{"id":2306,"date":"2023-10-05T22:10:33","date_gmt":"2023-10-05T22:10:33","guid":{"rendered":"https:\/\/blog.villages.com.au\/?p=2306"},"modified":"2023-10-05T22:39:23","modified_gmt":"2023-10-05T22:39:23","slug":"how-to-plan-for-retirement-well-before-you-intend-to","status":"publish","type":"post","link":"https:\/\/blog.villages.com.au\/lifestyle\/how-to-plan-for-retirement-well-before-you-intend-to\/","title":{"rendered":"How to plan for retirement \u2013 well before you intend to\u00a0"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"2306\" class=\"elementor elementor-2306\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-e79c063 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"e79c063\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-da7b679\" data-id=\"da7b679\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-abf3347 elementor-drop-cap-yes elementor-drop-cap-view-stacked elementor-widget elementor-widget-text-editor\" data-id=\"abf3347\" data-element_type=\"widget\" data-settings=\"{&quot;drop_cap&quot;:&quot;yes&quot;}\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.15.0 - 20-08-2023 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p aria-level=\"2\">T<strong>here are many steps that you can take to prepare for retirement.\u00a0<\/strong><\/p><h4>\u00a0<\/h4><h4><b><span data-contrast=\"auto\">Having a financial plan is of paramount importance<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/h4><p><span data-contrast=\"auto\">Julianne Parkinson, founding CEO of the Global Centre for Modern Ageing (GCMA), advises those approaching retirement to regularly assess their financial plan or consult with a financial planner.<\/span><\/p><p><span data-contrast=\"auto\">The Association of Superannuation Funds of Australia (ASFA) estimates that in 2023, for a modest retirement which includes basic private health insurance, budget haircuts, and one domestic trip a year, a couple or single person would need a lump sum of $100,000. This is assuming the couple or single person owns their home outright and receives the Age Pension.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p><p><strong><em>\u201cHaving tailored financial insights from earnings and investing, and mortgage management to budgeting techniques is invaluable,\u201d <\/em><\/strong><em>she said.<\/em><\/p><p><span data-contrast=\"auto\">\u201cIt will help develop comprehensive plans to consider mortgage income sources, such as savings and investment, and your lifestyle goals for lasting financial security.\u201d<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p><h4><b><span data-contrast=\"auto\">Decide when retirement is best for you<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/h4><p><span data-contrast=\"auto\">The average age of retirement has increased by a year to 56.3 years, according to 2020 data released by the Australian Bureau of Statistics (ABS) in August. Women are working almost two years longer and are retiring aged 54 on average, up from 52 in 2018. In contrast, the average retirement age for men decreased from 59.5 years in 2018 to 59.3 years.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p><p><strong><em>\u201cMany older adults are now turning to entrepreneurial ventures \u2013 creating new employment opportunities for themselves,\u201d <\/em><\/strong><em>said Julianne.\u00a0<\/em><\/p><p><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-2310 aligncenter\" src=\"http:\/\/www.villages.com.au/blog\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-06-091206-1024x513.png\" alt=\"\" width=\"356\" height=\"178\" srcset=\"https:\/\/www.villages.com.au/blog\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-06-091206-1024x513.png 1024w, https:\/\/www.villages.com.au/blog\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-06-091206-300x150.png 300w, https:\/\/www.villages.com.au/blog\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-06-091206-768x385.png 768w, https:\/\/www.villages.com.au/blog\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-06-091206-600x301.png 600w, https:\/\/www.villages.com.au/blog\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-06-091206-585x293.png 585w, https:\/\/www.villages.com.au/blog\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-06-091206.png 1175w\" sizes=\"auto, (max-width: 356px) 100vw, 356px\" \/><\/p><p><span data-contrast=\"auto\">\u201cIn fact, people over the age of 55 are among the fastest-growing groups of entrepreneurs. Partnering with a younger entrepreneur can bring added benefits.\u201d<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">By using the skills and experiences of older adults, businesses can tap into a valuable resource and drive innovation.<\/span><\/p><p><span data-contrast=\"auto\">\u201cSome people will be extensionists, where they continue doing something they\u2019ve always done because they love it, or you might find people who are <\/span>hobbyists. For example, if you\u2019ve always enjoyed gardening, you might see opportunities at Bunnings.\u201d<\/p><h4><b><span data-contrast=\"auto\">Working beyond 67<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/h4><p><span data-contrast=\"auto\">The Federal Government\u2019s recently released Employment White Paper recommends giving new pensioners a work \u201cbank balance\u201d allowing them to earn up to $4,000 immediately without it impacting their Age Pension payments.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Pending the passage of legislation through Parliament, from January 1 next year all new Pension recipients and eligible veterans will start with a work bonus income bank balance of $4,000, rather than $0.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">This means you would immediately be able to earn up to that amount, rather than the current system that only allows you to accrue $300 in extra income a fortnight.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">The Federal Government also plans to make a temporary increase to the work bonus scheme permanent, meaning the maximum balance a pensioner can accrue to $11,800 a year, up from $7,800.