Turning 60: Is It Time to Think About Retirement Planning?
Hitting the big 6-0 in Australia often brings mixed emotions. It’s a milestone that can be both exciting and a bit daunting—for many, turning 60 marks the beginning of a new chapter—where thoughts naturally drift towards retirement. But what does that actually look like in today’s world? Retirement means something different for everyone, and the thought process behind it is deeply personal.
Reflecting on Your Career and Lifestyle
At 60, you’ve likely spent decades building a career, raising a family, and navigating life’s ups and downs. This milestone can prompt reflection: Are you where you want to be? Are there things you still want to achieve in your career, or is it time to start winding down? For some, the idea of slowing down is appealing, while others may feel they still have plenty to offer in their professional lives.
This is also a time when lifestyle considerations come to the forefront. You might be thinking about how you want to spend your time in the years ahead. Do you see yourself travelling more, pursuing hobbies, or spending time with family and friends? Or perhaps you’re considering a part-time role or volunteering to stay active and engaged.
Financial Planning: The Key to Retirement Confidence
One of the biggest factors influencing thoughts of retirement is financial readiness. Turning 60 often prompts a closer look at your superannuation, savings, and potential income streams. Have you saved enough to retire comfortably? Do you need to keep working a bit longer to reach your financial goals?
This is where financial planning becomes crucial. Sitting down with one of the JBS team can help you assess your current situation and map out a plan that aligns with your retirement goals. They can guide you on strategies to maximize your superannuation, manage debts, and ensure a steady income throughout your retirement.
Exploring Retirement Options
Retirement doesn’t have to mean completely stopping work. Many clients we speak with in their 60s explore options like phased retirement, where they gradually reduce their work hours. This allows you to transition into retirement while still maintaining a sense of purpose and income. For me, I am now working Monday to Thursday with Friday’s taken as annual leave. It allows me to have the best of both worlds: talking with our clients, which is a passion of mine, and taking long weekends every week to spend time in the garden or having lunch with friends.
For others, retirement might mean a complete change of pace—relocating to a new area, starting a new hobby, or even embarking on a second career in a different field. The key is to think about what will make you happiest and how you can create a retirement that suits your lifestyle.
The Emotional Side of Retirement
It’s also important to consider the emotional side of retirement. After decades of structure, the freedom of retirement can be both liberating and challenging. Staying connected with your community, keeping up with social activities, and maintaining a sense of purpose are all essential for a fulfilling retirement.
Turning 60 is a significant milestone that often triggers thoughts of retirement, but it’s also a time to explore the possibilities and plan for the future. Whether you’re ready to retire or just starting to think about it, this is your chance to design the next chapter of your life on your own terms.
You’ve planned well and your dreams are taking shape. Take these steps in your 60s to make sure you are working towards the life you want to live in retirement. Download our 6 Steps to Finances in Your 60s Tipsheet here.
As you approach this pivotal milestone of turning 60, it’s the perfect time to take proactive steps towards a fulfilling retirement. Whether you’re ready to retire soon or just starting to explore your options, there’s no better time to plan for the future you deserve. At JBS Financial, we’re here to help you navigate this journey. Contact us here to start planning your retirement on your own terms.
By Jenny Brown – CEO