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6 Most Frequently Asked Retirement Questions

Posted on 00122021Wed, 14 Apr 2021 12:05:00 +093030

Here at OASIS Peakhurst, we understand how important your retirement journey is — and how necessary it is to consider every aspect of the process. Even if you’re not retiring soon, here are six important retirement questions to ask yourself so that you're prepared when the time comes.

1. When can I retire?

This is one of the most common retirement FAQs, and it might surprise you that there is no set age for retirement. It’s up to you to decide the right retirement time, although you should consider factors such as your health, financial wellbeing, employment opportunities and family.

Because finances play a large role in retirement, you may decide to wait until you can access your super. Before accessing your super, you must reach your ‘preservation age,’ which can be anywhere from 55-60 depending on when you were born. If you’re seeking an age pension as well, be aware that that may not be available until the age of 65½.

2. Am I ready to retire?

One of the most important retirement questions to ask yourself has nothing to do with finances or living location. Why are you choosing to retire? It's imperative to have a definable reason for going into retirement. It may seem appealing, but if you aren’t truly prepared for retirement mentally and financially, you may find the process more difficult and stressful than it should be.

3. Where do I want to retire?

What is one of the most critical retirement considerations? Location, location, location. If you haven’t considered what your living arrangements will be after retirement, now is the time to start. If you already own a home, it may be easy to stay there. However, many retirees prefer to downsize or relocate to retirement communities such as The OASIS Peakhurst, where they can enjoy a luxurious lifestyle without worrying about maintaining their own property.

If you are interested in retirement community living, there are several elements to consider. The right retirement community will allow you to enjoy your ideal lifestyle while helping you maintain an optimal level of health and wellbeing.

4. How much money should I save for retirement?

One of the most common retirement questions is, "How much it will cost to retire comfortably?" The answer depends on your:

  • Access to your super

  • Unique retirement needs

  • Weekly costs for rent, groceries, medical expenses, etc.

  • Desired retirement lifestyle

  • Funds for hobbies, activities, etc.

  • Living situation

  • Remaining time to save

  • Unpaid debts

It can help to engage a financial advisor who can help you work out your finances before beginning the retirement process.

5. What can I do to prepare for retirement?

A bit of planning can make your retirement process easier and more enjoyable. From setting a tentative retirement date to picking out a retirement community to live in, preparing early is key.

Financial preparation is one of the best ways to ensure a seamless retirement experience. You can begin now by making additional contributions to your super or investing in property or shares. This is also a great time to pay down debt and research other government offers that you may be eligible for later.

6. What will I do during retirement?

When you don’t have to work every day, what will you do with your time? Even though the retirement process can be hectic, it will eventually settle down, leaving you with lots of free time! Many retirement communities like The OASIS Peakhurst offer various programmes and onsite facilities for you to enjoy; beyond that, you can also cultivate hobbies, travel or spend quality time with family and friends.

Are you preparing for retirement and are concerned about finding a living space that suits your lifestyle? If so, call us on 02 8708 4700 today to learn more about our family-owned and operated retirement village, where you can enjoy a happy, safe and peaceful retirement.