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p><h4><b><span data-contrast=\"auto\">Home Care Packages<\/span><\/b><span data-contrast=\"auto\">\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/h4><p><img loading=\"lazy\" decoding=\"async\" class=\"alignright wp-image-2309\" src=\"http:\/\/www.villages.com.au/blog\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-06-091157-1024x618.png\" alt=\"\" width=\"236\" height=\"142\" srcset=\"https:\/\/www.villages.com.au/blog\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-06-091157-1024x618.png 1024w, https:\/\/www.villages.com.au/blog\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-06-091157-300x181.png 300w, https:\/\/www.villages.com.au/blog\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-06-091157-768x464.png 768w, https:\/\/www.villages.com.au/blog\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-06-091157-600x362.png 600w, https:\/\/www.villages.com.au/blog\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-06-091157-585x353.png 585w, https:\/\/www.villages.com.au/blog\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-06-091157.png 1173w\" sizes=\"auto, (max-width: 236px) 100vw, 236px\" \/><\/p><p><span data-contrast=\"auto\">While many people aged over 65 are in <\/span><span data-contrast=\"auto\">good health and not in need of care services, it\u2019s always a good idea to educate yourself on the available options.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0\u00a0<\/span><\/p><p><span data-contrast=\"auto\">94% of people aged over 65 are \u201cageing in place\u201d, with the number of the Federal Government\u2019s Home Care Packages increasing markedly. 155,625 people had access to a Home Care Packages at 30 June 2020, a 24.4% increase since 30 June 2019.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">To maintain a better quality of life as you age, your home may require modifications.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p><p><em><strong>\u201cI think the significance of home modifications \u2013 whether retrofitting, renovating or even new builds \u2013 is paramount for supporting ageing in place,\u201d <\/strong>said Julianne.<\/em><\/p><p><span data-contrast=\"auto\">\u201cLiving close to essential services and amenities also contributes to a higher quality of life for older adults.\u201d<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"auto\">A little planning now could save you a lot of money and stress in the future.<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p><p><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-81d8d51 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"81d8d51\" data-element_type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.15.0 - 20-08-2023 *\/\n.elementor-widget-divider{--divider-border-style:none;--divider-border-width:1px;--divider-color:#0c0d0e;--divider-icon-size:20px;--divider-element-spacing:10px;--divider-pattern-height:24px;--divider-pattern-size:20px;--divider-pattern-url:none;--divider-pattern-repeat:repeat-x}.elementor-widget-divider .elementor-divider{display:flex}.elementor-widget-divider .elementor-divider__text{font-size:15px;line-height:1;max-width:95%}.elementor-widget-divider .elementor-divider__element{margin:0 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100%;-webkit-mask-repeat:var(--divider-pattern-repeat);mask-repeat:var(--divider-pattern-repeat);background-color:var(--divider-color);-webkit-mask-image:var(--divider-pattern-url);mask-image:var(--divider-pattern-url)}.elementor-widget-divider--no-spacing{--divider-pattern-size:auto}.elementor-widget-divider--bg-round{--divider-pattern-repeat:round}.rtl .elementor-widget-divider .elementor-divider__text{direction:rtl}.e-con-inner>.elementor-widget-divider,.e-con>.elementor-widget-divider{width:var(--container-widget-width,100%);--flex-grow:var(--container-widget-flex-grow)}<\/style>\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-05aca7c elementor-widget elementor-widget-text-editor\" data-id=\"05aca7c\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>If you\u2019re looking for retirement villages, you can find them more easily at\u00a0<strong><a href=\"https:\/\/www.villages.com.au\/\" rel=\"noopener\">villages.com.au.<\/a><\/strong><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>There are many steps that you can take to prepare for retirement.\u00a0 \u00a0 Having a financial plan is of paramount importance\u00a0 Julianne Parkinson, founding CEO of the Global Centre for Modern Ageing (GCMA), advises those approaching retirement to regularly assess their financial plan or consult&#8230;<\/p>\n","protected":false},"author":1,"featured_media":2317,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","om_disable_all_campaigns":false,"_mi_skip_tracking":false,"footnotes":""},"categories":[18,70],"tags":[97,101,95],"class_list":["post-2306","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-lifestyle","category-retirement","tag-explained","tag-health","tag-tips"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.villages.com.au/blog\/wp-json\/wp\/v2\/posts\/2306","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.villages.com.au/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.villages.com.au/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.villages.com.au/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.villages.com.au/blog\/wp-json\/wp\/v2\/comments?post=2306"}],"version-history":[{"count":17,"href":"https:\/\/www.villages.com.au/blog\/wp-json\/wp\/v2\/posts\/2306\/revisions"}],"predecessor-version":[{"id":2327,"href":"https:\/\/www.villages.com.au/blog\/wp-json\/wp\/v2\/posts\/2306\/revisions\/2327"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.villages.com.au/blog\/wp-json\/wp\/v2\/media\/2317"}],"wp:attachment":[{"href":"https:\/\/www.villages.com.au/blog\/wp-json\/wp\/v2\/media?parent=2306"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.villages.com.au/blog\/wp-json\/wp\/v2\/categories?post=2306"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.villages.com.au/blog\/wp-json\/wp\/v2\/tags?post=2306"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}