What to do when retirement comes earlier than expected
Meet Dale Amy, a former truck driver who’s spent most of his life on the open road around the NT, Western Australia, and across the Nullarbor.
Like many people approaching their golden years, Dale hadn’t really given retirement much thought at all, let alone start planning for it.
“I thought I’ll go to 70 so I could get some more money up. I didn’t think about what’s around the corner,” he recalls.
But, that all changed in an instant when his beloved wife Sandra was diagnosed with cancer.
“Sandra got ill, it changed everything,” he says, “I had a lot of thoughts going through my brain at the time. Sandra lying in bed sick and that, and I was working and trying to get home and I thought, no it’s not right.”
With work keeping him away from his wife during this difficult time, Dale knew he wanted to retire early to spend more time with Sandra.
But Dale wanted to do it right. He had to if he and Sandra were going to be happy and comfortable for the rest of their lives. He called up his super fund, AustralianSuper, where he’s been a member for over 30 years, and spoke to a financial expert to start planning his future.
“It was scary at first. You think, ‘Where’s the money going to come from? What’s going to happen?’” Dale admits.
Once a plan was in place though, Dale’s mind eased and he started looking forward to the future. AustralianSuper helped him access his super as a regular income to maximise the money he had worked so hard to save during his working life. With fortnightly payments, just like a wage, Dale now feels in control of his retirement. Best of all, Sandra is in full remission and the two of them are loving the next chapter of their life together.
“We haven’t changed our lifestyle around. We are still living the lifestyle that we wanted to do,” he says with a grin.
Research by the Australian Securities and Investment Commission in 2010 found that there are many reasons – health, retrenchment and caring for loved ones being the top of the list – that force people to retire earlier than expected.
For Dale, retirement came much earlier than anticipated but luckily for him, he sought sound advice and started planning as soon as he made up his mind.
Every journey into retirement is different – sometimes in ways you never envisioned and other times in unfortunate circumstances. The best way you can help yourself and your family is to start planning now, even if retirement seems a far way off. It really is never too late to start preparing for the next chapter in your life.
This article has been sponsored by AustralianSuper Pty Ltd ABN 94 006 457 987, AFSL 233788, Trustee of AustralianSuper ABN 65 714 394 898. The views expressed are those of Over60 and not AustralianSuper. For more information about AustralianSuper, please visit australiansuper.com.