Active phase Arguably the ultimate phase! You have a newfound abundance of free time to spend as you wish. There’s nobody telling you what to do and you’re still active enough to enjoy all the things you’ve been dreaming of in retirement. In this phase you focus on hobbies, travel, spending time with friends and family, or caring for grandchildren. Some people even decide to volunteer or return to part-time work as retirement is too much of a change and they miss the camaraderie of working. During the active phase it’s important to strike a balance between enjoying the spoils of retirement and maintaining financial stability. Don’t forget to budget sensibly to make sure you are financially secure throughout retirement. No matter what you want to achieve out of this phase, we can help you to make it happen by ensuring your finances are in good stead to make your retirement dreams come true.
Passive phase In the passive phase you find yourself moving from the adventurous, active phase to a more mindful, measured phase of life. Basically, you choose to slow down and focus more on health and wellbeing. Staying active through regular exercise becomes more of a focus, as does the need for medical appointments to maintain a healthy, fulfilling lifestyle. Social connections can be very important during this phase, with an increased focus on clubs and community groups. Many retirees find themselves taking up study or learning a new creative hobby during this phase. It provides mindfulness, a creative outlet and social connection. During the passive phase your financial priorities may change. It’s a good time to check in with each other again and review your Retirement Income account and Age Pension entitlements. We can help you by checking whether you are accessing all the Government benefits you may be entitled to. You’ll also have gained a better idea of what the coming years may entail, and what type of financial support you need to plan for in the next phase.
Aged care The latter stages of retirement are focused on health, care and support. The life of retirees in the last stage of retirement may slow down considerably, especially if mobility becomes an issue. The focus shifts from community connection, to support. At this stage retirees often become more reliant on family to help them navigate the demands of life. The need for support becomes more evident, whether this be at home with a carer or in the hands of trusted professionals at a care facility. The focus of your finances shifts from entertainment to medical support. Advice about navigating aged care is often needed. As the need for specialised care grows, together with rising healthcare costs, careful management of finances at this stage is critical to cover medical expenses and preserve quality of life. At this point we can continue to support you by making adjustments to your retirement account, and ensuring you maximise your Age Pension entitlement together with any other Government entitlements. We can also refer you to our network of retirement specialists including aged-care advisers and estate planners.
