Retirement

It’s been a big year for retirees, with superannuation balances bobbing at high tide thanks to markets that seem impervious to global risks and historic investment cycles. Despite the threat of regulatory turmoil and the usual coterie of economic pressures, retirees continued to live their best lives in 2024. These were the stories that mattered.

Retirement provides the ideal opportunity to pursue different interests. Whether it’s painting, sculping, photography or even learning a musical instrument, it’s a challenging way to develop a different interest.

Memoirs can be much more than just an interesting read. They can provide important lessons for navigating the journey of life.

There are an endless number of sights to see and tours to have in this Great Southern Land, from ancient First Nations sites to colonial landmarks to some of the most iconic wilderness areas in the world.

For many retirees, furthering their education is a profitable use of their time. Today, via the Massive Open Online Course initiative, some the most respected universities such as Harvard and Yale have courses available to a global audience. Best of all, it’s often free.

Nestled on Tasmania’s east coast and a stone’s throw from the stunning Wineglass Bay, this friendly town of 1,000 is proving a magnet for retirees wanting a quieter life in the island state.

Down through the generations, families and friends have enjoyed playing games to foster stronger relationships. But research shows they also improve cognitive abilities, which is especially important as people age.

Located on Queensland’s Fraser Coast, this picturesque city of 50,000 is a mecca for retirees with a penchant for the outdoor life, with its calm waters making it a refuge for humpback whales on their annual migration for nearly half a year.

Fresh research highlights that many older Australians owning their home and on a full pension still feel financial stress, needing an extra $10,000 (singles) or $15,000 (couples) a year to meet their basic needs.

Many dismiss the idea of writing a memoir as either too difficult or not believing their life story is worth telling. They are wrong on both counts; it’s a golden opportunity to describe a life – warts and all.

Peoples’ notion of how they will fund their retirement habitually downplays the role of social security. Reflecting a lack of understanding about how the different income streams interact, it behoves superannuation funds to better educate their members.

The Aged Care Act, achieved with rare political cooperation, will put residential and home care on a more sustainable basis with individuals’ contributions more closely attuned to their financial position.