For details, see " Planning for a Secure Financial Future: It's Never Too Early to Start. Assess your motives for retiring. The decision to retire is likely the result of many factors. Whatever the reason s for retiring, psychologists should deliberately examine their motives for retiring.
Self-reflection may identify personal vulnerabilities that could be magnified by retirement. Addressing these vulnerabilities can help prevent them from posing problems as you wind down your practice or from worsening during your retirement. Take a hard and honest look at your reasons for retirement and the related advantages and disadvantages.
During Retirement
Discuss your answers with family members or colleagues so that you can enter retirement prepared to address any identified vulnerabilities. It may be helpful to consult with colleagues who have already retired. Recognize and address the possibility of burnout. Psychologists are at risk for burnout given the unique demands and personal challenges involved in dealing with intense therapeutic relationships and challenging client behaviors. Burnout can be a particularly insidious motive for retirement, and practitioners should address the issue beforehand.
The first step is to recognize the early signs: Consider seeking consultation if these factors are interfering with your work or driving your motivation to retire. Decreased self-esteem upon retirement is most common for those who have not developed strong outside interests. Without outside interests, it can be difficult to give up the sense of belonging and feeling needed that providing professional services can offer.
Consider new challenges you might face as you retire. New stresses are likely to occur with retirement.
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For example, you will no longer be able to retreat to work and seek support, stability, status, security or routine. In addition, time is less restricted and committed once you retire. This can result in the availability of more choices and increased need for continual monitoring and active personal decision making.
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Further, motivation becomes less externally controlled. You may need to more actively plan or structure free time and your daily routine than you did prior to retirement. Think about how you can use your different income sources to fund the different stages of your life. The important thing is to plan for the long term, not just the next 5 years.
Seek financial advice or speak to a Department of Human Services' Financial Information Service officer if you are unsure what to do.
Pension - lump sum or not?
Marcus and Mei-Ling are both 57 and plan to retire in 2 years. They have come up with a plan to use their different sources of income to pay for things at different stages of their retirement. Their super money will be used to pay for living expenses until they are old enough to get the Age Pension. After that, they will live off a mix of super money and the Age Pension. If Marcus and Mei-Ling live past 90, they will probably have used up their super. They know they could then use the equity in their home to supplement the Age Pension. Ask any retiree what they fear the most and chances are most will say 'running out of money'.
But there are ways to stretch your retirement income and things you can do to make your money last as long as possible. Managing your finances can be hard work even if you have some financial knowledge. Ask for financial advice if you need help with investment strategies and to navigate our complex tax system. Ask your adviser to explain different investment strategies, the level of risk involved and the potential returns you can expect. With many retirees living up to 90 and beyond, it's a good idea to invest at least some of your money in assets that will grow over time, like shares and property.
This will help ensure your capital will grow in value to keep pace with inflation and your income needs. Spread your investments to avoid financial heartache in the future.
10 important financial considerations for your retirement
A simple way to make your money last longer is to watch your spending. Use our budget planner to see how you currently spend your money and see where you can cut back to save for special items. My Brother and I are extremely grateful for all the advice and help over the last few months We are grateful for all the work you have done and for securing the funds from AXA. Thank you again for your excellent service. Very professional diligent, responsive with attention to detail which is not too common with many companies. Greg Heath acted in a friendly professional manner and had empathy with my situation.
Greg regularly provides topical, financial advice columns for my magazine Leyland Leader. He is a thorough professional, expert in his field, articulate, humorous and creative. Always a pleasure to deal with. Derbyshire Booth provided a professional service, tailored to my needs. Options were clearly explained and I can highly recommend them. I would like to thank you all for your expert professional guidance through what to us was a pension minefield. Without your advice and assistance we would still be looking at a pile of papers not knowing what they meant or what to do with them!
Once again thank you for your time and patience. Greg had the ability to explain issues to me clearly and concisely, and when I retired attained the best annuity available for me. I would have absolutely no hesitation in recommending the services of Derbyshire Booth as a truly independent IFA and indeed I have done so on numerous occasions with family and friends who were seeking guidance in this area. In my experience, Greg rigorously analyses individual circumstances and subsequently offers expert and considered advice in a way that can be clearly understood.
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Retirement income planning | ASIC's MoneySmart
What pension flexibility might mean for you 10 important financial considerations for your retirement. If that's the route you decide to take, you could find yourself in a sticky situation a few years down the line, so check out our ten retirement financial suggestions: Pension - lump sum or not? Financial security Using your retirement fund as a regular income provides security and stability, and if you've made regular contributions, it should allow you to continue to live a comfortable lifestyle.
Standard of living Work out what sort of income you can expect in your retirement and what you expect your outgoings to be, then work out what the difference is. Care Both care homes and home care can quickly become very expensive.
Helping family If your family needs financial assistance during your retirement, it's worth thinking about how you'll budget for it. Writing your will It's always important to make sure that your affairs are in order.
Leaving a legacy If you have children or grandchildren, the chances are that you want to save some of your money in order to be able to provide them with an inheritance. Owning your home You'll have more money to play with in your retirement if you own your home outright. Charity contributions If you find yourself with more disposable income than you've had in the past, it's a good time to think about helping charities close to your heart - although, like every other financial consideration for your retirement, this should be budgeted for.