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Planning an Active Retirement

When do you plan to retire?


The key to an active retirement is having a plan – both for the age at which you expect to retire and for the activities you will undertake to have a fulfilling life. This is something everyone should think about long before retirement creeps up.  It’s easy to get caught up with day-to-day things and put off the long-term planning.  However, if you spend some time thinking and talking about what you want to do with your retirement, it could make for a far more satisfying period in your life.

Finances are not the only factor to consider when making the decision to retire. Think about what you will do with your new spare time.  It is important to develop a lifestyle that is fulfilling and enjoyable.

Sam and Elena did their homework.  They borrowed books from the library, attended a retirement planning seminar and talked to a financial adviser.  This helped them decide to sell their roofing business so Sam could semi-retire at age 66.  He could then focus on making furniture from local hard woods, to be sold through a friend’s craft gallery in the South West.

Elena decided to work part-time for three years before retiring when she was 62, four years after Sam.  They planned the trip to Italy for a few years after Elena’s retirement, to give them something to look forward to.


The things that will influence your decision to retire will include:

  • satisfaction with your work;
  • work security;
  • financial situation;
  • health;
    interests and activities beyond work;
  • relationships; and
  • people you may be caring for.

If you are in good health and enjoy work you can phase yourself into retirement by reducing your work hours or by changing your job.

A gradual move towards retirement can bring many benefits.  It provides more time to explore other activities, but you will still have income and social contacts from your work.  Phased retirement options include:

  • moving to a different position in your current workplace, where there is less responsibility;
  • retraining for a different job;
  • working part-time;
  • working part of the year;
  • moving to casual employment;
  • working for yourself;
  • turning your hobby into a small business; or
  • taking long service leave or leave without pay to ‘practice’ retirement before you make the big decision.

Many organisations run seminars on retirement planning, including the Council on the Ageing (WA).  Such information may assist you to make decisions about your retirement.  Call 9321 2133 or go to www.cotawa.asn.au for further information.