Retirement is not just about dollars
A life-cycle consultant has revealed only two in five retirees admit to being happier once they stopped working, prompting him to issue a reminder that achieving a satisfactory retirement goes well beyond how much money a person has saved in their superannuation fund.
..
“We hear a lot about how much money you need to retire. But there is not enough discussion about how to actually do it,” 64Plus chief executive Jon Glass said.
“What will you do on your first day? In the second week? At the end of the first quarter, the end of the first year? These are all milestones that can bring great joy – or despair.”
Reinforcing the fact a satisfactory retirement is more than just about money, Glass shared the fact 20 per cent of people indicated they feel unfulfilled and another 20 per cent say they had no purpose once they left the workforce.
According to Glass, addressing this issue requires individuals to first acknowledge the intrinsic rewards their employment provided them.
“[A] key aspect of retiring is recognising that your work, your contribution, your colleagues have provided you with a sense of self-esteem, self-worth for decades,” he noted.
“Many retirees tell me that once they retired they lost their sense of self-worth that they obtained from the work that they did.
“This loss of identify and failure to craft a new one can be a big shock for many retirees, especially male retirees. It even has a name: Relevance Deprivation Syndrome.”
He suggested a solution for retirees suffering from this condition might be to determine how their skill set can make a different contribution toward their community.
“Think beyond the traditional forms of giving back, such as traditional volunteering or donating. You’d be surprised at how fulfilling it can be to impact someone else’s life in your own unique way,” he recommended.
To this point, he confirmed a key non-financial consideration when preparing for retirement was for retirees to have at least a rough outline of how they will spend their time during that phase of their life.
October 23, 2023
Darin Tyson-Chan
smsmagazine.com.au
Latest Newsletters
Hot Issues
- Getting to a higher level of financial literacy in Australia
- What is the future of advice and how far off is superannuation 2.0?
- Investment and economic outlook, April 2024
- Australia’s debt service ratio ‘extraordinary’: CBA
- Connecting an adviser with your children
- ACCC scam report
- The Shortest-reigning Monarchs in History
- ATO warns trustees about increasing crypto scams
- Aged care report goes to the heart of Australia’s tax debate
- Removed super no longer protected from creditors: court
- ATO investigating 16.5k SMSFs over valuation compliance
- The 2025 Financial Year Tax & Super Changes You Need to Know!
- Investment and economic outlook, March 2024
- The compounding benefits from reinvesting dividends
- Three things to consider when switching your super
- Oldest Buildings in the World.
- Illegal access nets $637 million
- Trustee decisions are at their own discretion: expert
- Regular reviews and safekeeping of documents vital: expert
- Latest stats back up research into SMSF longevity and returns: educator
- Investment and economic outlook, February 2024
- Planning financially for a career break
- Could your SMSF do with more diversification?
- Countries producing the most solar power by gigawatt hours
- Labor tweaks stage 3 tax cuts to make room for ‘middle Australia’
- Quarterly reporting regime means communication now paramount: expert
- Plan now to take advantage of 5-year carry forward rule: expert
- Why investors are firmly focused on interest rates
- Super literacy low for cash-strapped
- Four timeless principles for investing success
- Investment and economic outlook, January 2024
Article archive
- January - March 2024
- October - December 2023
- July - September 2023
- April - June 2023
- January - March 2023
- October - December 2022
- July - September 2022
- April - June 2022
- January - March 2022
- October - December 2021
- July - September 2021
- April - June 2021
- January - March 2021
- October - December 2020
- July - September 2020
- April - June 2020
- January - March 2020
- October - December 2019
- July - September 2019
- April - June 2019
- January - March 2019
- October - December 2018
- July - September 2018
- April - June 2018
- January - March 2018
- October - December 2017
- July - September 2017
- April - June 2017
- January - March 2017
- October - December 2016
- July - September 2016
- April - June 2016
- January - March 2016
- October - December 2015
- July - September 2015
- April - June 2015
October - December 2023 archive
- Working after pension age
- Does the NALI/E punishment fit the crime?
- EPOA crucial for SMSFs, says professional adviser
- Economic and market outlook for 2024: Global summary
- Five investing tips for beginners
- Setting up the next generations of retirees
- A 2023 Advent Calendar for our clients
- Most Expensive Wars In History
- ATO takes hard line on in-house asset rules
- How to budget using the 50/30/20 method
- SMSFA says proposed super legislation will hit farmers, small businesses the most
- Investment and economic outlook, October 2023
- The benefits and risks of collectable super assets
- Teaching children about the value of money
- Most powerful countries throughout time.
- Retirement is not just about dollars
- Unfair Terms in a Standard Form Contract
- Too many businesses roll the dice on tax debt: Jordan
- Revised NALE rules ‘miss chance to clarify SMSF bugbear
- 6 simple rules will ensure a deed can be executed in all states
- Our investment and economic outlook, September 2023
- The benefits and risks of collectable super assets
- High deposit rates, but the case for equities is strong
- Most powerful LEADERS of All Time