Sub category: Superannuation
8 July 2016

Why you need to start 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! Daily tasks like getting the kids to school, managing your diary or making sure you have a gift for your friend’s birthday means you don’t have time to think about what your life looks like in the next year, let alone in 15 years!

If this sounds like you, chances are that in a few years’ time you’ll be making plans to retire, aka breaking up with your career. This means no more alarm clocks, no more meetings and no more coffee runs – ok, maybe you’ll still be doing that last one.

To help ease the work-life balance and set you up for retirement, we’ve listed ways to successfully break up with your career without the stress.

 

15 years to go…divorce your debt

It may seem like a long way to go until retirement, however it’s better preparing for what’s ahead to ensure a clean break.

You want to make sure you’re setting yourself up to save, not just pay off debt. Now is the perfect time to consolidate and pay off all your debts including credit card debt and personal loans into one, easy-to-manage account – because let’s be honest, there’s nothing more satisfying than feeling like you have your life sorted, especially before new beginnings.

12 years to go…commit to just one super account

Most people value monogamous relationships so if you’ve been dating a few super funds over the past twenty five years, it’s time to commit and propose to just one. By rolling your super into the one fund, you’ll be able to save on fees, manage your account and track how you’re going over the next 12 years.

Like any relationship, you need to ensure there is commitment on both sides of the partnership. Show 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, make sure you’re achieving what you want from it

Your career can be one of the most important things in your life, so make sure you get what you want out of it – even if it is a wind machine and a pony! The 10-year milestone is a great time to reflect on what you’ve achieved and ponder on 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 heading and set achievable goals you can track.

5 years to go…Spring clean the clutter

Changes in life can be stressful, particularly if it means finishing up with something that has become a comfort blanket of sorts. Leading into retirement doesn’t have to come at once. Five years is the mark where it seems like retirement is so close yet so far away.

Perhaps you can use this time to clear out any unwanted goods. The kids have most likely flown the nest and there would no doubt be things in your home collecting dust. Consider downsizing to a smaller house or apartment and sell off any unwanted furniture and goods. Make sure you put the cash to work in your super or another investment that could help you get ahead.

2 year to go…expand your personal horizons

Like any relationship in life when they come to end it always nice to have a hobby to focus on. The same applies for retirement. Just because you’re retiring in a year, doesn’t mean you have to wait 12 months before starting a new hobby.

Think about what you want to do in retirement – is it starting a new sport? Investing in a passion project? Travelling? If so, start networking with people that share the same goals. Join your local sports club, or start prepping for your dream holiday by outreaching to people who’ve been to that destination. That way, you’ll connect with likeminded people and forge relationships you can build upon in retirement.

Retirement…the break-up!

The pressure is off! Kick back and relax or take on a new adventure, whatever it is, be sure to enjoy it.

 

Not ready to start breaking up with your career? That’s ok. It’s never too early to start planning for retirement. The sooner you start saving, the better off you could be in the future, and our Living Super has something for everyone.
To find out more on how you could make the most of your retirement, visit Living Super.

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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