Planning – Finance Transitioning to retirement

Planning for retirement lets you enjoy your new‑found freedom to the fullest, feeling confident that you will be able to pursue all the interests and experiences you have been looking forward to.

Asmooth transition to a successful retirement is based on this strong planning, and starting the planning process as early as possible will give you the time to get the transition right.

Why should I plan?

You will likely have an idea in your head about how you will live in retirement, you might even have some goals you want to achieve after you finish working.

With so many options out there though, it can be difficult to narrow down exactly what you will do with all the time you have previously spent working, and how much income you will need to fund your new lifestyle.

CASE STUDY

Commonly, people put off planning a transition to retirement until later in the process, if they plan for a transition at all.

There are some common reasons why people leave out transition planning, such as feeling like they don’t have time to think about it with the amount of work they are doing, financial uncertainty, a reluctance to accept they are getting older and the feeling of not knowing what the future holds. But each of these worries can be addressed through the planning process, to make it a positive transition into retirement.

This is why planning is so important. It sets you up for exactly the lifestyle you want to lead, spending time doing the activities you love and making the most of your retirement.

Planning for retirement

With the current Australian life expectancy of 83 years, you are likely to have at least 15 years to live it up once you retire.

Most of this time is likely to be in good enough health to travel, socialise and fill your time with activities – which is quite different to

Strategies for transitioning to retirement

Glenn and his wife Robyn have decided to ease out of their electrical contracting business over time, working to maximise its value, ensure a smooth operational handover, while also focusing on their personal transition into retirement.

But what’s the best way to leave a successful business?

For Glenn, 62, and Robyn, years of hard work have resulted in a business that