08 May, 2023

3 tips to help reduce retirement anxiety

Retirement can be an exciting new chapter of your life, often bringing you more freedom to travel, spend time with loved ones or just enjoy some peace and quiet without the stresses of work weighing on your mind.

No matter how much you’ve been looking forward to retiring, it’s only human to feel some anxiety around a major life change. Your initial excitement of enjoying a ’permanent vacation’ may fade into niggling worries about finances, feeling isolated or what happens if you get bored? 

You’re not alone, retirement anxiety is more common than you think! The good news is we’ve got some tips to help you combat retirement anxiety and get back to enjoying life on your own terms.

  1. Plan your retirement 
    While we all have different ideas of what retirement will look like, everyone can benefit from being prepared and having a retirement plan. When planning, consider things like what age you want to retire, what activities you want to do and the associated costs. 
  2. Find out what age you can access your super, and make sure you’re informed when it comes to your options. While some choose to work their full hours up until retirement, some people choose to take on a transition to retirement pension to supplement their income while they gradually reduce their working hours. 

    We have lots of helpful resources you can access here for information on transitioning to retirement, the age pension and accessing your super, so you can make the most of your hard-earned retirement.



  3. Have your finances figured out 
  4. Money can be a huge source of anxiety, especially if you're unsure what your finances will look like in retirement. Results from the 2022 national seniors survey indicated that one in five Australians frequently worry that they may outlive their retirement savings.

    According to the ASFA Retirement Standard (2023), if you retire at age 67, you’ll need $690,000 for a couple, or $595,000 for a single person to have a comfortable lifestyle in retirement. This MoneysmartRetirement planner can help you work out how much you’re likely to have at retirement based on your current super balance and income. And if you’re curious about what other retirees are spending, you can use our Compare my spend tool to see what people of a similar age and location are spending their money on.

    It’s important to know that super rules do change as you get older, so consider if you want to put any extra money into your super before you retire and find out what your options are. 

    In the end, nothing beats sitting down with someone who really knows their stuff to set your mind at ease. Our Superannuation Advisers are available to help Spirit Super members plan for retirement and answer any burning super questions. Book an appointment by calling us on 1800 005 166.

  5. Stay engaged with the community
  6. What better way to keep yourself busy than by helping others? After the initial excitement has worn off, some retirees get bored and worry about how they’re going to fill their days. Often, people with some free time on their hands will turn to volunteering to do some good for the community, the planet, and for some social interaction.

    You don’t have to be jet-setting around the world offering humanitarian aid to make a difference (but don’t let us stop you if that’s your thing). Volunteering for your local charity, animal shelter or sports team can help take your mind off your own worries and gives you a sense of accomplishment, because doing good feels good!

    Or perhaps you have a skill that you could teach others? Many local libraries offer adult education programs like photography, home DIY or language tutoring. Get in touch with your local library for details on their adult education programs, you might even find a new interest yourself.

    While everyone feels anxious occasionally, if you’re finding it difficult to cope with daily life because of your anxiety it’s important you seek professional help. For more resources to help cope with anxiety, you can visit Beyondblue’s website.

     We're giving you this information in good faith. It comes from sources we think are reliable and helpful. However, we can't guarantee its accuracy and         accept no liability for content provided by external websites.