When I'm at work: retirement planning - Fact sheet
What is retirement?
Retirement is a time when you stop doing something. People retire from their work, the football team they have been playing with, a committee they have been on, and so on.
Retirement from work is when you no longer go to work and receive money for the work you do.
People retire from work for different reasons.
- They are tired and do not want to go to work anymore.
- They are happy they have done all the things at work they want to do.
- They want to relax more.
- They want to travel or do hobbies.
- They are not well.
- They have saved up enough money to live on without needing to work.
- They want to spend more time with family or friends.
Why should you plan for your retirement?
While you are still at work, it is a good idea to think about why you want to retire and when. Spending time thinking about what you want to do when you no longer go to work, and talking with people about it, will help you make your decision. This is called retirement planning.
Do you know what you want to do with your time when you retire? Retirement will mean you will have time to do the things you have always wanted to do but couldn't, because you were at work.
It is important to think about what you would like to do instead of going to work. It is also important to think about some of the things you won't be able to do anymore when you stop going to work.
What are your choices? You could:
- stop going to work and do your own thing
- work for a few days a week or a few hours a week and have some time to do your own thing
- take long service leave before you decide when you will retire, to see what it is like to do your own thing.
What is best for you?
How can you plan for your retirement?
There are many things you need to think about that will help you make your decision about when to retire.
There are also many resources available to you help you plan for your retirement.
One way you can plan for your retirement is by attending the meetings held here at work about retirement planning.
You should talk with experienced people about the many questions you will have while you are making your decision about when to retire.
Who can you contact for more information?
There are lots of print and electronic resources available about retirement planning. Many of these are available free from government, financial and retirement advisory services.
Check your telephone book for information that is available in your community.
The list below provides some examples of places that may be relevant to you.
- Adult Community Education (ACE), check your local phone book
- Association of Independent Retirees, ph (02) 6290 2599, ph 1800 063 304 (membership) or go to www.independentretirees.com
- Australian Taxation Office (ATO), go to www.ato.gov.au
- Australian Government ph 13 10 20 or go to www.australia.gov.au
- Centrelink, go to www.centrelink.gov.au
- Ph 13 23 00 (financial information service)
- Ph 13 63 57 (financial information service seminars)
- Ph 13 23 00 (pensions)
- Ph 13 28 50 (other allowances)
- Ph 13 10 21 (office locations)
- Ph 1800 810 586 (hearing impaired)
- Department of Families, Housing, Community Services and Indigenous Affairs, check your local phone book or go to www.fahcsia.gov.au
- Department of Health and Ageing, ph 13 21 50 or go to www.health.gov.au
- Financial Planning Association of Australia Ltd, ph 1800 626 393 or go to www.fpa.asn.au
- Home and Community Care (HACC), check your local phone book or go to www.hacc.gov.au
- Independent Living Centres Australia Inc, go to www.ilcaustralia.org
- Medicare Australia, ph 13 20 11 or go to www.medicare.gov.au
- National Seniors Association, ph 1800 801 181 (travel - free call), ph 1800 175 500 (seniors cards) or go to www.nationalseniors.org.au
- National Information Centre on Retirement Investments (NICRI), go to www.nicri.gov.au
- Open Learning Australia (OLA), ph 1300 363 652 or go to www.openlearning.com.au
- Seniors Enquiry Line, ph 1300 135 500 or go to www.seniorsenquiryline.org.au
- Trustee of Australian Superannuation, go to www.australiansuper.com
- University of the Third Age (U3A), check your local phone book or go to www.u3aonline.edna.au
- Yellow Pages phone book