Have you ever thought about what questions to ask yourself before you retire? Find out more here.

What comes to mind when you think of retirement?  Most people think of the state of their finances, but retirement is so much more than this.


Retirement is exchanging one way of life for another. It’s exciting and challenging at the same time.

While this new stage of life does give you time to pursue your passions, hobbies, and interests, perhaps for the first time, it’s also about managing change – and good planning can make the transition from work to retirement much easier.

How do you know when it’s time to retire?

It’s a good question and there’s no one-size-fits-all answer.  According to the Australian Bureau of Statistics, most people in Australia retire between the ages of 55 and 69.

older man looking at retirement plan on laptop computer
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Financial considerations are a big part of this decision, but you may also be prompted to transition to retirement when:

  • You’re excited about moving on to the next chapter in your life
  • You don’t want to work anymore and can afford to do so
  • Your mental and physical health demand rest
  • You and your partner are on the same page

Before making the decision to retire, you will want to consider some other questions as well.

Where will you live?

Your choices may include staying in the family home, making a “tree” or “sea” change (relocating to the beach or country), moving closer to family, downsizing to a unit or townhouse, or living in a retirement village. 

Retirement villages offer a relaxed, social lifestyle with the security of aged care on site if needed, so it’s easy to understand why they’re so popular.

How will you manage finances?

The effort required to move to a retirement village or aged care facility, or apply for the age pension, can seem quite overwhelming – there is so much paperwork to be done for starters!

Getting retirement advice and assistance from an experienced professional will make it much more manageable. Bill Savellis of Olive Grove Financial Advice is an award winning financial adviser and accredited aged care professional, who can create a personalised plan and work with Centrelink and other service providers on your behalf – so you can relax and get on with the business of enjoying your retirement!

What activities will you enjoy?

Many retirees relish pursuing hobbies such as painting, gardening, golf, learning a new skill or giving back to the community. 

older couple taking a selfie on top of a mountain

Others travel abroad or become grey nomads and set out to explore this wonderful country. 

Whatever your choices, be sure to include regular social activities as these are important for mental health and wellbeing!

What will be your purpose?

Your purpose is anything that gives meaning to your life. For some, it’s spending time with the grandchildren; for others, it’s helping out in schools, volunteering at a neighbourhood centre, attending community events, or joining a club. 

Setting some goals for yourself also creates a sense of purpose. Think about what you want to achieve in the first six months or year of retired life, then also think about your long term plans.

How will you keep active and involved?

Keeping active and involved is key to living well in retirement – what will that look like for you? You might consider:

  • establishing regular activities during the week such as lunch dates with family or friends
  • joining a walking group or finding a fitness buddy to stay active and social
  • boosting your brain power by doing sudoku and crossword puzzles
  • learning a new skill, or teaching skills you already have to others.

How will you manage health issues?

Hopefully you will be able to enjoy your retirement in good health. Regular checkups (GP, optometrist, bowel scan, mammograms, etc) are the best way to pick up any problems early, when they are more easily treated. However it’s prudent to have plans in place should your health decline.

These plans should include an Advanced Health Care Directive, and an Enduring Power of Attorney.

An Advanced Health Care Directive allows you to make your wishes known and gives health professionals direction about the treatment you want. You can appoint someone you trust to make decisions on your behalf.

An Enduring Power of Attorney allows someone to make decisions if you lose capacity to do so yourself. You can appoint an attorney for health matters or financial matters or both.

As you can see, there is a lot more to preparing for retirement than just doing your sums. There is a whole new stage of life waiting for you, and planning is the key to making it just what you want!