Single and thriving in retirement09 Aug 2023 3 min read
No matter what your circumstances, a happy and successful retirement will often come down to planning ahead. Being single doesn’t mean retirement is going to be daunting or challenging. In fact, being single can mean that you have the flexibility to set your life up exactly how you’d like.
At NGS, we’re passionate about empowering members to feel confident and excited about retirement. To get your plan underway, you may want to consider the following questions:
Where will you live in retirement?
Where and how you set up your home is an important decision. Creating security and comfort will enable you to enjoy all the other things life has to offer.
In the 2017 Australian Bureau of Statistics, it was reported that nearly 1 in 3 older women (31%) and 1 in 5 older men (18%) lived in a lone person household.1 Living alone is common, but if it’s not for you, there are other options.
There are many ways to set up a home, including:
- Living in a self-contained area such as a granny flat — this could be on the property of a family member, friend or of someone you may not know who is renting or selling the flat.
- There are many options for shared accommodation which, on top of social benefits, can reduce costs through shared expenses.
Travel — solo or with a group?
Travel is a popular way to spend retirement, and you shouldn’t be restricted if you are single.
While the costs can be higher for a solo traveller, being clear on your travel goals can help to ensure you have the finances to make it happen. The earlier you plan your trip, the better. Planning ahead can make it easier to find good deals on accommodation and flights.
For those looking for group travel, there is a wide range of options. A quick Google search will bring up pages of various travel groups, tours, and clubs.
The benefit of group travel is that you can usually keep your costs down.
Top tip: Set up a travel fund account — putting money aside that is especially for travel, will help separate the money from your other finances, making it easier to see how much you can dedicate to your holidays.
Why advice is the key to thriving in retirement
When it comes to super, it’s important to understand that everyone’s situation is unique.
A financial planner will be able to assess your financial situation and help you to best prepare. There’s plenty of advice out there - including that shared by trusted friends and family. But speaking with a professional who can review your assets, any debts, and expenses and plan what you will need for retirement is always recommended.
The NGS retirement calculator is a great starting point.
Start your journey with NGS Super
Our financial planners can create strategies to maximise your financial position and meet your future objectives. They can help you protect your lifestyle and assets through personal insurance and to understand what happens to your super in the event of your death, including the impact on your loved ones receiving your super.
Seeking advice is a way to plan for your future, help mitigate risk and make the most of your saving opportunities. Having a planner that helps educate you about your choices and options as you plan for retirement will help ensure you feel confident and always informed.