Preparing to live out the next chapter of your life can help you build a quality of life in retirement.
Transitioning to retirement is mostly an exciting phase in life, full of adventures and new possibilities. But for some retirees, moving on from work life can be a shock to their system now that there’s more free time in their hands. This is why it’s important to take everything into consideration: from finding your purpose in life to taking care of your own finances.
Your purpose is the gateway to a quality of life in retirement
As items have been ticked off your bucket list and your retirement life goes on, it’s quite normal to hit a roadblock and ask what you should be doing now. Throughout your career, you’re constantly working towards a goal. However, without anything of the sort, you can feel lost and even depressed.
Challenging yourself and getting out of your comfort zone may be difficult in the beginning. Although, you can meet new people and help out the less fortunate through volunteering. It can make you feel valued in society and boost your endorphins.
There have been studies proving the effectiveness of volunteering on one’s quality of life. It also goes without saying that if you feel a sense of purpose in life, it could help you live longer.
Create social connections
Other than financial gain, having a career also gives out friendships and support systems. Without those in retirement, you can become withdrawn and isolated from the community. The day-to-day interactions with colleagues are beneficial, and this type of connection should continue in retirement.
You can spend more time with your family and look after your grandkids if they live nearby. Perhaps you can join a gym or a walking group. You can meet other great people who also want to extend their circle. Your retirement can be more fulfilling with more people around.
Don’t stop achieving
Instead of working day in, day out, retirees who are newly released from the workforce are often left twiddling their thumbs trying to make up the hours and figure out what else to do.
Never stop learning. Try to educate yourself on how to use your free time more effectively to have an improved quality of life.
Having a sense of accomplishment and success is always rewarding. Those achievements, how little or big it may be, can keep on building with further education.
Stay active and healthy
Maintain a healthy diet while throwing in some treats every now and then to keep you on your feet and make you ready to welcome new experiences. A daily exercise routine will also help you glide through retirement easily and will give you a glow that everyone will aspire to have.
Taking care of your finances
Even before retirement comes, you should have anticipated where your money will come from after you stepped away from working. It could be from your Age Pension or superannuation, which has been building up over the course of your career.
There are age limits in Australia as to when you are allowed to access the funds. To know how much super you’ll receive, there’s the calculator tool provided by the ASIC.
Another way to increase your income in retirement is through equity release. By unlocking some equity in your home, you can access funds without having to sell.
It’s also good to consider how to live within your means and manage your finances on limited income when the time comes.
Using the ASAG Reverse Mortgage in preparing for a quality of life when you retire
For many Australian seniors, particularly in New South Wales (NSW), your greatest financial asset is your home, which holds the majority of your wealth from years of savings and sacrifice.
Here at ASAG, we support our seniors’ right to a comfortable and confident retirement by offering our equity release solutions. The ASAG Reverse Mortgage in New South Wales (NSW) is designed to help you unlock the wealth in your home and access funds to be used for any purpose you see fit.
ASAG is a dedicated team striving to assist our Australian seniors to strategically use the equity within their home so they can enjoy the retirement that they desire. Our lines are open on 1300 002 724 and at email@example.com so give us a call or send your enquiries about our equity release solutions.
To get you started, feel free to use our tool below to assess the available equity in your home.