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With many Australian women enjoying a higher level of financial freedom later in life than the generations preceding them, the transition to retirement for many will be approached with a sense of anticipation.
The changing face of retirement has seen a tilt toward enjoying our post-work years with vigour – this is perhaps a symptom of our rising life expectancy as well.
For those ladies aged 55 years or over who are still in employment and have an existing superannuation nest egg, planning for a comfortable lifestyle in the next phase of life can be a prospect full of possibilities.
According to a 2006 report from the federal department of families, housing, community services and indigenous affairs, for women aged over 45 the main motivation for retirement was family and lifestyle reasons.
Your retirement lifestyle and the level of comfort you can expect to enjoy after finishing full-time work can depend on a number of factors – including changes to your financial situation during transition time.
The report found that retirement is generally a happy period in most Australians’ lives – this is true of both men and women – and that funds from the government pension are drawn upon frequently.
Having more time to spend with their spouse was given as a reason for retiring for over 10 per cent of women who are either completely or semi-retired – being able to spend time with other family members was mentioned by more than 16 per cent and more than 23 per cent for those groups respectively.
An increase in leisure time was the main reason for retirement among 33.3 per cent of partially-retired women.
Commenting on overall happiness, 29 per cent of those female respondents who ceased their last paid job in 1990 or later said that their situation was better than before retirement, with an additional 38 per cent saying that they had enough leisure time.
Retirement planning can be an essential part of the transition period – it is here where you can decide on the aspects of retirement that will matter the most to you once you finish work.
Whether it be a continuation of some form of work – for example volunteering – or an increase in leisure activities, being aware of how you want to live once you retire can make planning for it, both financially and emotionally, that much easier.
ipac is one of Australia’s largest financial advisory firms and has offices based across the country. A wholly-owned subsidiary of the AMP Group, ipac specialises in research and financial advice that helps clients lead happier, more fulfilling lives.