Making the most of retirement

ESSSuper - 30 Jul 2021

A happy retirement isn't all about money. As you make the transition to retirement, you may find yourself feeling a bit lost. Your job may have been a major aspect of your identity for many years, and it can be daunting to find a new purpose in life.

But it's important to remember that retired life isn't an ending. It's a beginning. And here are a few pointers of how you can make the most of it.

Healthy in body and mind

No one wants to make the big transition to retirement, only to be caught off-guard by health problems. That's why it's vital to maintain regular check-ups in the lead-up to retirement and throughout your life after work to ensure that your health stays on track.

A sedentary lifestyle is linked to a variety of health issues in senior citizens. It can even lead to a decline in physical and cognitive performance.

The Australian Department of Health recommends at least 30 minutes of moderate activity every day for people over 65. This activity should incorporate fitness, strength, balance, and flexibility for the greatest effect.

Without a regular workout, brain functions can quickly begin to decline. Thankfully, studies have found that memory loss can be improved by 30% to 50% simply by performing daily mental exercises.

As they say: use it or lose it.

Pursue your hobbies

Remember all those hobbies for which you've never had the time? Now is your chance to pursue them! Hobbies are a great way of bringing new meaning to your life and keeping yourself physically and mentally active.

Maintain a routine

Without the daily routine of work, it can be easy for your golden years to slip away without you even noticing.

Maintaining a daily schedule is an excellent way of ensuring that you're always making the most of your retirement. Try to eat, sleep, exercise and complete your chores at the same time every day to establish a habit. You may even wish to take up a regular class or sport to act as an anchor in time that keeps you on track throughout the day.

Poor sleep can impact concentration, memory, and cognitive function. It may even compromise your immune system, leaving you more vulnerable to illness.

Maintain your social life

With links to a reduced risk of dementia and Alzheimer's disease, improved mental health, and even physical health benefits, living a socially active lifestyle can help you get the most out of your retirement.

After transitioning to retirement, maintaining a social life may take a little extra effort, but there are plenty of ways to stay social, from joining a club to taking up a sport or class.

What else to consider?

Make a bucket list. It may seem like a cliché, but creating a list of things you want to achieve in your retirement can help drive you to make the most of this wonderful time in your life.

See the world. Discovering your inner 'grey nomad' is a fantastic way of making your retirement the best years of your life. With so much free time on your hands, there's never been a better opportunity to explore the world or, with ever-changing coronavirus restrictions, everything Victoria has to offer.

Adopt a new furry family member. In 2018, the Australian Institute of Health and Welfare found that 14.7% of Australians between 70-74 years of age experience feelings of loneliness. By the age of 80, that number increases to 19.5%. Adopting a pet doesn't just help ease those feelings of loneliness; pets are excellent for encouraging you to stay active and social.

Volunteer. Sometimes, our lives are at their richest when we're enriching the lives of others. Volunteering at a charity or pet rescue organisation can help to bring new meaning to your life. It's also an excellent way of staying active, maintaining a routine, and getting your daily dose of 'social'.

Manage your money, don't let it manage you

Okay, we said it wasn't all about money, but it's still a bit about money.

Working out how much you'll have to live off is an essential aspect of your retirement planning. In the lead-up to retirement, it's vital that you review your budget. This should help you understand how much income you require each year and whether you have adequate funds to cover your annual expenses throughout retirement.

Here at ESSSuper, we want to ensure that you have the confidence and financial security to get the most out of your retirement. If you're retired or are about to make the transition to retirement, we're always here to support you.

If you need help, simply give us a call to book a virtual appointment with one of our experienced consultants.

Emergency Services Superannuation Board (ABN 28 161 296 741) (ESSB), the Trustee of the Emergency Services Superannuation Scheme (ABN 85 894 637 037) (ESSSuper).

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