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Retirement should be a vibrant stage of our lives where new found freedom allows us to enjoy life to the fullest. Research suggests that the majority of retirees will face uncertainty, fear and loss of purpose when they retire.
The majority of retirees are ill prepared for this new phase in their lives. Today men and women are living longer and retirement means living potentially another 30 years or more.
Typically people focus on the financial aspects of their retirement. Perhaps what is more important are:
- Hobbies, interests and creativity; and
- Intelectual growth and learning.
Be prepared and ask yourself “What is a successful retirement to me?” What are your lifestyle priorities and interests?
Retirement spending patterns will change over your retirement and depend on the income you have available, for example , when a retiree has:
- no other assets, annual spending will equal the age pension;
- Assets below asset limit threshold annual income is the age pension plus income funded from private assets;
- Assets above asset limit threshold annual income funded from private assets less the loss on age pension due to the assets test; or
- Assets above the maximum asset threshold limit annual income funded from thsoe assets.
Retirement spending over retirement will change due to uncertainty of investment returns, changes in the age pension and life expectancy.
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