Is there a right time to retire?
Australians are in no hurry to stop working and 60 is no longer the age to retire. So how can you get your savings on track to retire at a time that’s right for you?
After two decades as the anchor of The Today Show and forty years in the business, Steve Liebmann’s transition into retirement, leaving behind a long-running media career, was a gradual one. Over the course of his career he admits that he hadn’t given much thought to the prospect of retiring, saying “I’m sure a lot of people don’t think about retirement until it hits them like a brick”.
His decision to leave The Today Show opened new career avenues for him to explore, albeit on a part-time basis. He was still able to do what he loved, but he also had the time to consider what to do in the next stage of his life. “It wasn’t sudden – one minute you’re working… the next minute you’re retired. I had, what I suspect, was a smoother transition”.
With more time on his hands, he began to work out what he wanted to do away from the eye of the media and how he should begin to approach his transition into retirement. “You probably think about two things; money and what you are going to do with your time.”
When it came to money, Steve was able to benefit from the ongoing financial advice that he had sought throughout his life allowing he and his wife to continue living the life they’d become accustomed to. It’s working out what to do with one’s time, as he points out, which became the most important thing to him in his transition. “We are living longer, and you have got to do something with that time. You must, otherwise…you’re wasting it.”
For Steve, retirement has presented a raft of opportunities and has allowed him to rediscover all the things he enjoyed doing, but never really had the chance to do. He now has the freedom to explore his passions without the pressures of full-time work. He and his wife still manage to travel and, as a result they now spend more time together than ever before. He’s spending more time on the tennis court and has also had the chance to become more involved in his charity work, allowing him to give back to the local community.
What does the future hold for Steve? He has no idea. One thing is for sure though, he’s enjoying each day of retirement more than the last.
Colonial First State Investments Limited ABN 98 002 348 352, AFS Licence 232468 (Colonial First State) is the issuer of super, pension and investment products. This document may include general advice but does not take into account your individual objectives, financial situation or needs. You should read the relevant Product Disclosure Statement (PDS) carefully and assess whether the information is appropriate for you and consider talking to a financial adviser before making an investment decision. A PDS for Colonial First State’s products are available at colonialfirststate.com.au or by calling us on 13 13 36
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This article has been prepared by Colonial First State Investments Limited ABN 98 002 348 352, AFS Licence 232468 (Colonial First State) based on its understanding of current regulatory requirements and laws as at 11 June 2015 It may include general advice but does not take into account your individual objectives, financial situation or needs. You should read the relevant Product Disclosure Statement available from Colonial First State carefully and assess whether the information is appropriate for you and consider talking to a financial adviser before making an investment decision. Information taken from sources other than Colonial First State is believed to be accurate.