As you get closer to retirement, it is advisable that you start planning for a successful transition.

It is important to think about your money and assets and forging a new routine.

At Villages, we often see that people are unprepared for life after work.

If you are unsure about how much money you will need in retirement, it’s a good idea to meet with a financial adviser to check how much retirement income you can look forward to and if you are eligible for the Age Pension.

You may want to consider even try living on (or near) your retirement budget so you can assess if you can live on the income that you will have after you finish work.

Another option to consider is a phased retirement where you can move into part-time work as a prelude to retirement.

This is a good opportunity to think about to spend your days after you retire, whether that is travel, volunteering, pursuing a new hobby or spending time with family and friends.

While you may want to take it easy, many people find it helps to have a flexible routine rather than no plan at all.

Reducing the number of days worked also allows you to allow your superannuation fund’s Transition to Retirement scheme. 

And when the last day of your working life arrives, remember to mark the occasion.

This rite of passage is just as important as birthdays or weddings. Whether you love a party or prefer a quiet celebration, enjoy your special day.