An article in the Sydney Morning Herald dated November 26, featured results from a REST Super Fund survey which suggested that the majority of people approaching retirement were not financially prepared for it.
Many baby boomers have not been in an employer funded superannuation scheme long enough for their super payout to be enough to fund a comfortable retirement lifestyle. The article went on to suggest a number of financial strategies that people could utilise to improve their financial position in retirement.
All the financial planners interviewed in the article were focussed on the financial aspects of retirement planning, with hardly a mention of the equally important lifestyle issues. The fact that it’s possible to be financially secure, but miserable in retirement because of relationship stress, poor health, boredom, loss of purpose etc, didn’t get a mention.
People will continue to struggle finding happiness and satisfaction in retirement as long as the retirement planning industry continues to tell people that retirement is all about good money management. Finances are very important, but they are only one of the five issues that retirees have to manage if they are going to find happiness in their later years.
Paul McKeon
Baby Boomers Life Change