Stopping work

2 min read

After what can seem like a lifetime in the workforce, the process of stopping work calls for some forward planning.

Be prepared

Whether you choose to gradually wind down your working week, or take the plunge into full time retirement, one of the key challenges faced by many new retirees is the need to fill each day with productive time.

This highlights the need to be mentally prepared for retirement. It might not be as easy as you think.

Even if you have plans to travel, at some stage you will return home. That’s when it pays to have a plan of action. One option is to join a local volunteer group to give back to the community. Or enrol for a course of study (you’re never too old to learn!)

Make it a gradual transition to retirement

Rather than exit the workforce overnight, you have the option to wind down your working week ahead of full time retirement. Take a look at Transition to retirement to see how this can work while maintaining enough income for your needs.

Plan ahead for when you have stopped work

Along with the need to stay busy, it is also important to consider the financial aspect of retirement.

This may mean learning to live on a reduced income or a less regular, predictable income than in your working days.

Get a feel for what lies ahead by drawing up a retirement living budget. Have a shot at living on this level of income to see how well you manage. But don’t forget, many Australians are entitled to additional income support through the age pension as well as enjoying other senior concessions. Discover more at Benefits for seniors.

When retirement comes as a result of redundancy

Sometimes, retirement can be ushered in a little sooner than expected through redundancy. Discover what is involved in making the most of a redundancy payout, or speak with your financial adviser to make the most of any payment you receive.

Need help understanding the money side of when you stop working? Contact us or speak to your financial adviser
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This information is current as at 15/08/2016.

This information has been prepared without taking account of your objectives, financial situation or needs. Because of this you should, before acting on this information, consider its appropriateness, having regard to your objectives, financial situation and needs.

This information provides an overview or summary only and it should not be considered a comprehensive statement on any matter or relied upon as such.

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