The very definition of retirement is tied to the concept of work, the dislike of it, and the idea that we all want to give it up at some point and head off to enjoy life. But as life expectancy increases, many are rejecting this all-or-nothing concept. We’re finding that work and the enjoyment of life don’t have to be mutually exclusive.
There are no expectations for the second half of life other than the idea that one day you’ll retire. But I debate the need to “retire” as early as we are. I think we all need to take a hard look at how we could have the best of both worlds – embracing this as the prime time of our lives, where we can work at our choice of pace, travel, enjoy life and really dig into our relationships in a way we’ve never had time to.
We’re raised by the financial services industry to plan for our ultimate retirements and we should. But there’s an even more important point that we should really understand, and that’s the point where we can move into the phase where we choose what we do with our time. I call it our “tipping point”. It can come a long way before true retirement.
It helps to become more familiar with the superannuation system, as it is much more flexible than people give it credit for. Consider that you can retire from full-time employment at any time after the age of 60, or what is known as preservation age, move up to $1.9 million of your superannuation into retirement phase and commence an account-based pension that is entirely tax-free.
Retirement Work Enjoyment Life Expectancy Baby Boomers Gen Xers
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