in retirement, it’s essential that you have a plan in place to ensure you enjoy the same quality of life in your golden years. Here are four tips for singles who are looking to retiree.
1. Know what kind of lifestyle you want to live
Aside from longevity and future medical costs, the amount of superannuation you need to retire is dependent on the lifestyle you plan to live. The Association of Superannuation Funds of Australia’s (ASFA) Retirement Standard figures for the December 2016 quarter show single retirees who retire at 65 and meet the average life expectancy of 85 will need enough super to meet $23,996 in annual expenses for a ‘modest’ lifestyle, or $43,372 for a lifestyle that would be considered comfortable. These two numbers are very different, which is why it is so important to have a sense of what you want your retirement to look like.
2. Have a support network in place
If retirement was anything like the way society presents it, our beaches would be overrun with senior couples holding hands and looking off into the sunset. But for singles retirement can be a very lonely place, especially if something goes wrong. Whether formed by family, friends, or community groups, a support network provides that extra pair of hands if something should go wrong, or you just find yourself needing company.
3. Take advantage of tools and events
If you’re single and approaching retirement, a little bit of clarity can go a long way. It pays to take advantage of the tools at your disposal, and events that can better inform you as to your course of action. Tools like Equip’s MyFuture calculator are a useful way to get your head around the expenses you need to retire and events like the Equip Retirement Ready expo can help you prepare for a happier, healthier future.
4. Get qualified advice from a financial planner
You might not be a qualified financial planner, but that doesn’t mean you shouldn’t speak to someone who is. A financial planner can help you create personalised plans based on your lifestyle needs and income expectation.