Speaking with Jan about her recent retirement you can’t help but be impressed with the way she has prepared. There are great take-outs here for everyone approaching this next phase in life that we can all learn from.
When I asked Jan what it was that brought her to the point of wanting to retire, her response was quite analytical.
‘Well, it came to my attention one day that the average lifespan for a woman was around 83 years which meant I had perhaps 20 good years left if I maintained my current level of health and wellbeing. As much as I loved my career, (I have been 23 years in real estate and nearly 50 years in the workforce) and as everyone knows, you are on the go 7 days a week in our business. I really needed more time to do the things that are important to me and time to myself, but could I afford to retire? Will I have enough to be self-sufficient?’
Would I have enough?
‘For the last 10 years, I had really made an effort to put as much into super as I could. My finances were in order, I owned my home but was that enough?’
‘I saw on the REI Super website that you can get advice on retirement planning from an in-house advisor. I had been thinking about retirement since the beginning of the year and I had lots of questions about how to go about implementing things.’
‘Right from the first phone call, I was so impressed. My adviser Nick Phillips was terrific, he really listened to me. He not only answered all my questions, he brought up a number of things I hadn’t considered and worked with me over several sessions to make sure I was comfortable and understood where I was going. That advice gave me the knowledge and the confidence to make the leap.’
What does retirement look like?
‘It’s quite an adjustment to begin. In real estate, you get used to structure, a diary that is full of appointments, a boss to answer to, a team to work with and so on. Now it’s just up to me. I’m answerable only to myself, and it’s up to me to structure my days. I have time to read, which I enjoy, and I have taken up Tai Chi. I have a great network of friends that I catch up with regularly, and we can do things together during the day now, as many have also retired. Travel is something I want to do more of, but accommodation is expensive when you are a single person, I may have to find a travel partner. It’s a different kind of busy now, I’m very busy doing all the things I want to do.’
Any advice for others thinking of retirement?
‘Yes, very much so – get professional advice well ahead of time and make a plan. Especially if you are on your own. As a couple, you share ideas and experiences. As a single person, I found it very reassuring to get that advice. And if you can, ease down to retirement by cutting back to 2 or 3 days a week and give yourself the time and head space to transition to the next phase in life.’
Is there anything you’d do differently?
‘Yes, I’d definitely put more money into super from an earlier age.’
Jan is a member of REI Super and is not authorised to provide advice on superannuation.
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The information contained in this article does not constitute financial product advice. However, to the extent that the information may be considered to be general financial product advice, REI Super advises that REI Super has not considered any individual person’s objectives, financial situation or particular needs. Individuals need to consider whether the advice is appropriate in light of their goals, objectives and current situation. Members should obtain and read REI Super's Product Disclosure Statement and Target Market Determination before making any decisions. REI Superannuation Fund Pty Ltd ABN 68 056 044 770 AFSL 240569. RSE L 0000314 REI Super ABN 76 641 658 449 RSE R1000412 MySuper unique identifier 76641658449129 [September 2023]