How to retire from work (but not from life) 14



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Anne and Nick had always dreamed of retiring on the beach.

On finally realising this dream, they thought this would mean settling down to a more modest lifestyle.

Thankfully, they found a way to not only remain financially secure, but enjoy a whole new range of adventures.

See their story below:

Anne and Nick opted for a retirement income stream over a lump sum. Anne says the regular payment has been an enormous help from day-to-day.

“One week we get the income stream, the next we get the pension. So we have plenty of money to go out, to pay for groceries”.

“Any major bills we might have coming in, then we can withdraw that as a lump sum”.

Before retirement, the couple couldn’t spare money to travel – in fact, they assumed that ship had sailed.

But four years into retirement, they were surprised to find themselves with more money than they started with – and even bigger adventures to look forward to.

Does your retirement plan leave room for adventure? If not, what would you most like to change?

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This post is sponsored by AustralianSuper. It was written as we feel it offers valuable insights into a topic important to the Starts at 60 community. It contains general financial advice only and does not consider your personal objectives, situation or needs. You should read the PDS and other relevant information at to see if it is right for you. For more information, please visit the AustralianSuper website.

Click here for more information on choosing a retirement income stream.

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  1. I agree totally with them, I have been retired 3 years now and I opted to take an income stream instead of a lump sum which was the best decision I could ever have made as I didn’t have a huge amount, and because it has made it possible for me to pay my unexpected medical out of pocket costs, which I was able to draw down as a lump sum.
    I actually have a couple of friends who retired around the same time and took their money as a lump sum and now realize they have done the wrong thing as they have very little left, while mine remains a little higher than what I had even though I get income from it each fortnight, it makes the difference of being able to enjoy life a little or not.

    12 REPLY
    • Lyn mine is with Australian Super pension fund which is one of the best performing funds available, so if you are concerned at all where yours is make some enquiry’s before you retire because you can still change over if you want to.

    • The super rules will change , I don’t know if that will be a good thing or bad thing for you..but good luck 🙂

    • Thanks Trish, I’ve already had talks with my super fund as to what my options are & income streaming to me seems to be the best way to go, & yes Libbi I watch what’s going on with the super rules like a hawk & the first sign of any changes I’ll get advice & move on it fast.

    • The super changers are only going to affect people with large super funds it’s all about the tax, it should not affect what I have because my financial advisor sent me information about what has been proposed.

    • Mine went on my mortgage, made a dent that’s all, my plan was to sell my home and buy something cheaper. Guess what? I love my home and where I am living, oh well could be much worse.

    • Be careful of the changes to come in 2016. It’s going to make a difference to many people. Some will have to make a move from their home and downgrade, the idea is that we use all our investments and money. None to leave to our family, spend spend spend. I wonder though what the future brings for this mentality with few fulltime jobs available and a definite reduction in the standard of living already taking place. No small nest egg for our middle aged kids, while they have to deal with twenty something children still reliant on them, and pensioner parents living with them because they can’t afford to rent or pay for medicines. We are a third world country about to be born.

    • Denise I think your getting ahead of yourself, unless you have a certain amount of assets and I think it was over 1.2 million, the changes should not affect you.

    • Yes Trish I think you are correct, from what I’ve been reading it’s only people that have very large super amounts & people with large assets that these changes will affect, as much as I’d like to have large amounts behind me I’m only average so from what I can see I should be ok, I hope people don’t start stressing over all of this without getting good advice & knowing just where they stand & if the changes will affect them.

    • Agree Lyn, although I like you would love to have more the fact is I don’t, I’m on the full age pension which my financial advisor has told me that it may affect some people on part pension only.

  2. super is all very good now – but watch out for those pushing for ‘guaranteed income’ annuities like they have in the UK.

    The standard complaint there is that the ‘guaranteed income’ is so tiny as a percentage of the lump sum that retirees can’t afford to live on it !

    and – while the funds manager gets to invest your lump sum at – say – 18%pa – they ‘guarantee’ to pay you maybe 3%pa – until you die – and they keep making – say – 15% on your lump sum – thank you very much !

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