Help! I’m not ready to retire
If you don’t feel prepared for retirement, you’re not alone.
Retirement preparedness doesn’t just mean having enough money to leave work but includes emotional challenges like your sense of self and what your future might look like.
Set yourself up for a rewarding retirement by meeting the following common challenges, head-on!
Financial stress
Regardless of how much you’ve saved, fear of outliving your super can lead to over-cautious spending and avoiding social activities.
A financial planner will help you set retirement goals and develop a savings strategy to achieve them – the earlier you begin planning, the better!
When the time is right, your planner will assist you in gently transitioning to retirement. This could involve moves like:
gradually reducing work hours, and
regularly reviewing lifestyle goals to meet your financial strategy.
Emotional challenges
Identity loss
It’s natural to wonder who you are when no longer defined by your job title. Employment creates a sense of identity and how we fit into society. Stepping away from work can result in confusion and feelings of loss.
Boredom/social isolation
For many, retirement means passing each day with nowhere to go and no-one to talk to. Loneliness, often stemming from a reduced income and narrowed social life, is a known cause of depression and anxiety.
Tackle emotional challenges through community involvement in:
special interest groups,
swimming/walking groups,
book clubs,
volunteering,
learning:
University of the third age (U3A),
Men’s sheds, etc.
Organisations like Beyond Blue or Lifeline offer support and advice if you’re feeling overwhelmed.
Kick off your new lifestyle through:
Lifestyle magazines and social media pages dedicated to retirees. There are loads out there; a Google search will quickly find them.
Creating a free Meetup account to locate groups and events in your area. Can’t find one you like? Start your own!
Retirement represents a significant, often daunting, lifestyle change.
When planning your retirement, consider not just what you’ll need financially, but also emotionally and socially, that way you can embark on the next chapter of your life optimistically and with confidence.
You’ve earnt it!
Warm regards,
___
Ben Widdup | EGU Wealth Management
Financial Adviser
1300 102 542 | 0402 633 205
ben.widdup@egu.au | www.egu.au
GPO Box 1598 Brisbane QLD 4001
This is general advice and has been prepared without considering your objectives, financial situation, or needs. You should therefore consider the appropriateness of the advice, in light of your own objectives, financial situation, or needs, before following this advice. If the advice relates to the acquisition, or possible acquisition of a particular financial product, you should obtain a copy of, and consider, the Product Disclosure Statement (PDS) for that product before making any decision.
Sources:
www.nationalseniors.com.au Social connectedness and isolation among older Australians (Report based on 2024 survey)
www.researchportalplus.anu.edu.au Retirement & mental health: analysis of the Australian national survey of mental health and well-being (Report based on a study conducted by the Australian National University 2025)