What a modern retirement plan should look like

Anyone approaching retirement knows it ain’t what it used to be. Modern retirement has gone from being a time when we stepped back into the shadows to being potentially one of the most exciting phases of our lives.

There’s building your budget for the period before you retire to nail down your cost of living, planning how much you can save. Usually people try to juggle paying down their mortgage, and trying to contribute more actively to their super as early as they can, leveraging the superannuation tax concessions available, then investing those funds appropriately to drive compound investment growth before retirement.

Contemplate whether you’ll be eligible for the age pension and really think about how much you would like to draw down from superannuation in the early part of retirement and whether that differs from the later parts. Use that vision to start working on your health much earlier in life. It’s the things you do every day that make all the difference, according to the science of healthy ageing. Be alert to creating a combination of cardiovascular, muscle mass and balance exercises to make your body strong.This is a big and important part of planning for retirement. And it’s even more important today when you consider how many healthy years we spend living on a more passive income thanks to superannuation.

Just picture yourself looking into a sunset on a Greek island, on a slow trip through the Mediterranean in summer. Or settling back to watch the sunrise over beautiful Uluru having just set up your caravan nearby on your big Aussie nomad journey.The last thing I think should be in your modern retirement plan is the consideration of where you will want, and later, need to live as you age. This is certainly not the fun part of retirement planning, but it is increasingly important.

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