David Anderson, 67, once feared retirement. “It scared the living daylights out of me,” he says. “I didn’t want to be the bloke who just sat in his chair with a whittling knife or who went to the shopping centre on a Thursday and sat outside the store waiting for his wife to come back.”
Anderson hadn’t planned on retiring early until his wife Sharon retired when he was 58 and suggested he join her.
“I knew I had a reasonably good nest egg, but I wasn’t mentally ready at that point; I couldn’t get my head around it,” he says. “At work, I was always meeting with people, and I couldn’t just go from having full-on interactions to just sitting at home with my wife.”
He decided to work until 60 and spend his final career years preparing for a fulfilling post-work life. “The biggest thing about retirement is making sure your head’s right before your body gives away,” he says.
“I knew I needed a friendship network, so I organized a men’s lunch every two months; I joined my local Rotary club so I could give back to the community; and I bought a guitar and started lessons, which keeps my body and mind talking to each other.”
“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 and travel were also top priorities for Anderson. “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 organized.
Embracing a fulfilling retirement journey
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.”
Andrew Jewell, First Super’s head of financial planning, says Australians’ perception of retirement has changed in recent decades, with more people wanting 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.”
Josh Parisotto, HESTA’s chief engagement and growth officer, says that when considering 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 expect. “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 during 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.”
For Anderson, his proactive approach to planning and engaging with his superannuation has led to a fulfilling and enriching retirement, far from his initial fears.
