5 (Non-Financial) Questions to Ask Yourself Before You Retire
BY LUKE KIDD
When people think about preparing for retirement, the conversation usually starts and ends with money. How much do I need? Will my super last? While retirement is a major financial decision, it’s also a significant lifestyle change. So it’s important to ask yourself what will I actually do with myself when I do retire?
The people who thrive in retirement tend to be those who have thought about the life they want, not just the amount of money they need. Here are five questions worth asking yourself well before your last day of work.
1. How will I spend my time?
It sounds like a nice problem to have, but a typical working week fills around 40 hours or more. When that disappears, something has to take its place.
It's worth being realistic here. Many people picture a retirement full of holidays, but travel usually accounts for only a handful of weeks in the year. That leaves a lot of ordinary, everyday time to fill. You might love golf, for example, but will you want to play every single day? Most people find the novelty of unstructured days wears off sooner than expected.
Try picturing an ordinary Tuesday in your first year of retirement, not a holiday week. When do you get up? Who do you see? What are you looking forward to? If the picture is fuzzy, that's a useful sign to dig deeper.
Think about:
What have you put off? Hobbies, study, creative projects or time with family.
What gives you purpose? Work often provides a sense of contribution and identity. Volunteering, mentoring, part-time work or community involvement can fill that gap.
What does a good week look like? Many retirees find that a loose routine, with a mix of activities, commitments and free time, works better than a blank calendar.
Some people ease in gradually, reducing days at work before stopping completely. If that appeals, it's worth exploring early.
2. How will I look after myself?
Retirement can be a chance to invest in your health in a way that busy working years didn't allow. It can also be a time when good habits slip, because the routines that held them in place (the commute, the lunch break, the work schedule) are gone.
Staying in good health is one of the best ways to get the most out of retirement. If you remain fit and active, you can spend more time travelling, catching up with friends and family and doing the things you've been looking forward to, rather than spending your days at home resting or managing health problems.
Consider:
Physical health: How will you stay active, whether through walking, swimming, a gym, group classes or gardening? What would you like to still be able to do at 75 or 80?
Mental health: Leaving work is a major life transition, and it's common to feel flat or unsettled in the first year or two. Staying curious, maintaining good social connections, learning new things and keeping a sense of purpose all help.
Health habits: Sleep, nutrition, regular check-ups and screenings are worth keeping on track.
At times it can be hard to maintain a good health routine, but asking yourself what does staying healthy enable me to do? May offer a good reason to stay motivated and to maintain healthy habits.
3. Where will I live?
Your home is probably tied to memories, community and a good deal of your wealth. But the home that suits you at age 55 may not suit you down the track at age 75.
Questions to explore:
Will this home still work for me? Think about stairs, garden maintenance, upkeep costs and distance from family, friends, shops and medical care.
How will I get around? You may not want to drive long distances in older age, so living close to shops, medical services and community activities, or having good public transport nearby, can make a big difference to your independence.
Would downsizing suit me? It can free up time and money, but it's also an emotional decision. Where would you go, and what would you miss?
What are my longer-term options? That might include retirement villages, over-50s communities or modifying your current home so you can stay in it comfortably.
You don't need to make the decision today, but understanding your options early means you can choose on your terms rather than reacting to a crisis.
4. How will I stay connected?
For many of us, work is where much of our social life happens. Colleagues, clients and daily conversations quietly disappear when we retire, and loneliness is one of the most underestimated challenges of later life.
It's also worth thinking about your closest relationships:
Friendships: Which ones will you keep up, and where will you meet new people?
Your partner: Spending much more time together is a big change. Do you share the same vision for retirement, or do you need to find a balance between together time and independent interests?
Family: How involved do you want to be with children and grandchildren? What does each side expect?
Clubs, classes, volunteering, sport and community groups are all good ways to build connection. The key is to start before you stop work, so you have somewhere to go from day one.
5. How will I stay organised?
This one is less glamorous, but it can make an enormous difference to you and to your family.
Good systems now will save stress later. Consider whether you have:
A central record of key documents, including investments, super, insurance, bank accounts and property.
Estate planning in place, such as an up-to-date will, enduring power of attorney, and super beneficiary nominations.
Health and care documents, including your advance care directive, medical history and contact details for your doctors.
Passwords and digital accounts that a trusted person could access if needed.
Make sure the people you trust know where everything is and what your wishes are. It's a gift to your family, and a source of real peace of mind for you.
Putting it together
There are no right or wrong answers to these questions, but taking time to reflect on them can help you shape a retirement that feels purposeful, healthy and secure. They're also a great starting point for conversations with your partner, your family and your financial adviser.
Your finances are what make your plans possible. Knowing what those plans are is what makes retirement worth looking forward to. If you'd like to talk through how your goals and your finances fit together, we'd be happy to help.
Luke Kidd is an authorised representative of Alliance Wealth Pty Ltd. (AR: 001242685)