What if I told you that Australia’s biggest concern once retired isn’t money. 

Recent research shows that a retiree’s health is nearly 4 times more of a concern than outliving their savings and nearly 5 times as much as the high costs of aged care.

Staggering isn’t it, there is so much talk and focus about how much I need for retirement, we almost miss out on allocating enough time to the one thing that concerns retirees the most, our health.

So “Health” then “Wealth” are two of the keys to a happy retirement and both benefit from compounding. Funding retirement is best done by starting early, staying the course and investing in assets that can enjoy the benefits of compound interest over time, something the superannuation system here in Australia was designed to take advantage of.

Similar to compound interest on savings, your health can have many compound benefits from paying attention to what you eat and how much you move. There is no need to join a gym and go 5 days a week, but moderate exercise each week can significantly help the body to stay mobile for longer and the sooner we get moving the longer we are able to stay moving.

One sure way to not have a happy retirement is to have a lack of interests and activities. It has been said that whilst curiosity killed the cat, a lack of curiosity kills the happy retiree.

Other key areas to focus on in retirement are:

Establish routines, you have an additional 7-10 hours a day now that you won’t be working. How will you fill in that time to ensure you get the most out of your retirement.
Stay close to your kids, but not too close, you want your kids to be living their best lives, not living week to week still suckling off the financial teats of their parents.
Create a new identity that has nothing to do with work, for much of our life, what we do for work makes up a large piece of our identity. Don’t get lost in the empty space that is created when you no longer need to go somewhere to get paid.
Stay connected to friends, a happy retirement requires friends of different ages from different walks of life.
Try new things, whilst you’re busy creating a new non-work identity for yourself, why not take the next step and be bold enough to go out and try new things.
Don’t penny-pinch, it’s been said that retirement is time to master the middle, enjoy yourself without going over the top but at the same time don’t scrimp too much, what if it ended up being the last time you ever did that thing you were planning on doing.

Written by Director & Senior Adviser Shane Mitchell.

To book a session to review your goals contact Shane directly on 08 6222 7909 or book a meeting directly via his booking page.