In the 10–15-year window prior to retirement the sense of urgency in answering questions about retirement increases. When thinking about retirement the road ahead is full of uncertainties. In my experience the top 5 questions people ask are:
- When Do I Want to Retire?
For you this may depend on your financial circumstances, your health, your partner’s retirement plans. The age you choose to retire can impact your retirement savings and your eligibility for income support in retirement.
2. How much money do I need to retire?
My financial planner says that is like asking, “How long is a piece of string?” In Australia, QSuper, a wealth creation company has estimated a single person needs an income of $44,224 a year and a couple need $62,562 to cover basic costs for a comfortable retirement.
3. How will I fill the hours, days and weeks in my retirement?
Personal choice drives the answer to this question. And ask yourself do I want to fully retire, semi retire or begin a new income earning venture by becoming my own boss?
4. Where will I live?
Is it time to downsize, move to be close to family members or stay put? This will depend on the cost of housing and even the cost of housing maintenance if you already own your own home.
5. What if I am on my own? The thought of retirement can be scary if you are on your own. You wonder who will look after me in my old age, will I be lonely?
You have the answer to these questions within you. You are the best person to find the answer for your circumstances in life.
