Ready for change?
A job can be more than a way to get paid. When colleagues and career mean more to you than the money, moving on can be tough. If you’re expecting retirement to leave a big gap in your life, planning new routines, rewards and friendships will boost your sense of optimism and wellbeing. By thinking about this ahead of time, and even taking steps to explore options, you can feel like you’re swapping a positive experience of working life for something even better.
“I retired 3 years ago when I decided I’d had enough of work! I love being retired, it’s all about freedom to do what I want, no routine, and not having to be on guard all the time like at work.” – Pauline
The right choice for your health
Whether you love your job or can’t wait to retire, your health could force the issue. Depending on the type of work you do, retiring early may become the only option when health problems are in the picture. The same may be true if you need more time to care for a partner in poor health. So it’s no wonder the Australian Bureau of Statistics (ABS) reports personal health as the second most common reason for retiring1.
50% of Australians were influenced by work availability or health reasons when considering when to retire2.
Financially fit for retirement
The same ABS figures show wealth as even more common than health when it comes to reasons for making the move into retirement1. 41% of men and 34% of women said financial security had the biggest influence on their decision. Knowing what you’ll spend in retirement and where that money will come from can give you confidence
that you’re financially ready to make the change.
Is part-time work an option?
Continuing with paid work in retirement can be a way to stick with a routine you’re comfortable with and make your
super last longer. If you’re eligible for the Age Pension, it’s good to know you can still earn some income without
your payments being affected up to a certain level (this is called the income test threshold). There is also the Work
Bonus that allows you to earn income up to a certain threshold without reducing your Age Pension. And if you take
a break, you can build up your Work Bonus balance and earn more when you start working again.
Visit the Department of Human Services website for more on the Work Bonus and the latest on eligibility, thresholds and balance limits.
1. Australian Bureau of Statistics, Retirement and Retirement Intentions, Australia, 2018-19.
2. YourLifeChoices Retirement Income and Financial Literacy Survey 2019.
