For a lot of older Australians, retirement planning is equal parts exciting and scary. There’s a lot to do, spanning all areas of life. It’s easy to see why people put it off.

Our team has put together three top retirement tips to empower you to start thinking about, and preparing for, your golden years.

Retirement planning tip 1: think about where you actually want to live

Where do I want to live?

Yes, we know it’s a big, scary question. However, when it comes to retirement planning, it’s one of the first questions you should be asking.

You need to consider the location where you will retire and the sort of accommodation you want to live in. Analyse your situation and think about the things you find most important. This might be being close to family, amenities or nature.

Retirement planning tip 2: keep on top of your health

Not only is poor health expensive, but it can seriously detract from your quality of life. Taking care of yourself now improves your chances of living with excellent health in retirement.

It’s recommended people in their 60s have the following tests:

Regularly Once a year Every two years Every 3-5 years
  • Skin cancer checks
  • Fall assessment (over 65)
  • Osteoporosis risk assessment
  • Dental check-up
  • A flu vaccination (over 65)
  • Hearing test (over 65)
  • Heart disease risk assessment
  • Blood pressure check
  • Mammogram (women)
  • Prostate check (men)
  • Bowel cancer check
  • Eye test
  • Blood glucose test
  • Cholesterol and lipids check
  • Cervical screening test (women)

Remember, this is intended as a starting point and may, or may not, be relevant for you. Be sure to speak with your GP!

Retirement planning tip 3: put together a to-do list

As we mentioned earlier, getting your ducks in a row for retirement can be overwhelming. There’s a lot to do – from creating or updating your will, making long-term health care plans, and securing your finances.

The checklist below covers key retirement tasks. It sorts them into three categories: legal, financial, and medical.

— Legal

  • Ensure you have a will, and that it is up to date
  • Appoint a Power of Attorney
  • Appoint an Enduring Guardian (if applicable)

— Finances

  • Put together a retirement budget
  • Check to see if you are eligible for government payments
  • Check for lost super and consolidate super accounts (if applicable)

— Medical

  • Put together an Advance Care Directive

Still confused?

For a checklist custom-made to your needs, we recommend YourConcierge101’s Tailored Toolkit.

Tailored Toolkit is a free online tool that guides you step by step through the process of preparing for your retirement. Through a series of multiple-choice questions, we will determine your needs and put together a personalised resource to guide you.

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