“All of this means I’ve got lots of things to keep me busy and engaged. I’m continuing to learn and I’ve got a good social network.”
Time with grandchildren as well as travel were also top of Anderson’s priorities.
“When I only had four weeks of annual leave a year, we didn’t travel as often as we do now,” he says.
“Now I always like to have one or two trips organised. We’ve just come back from two months in the UK, last year we did a river cruise from Amsterdam to Budapest and I’m about to head to Vietnam for 3.5 weeks.”
A little sacrifice now could pay dividends in the future
Your retirement your way.Credit: iStock
So how can we all follow suit to enjoy overseas adventures when we hang up our work boots? Anderson suggests taking an interest in super and investments.
Andrew Jewell, First Super’s head of financial planning, says Australians’ perception of retirement has changed in recent decades, and that more people want to know they’re going to have a “dignified” retired life.
“Our grandparents got to 65 and were like, ‘That’s it! I’m not doing anything’ but it’s changed now,” he says.
“People want to really enjoy retirement – they might want to travel or simply spend more time with their children.”
‘Retirement readiness’ looks different for everyone
In good news for people approaching retirement, Josh Parisotto, HESTA’s chief engagement and growth officer, says that when you consider the age pension and assets, many people need less than they think to comfortably retire.
“The idea of ‘retirement readiness’ can feel out of reach for many, especially with misconceptions that you need a balance of $1 million or more for a comfortable retirement,” he says.
“Not only is this not true, but it can discourage people from engaging with their super. The focus should be on taking achievable steps like regular contributions and understanding how super can supplement the aged pension.”
Jewell agrees that many people need less than they’d think.
“The feedback we get from members is that they can’t believe how much less they’re spending,” he says.
“It’s like when people were at home during COVID and they weren’t buying that morning coffee anymore and people accumulated wealth.”
Like Anderson, Parisotto encourages Australians to start engaging with their superannuation in their working years.
“We believe in small steps, like reviewing your super balance or checking your investment strategy — it can make a big difference,” he says.
“Many people feel unsure about their financial knowledge but it’s important to challenge that. Financial confidence grows over time.”
Stick with your Industry SuperFund in retirement and your money could go further. Visit compareyourretirement.com today.
The information provided in this article is of a general nature only and does not constitute financial or other advice. It is important to consider personal objectives, financial situations or particular needs when making financial decisions. Consider speaking to a financial adviser for advice that is tailored to your individual needs.