Sub category: Superannuation
8 July 2016

Breaking up with your career in your 40s

Life is a juggling act – especially if you have a job, family and even a sliver of a social life. Just the daily tasks like getting the kids to school, managing your diary and putting food on the table can fill your head to capacity. It’s all good fun, but it can be hard enough thinking about what’s happening next week, let alone in 15 years.

Before you know it, you’ll be out the other side of this hectic phase, joining the empty nesters and making plans to retire – in other words breaking up with your career. The beginning of no more alarm clocks, no more meetings and no more coffee runs – well maybe still the latter, but at your leisure.

To encourage work-life balance and set you up for retirement, here are some ways that may help you successfully break up with your career over time without the stress. Of course, whether these are suitable for you will depend on your objectives, financial situation and needs.

15 years to go…divorce your debt

It may seem like a long way to go until retirement, however it’s best to be well prepared to ensure a smooth break. If your financial situation allows, make sure you’re setting yourself up to save, not just paying off debt. Now is the perfect time to consolidate and pay off all your debts including credit cards and personal loans into one, easy-to-manage account. There’s nothing more satisfying than having your finances sorted, especially before new beginnings.

12 years to go…commit to just one super account

If you’ve been dating a few super funds over the past twenty five years, it’s time to settle down with the one. By rolling your super into the one fund, you may be able to save on fees, manage your account and track how you’re going over the next 12 years. However, consider the impact leaving a fund may have on any insurance cover that you may have and exit fees.

Like any relationship, you need to ensure there is commitment on both sides. If you have some extra cash, you could consider showing your super some love by topping it up before you retire and it will show you the love back when you have the extra funds to do the things you want in life, like travel!

10 years to go…work is a two-way relationship

Your career can be one of the most important aspects in your life, so make sure you are getting what you want from it. The 10-year milestone is a great time to reflect on your achievements and the successes you’d like to accomplish ahead of retirement. Do you want to sit on a board? Be more hands-on in staff development? Start mentoring? Whatever it is, jot down where you envision your career is heading and set achievable goals you can track.

5 years to go…Spring clean the clutter

Changes in life such as retirement can be surprisingly stressful, especially when you’re giving up a routine you’ve been used to for many years. The lead up into retirement doesn’t have to come at once and the more you do in advance the better. At the five year mark, retirement can seem both too close and too far away.

This can be the perfect time to clear out any unwanted goods. The kids have most likely flown the nest and there are no doubt items in your home collecting dust. Consider downsizing to a smaller house or apartment and sell off any unwanted furniture and goods. One possible option for that cash is to put it to work in your super or another investment that could help you get ahead.

2 years to go…it’s hobby time

Like any relationship in life when it comes to an end it’s always nice to have a hobby to focus on. The same applies for retirement. Just because you’re retiring in a couple of years, doesn’t mean you have to wait until then before starting a new activity.

Think about what you’d like to do in retirement – maybe it’s starting a new sport? Investing in a passion project? Travelling? Whatever you choose, start socialising with people that share the same goals as you. Join your local sports club, or start prepping for your dream holiday by talking to people who’ve been there before. By starting early, you’ll connect with like-minded people and forge relationships you can build upon in retirement. So, once you retire, you’ll have your networks and activities nicely in place.

Retirement…the break-up!

The pressure is off! You can now finally kick back and relax, or go on that exciting adventure. Whatever you choose to do, be sure to enjoy it. You’ve been preparing for years and worked a lifetime – so make the most of it you most certainly deserve the rest!

Not ready to start breaking up with your career? That’s ok. However, it’s never too early to give your super more attention. After all, your super is like your savings account of tomorrow. The sooner you start saving, the better off you’ll be in the future and the more adventures you could go on. So now’s the time to take control and make choices to suit you – fortunately Living Super has something for everyone.

Find out how to make the most of your future with Living Super or call our super specialists on 1800 063 965

The information is current as at publication. Any advice on this website does not take into account your objectives, financial situation or needs and you should consider whether it is appropriate for you. Deposit products, savings products, credit card and home loan products are issued by ING, a business name of ING Bank (Australia) Limited ABN 24 000 893 292, AFSL and Australian Credit Licence 229823. ING Living Super (which is part of the ING Superannuation Fund ABN 13 355 603 448) is issued by Diversa Trustees Limited ABN 49 006 421 638, AFSL 235153 RSE L0000635. The insurance cover offered by ING Living Super is provided by Metlife Insurance Limited ABN 75 004 274 882, AFSL 238096. ING Home and Contents Insurance is issued by Auto & General Insurance Company Limited (AGIC) ABN 42 111 586 353 AFSL Licence No 285571 as insurer. It is distributed by Auto & General Services Pty Ltd (AGS) ABN 61 003 617 909 AFSL 241411 and by ING as an Authorised Representative AR 1247634 of AGS. All applications for credit are subject to ING’s credit approval criteria, and fees and charges apply. You should consider the relevant Product Disclosure Statement, Terms and Conditions, Fees and Limits Schedule, Financial Services Guide, Key Facts Sheet and Credit Guide available at ing.com.au when deciding whether to acquire, or to continue to hold, a product. Before interacting with us via our social media platforms, please take a minute to familiarise yourself with our Social Media User Terms https://www.ing.com.au/pdf/Social_Media_User_Terms.pdf.

The information is current as at publication. Any advice on this website does not take into account your objectives, financial situation or needs and you should consider whether it is appropriate for you. Deposit products, savings products, credit card and home loan products are issued by ING, a business name of ING Bank (Australia) Limited ABN 24 000 893 292, AFSL and Australian Credit Licence 229823. ING Living Super (which is part of the ING Superannuation Fund ABN 13 355 603 448) is issued by Diversa Trustees Limited ABN 49 006 421 638, AFSL 235153 RSE L0000635. The insurance cover offered by ING Living Super is provided by Metlife Insurance Limited ABN 75 004 274 882, AFSL 238096. ING Home and Contents Insurance is issued by Auto & General Insurance Company Limited (AGIC) ABN 42 111 586 353 AFSL Licence No 285571 as insurer. It is distributed by Auto & General Services Pty Ltd (AGS) ABN 61 003 617 909 AFSL 241411 and by ING as an Authorised Representative AR 1247634 of AGS. All applications for credit are subject to ING's credit approval criteria, and fees and charges apply. You should consider the relevant Product Disclosure Statement, Terms and Conditions, Fees and Limits Schedule, Financial Services Guide, Key Facts Sheet and Credit Guide available at ing.com.au when deciding whether to acquire, or to continue to hold, a product. Before interacting with us via our social media platforms, please take a minute to familiarise yourself with our Social Media User Terms https://www.ing.com.au/pdf/Social_Media_User_Terms.pdf.

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