Retirement is a new and exciting chapter of life. As with any major life change, it’s important to have a retirement plan that prepares you both emotionally and financially for what lies ahead.
AMP Capital Senior Economist Diana Mousina and AMP Workplace Education Manager Jess Arambulo discuss why you should spend time preparing for retirement and learn the strategies to employ when adjusting to retirement life.
Watch for practical tips on how to prepare for retirement, including creating a retirement routine and a retirement budget.
0:20 – The importance of preparing for retirement both emotionally and financially.
0:43 – When planning for retirement it’s important to visualise what you want your retirement lifestyle to look like. What will make up your retirement routine – travel, volunteering for charity, renovating your home?
1:09 – As you approach retirement age, prepare yourself for day-to-day changes that retirement life will bring. This could relate to how you spend your day, your social network, and your sense of identity.
1:40 – There are strategies to help with adjusting to retirement. Goal setting will provide a sense of purpose and structure to your day and can be centred around leisure and recreational activities.
2:07 – A retirement budget will help you financially prepare for retirement.
2:44 – How to work out how much you’ll need to retire comfortably. The Association of Super Funds of Australia (ASFA) suggests a single person will need around $545,000 while a couple will need $640,000 in super.
3:49 – Summary: three steps to prepare for retirement.
Find more information and expert tips on preparing for retirement: https://www.amp.com.au/retirement/prepare-to-retire
Original Author: Produced by AMP and published on 24/06/2020 Source