Cut your hours
Deciding when to stop work can be tough and, depending on your level of energy, a transition to retirement may mean more money in your pocket.
Going cold turkey can be hard for many retirees, so why not consider dropping down your hours, if your role permits it.
A transition from full time to part time or even casual work can provide you with an opportunity to develop other interests and be more prepared for a life of leisure.
One of the common reasons why people retire is that they are tired of the stress or pressure work brings.
However, if you love your work and enjoy the social interaction, one way to keep you earning and not touching your nest egg is to reduce your responsibility.
A discussion with your boss to redefine your role and reduce your level of responsibility may give your boss an opportunity to let someone else in your team step up and grow.
While this may mean a slight adjustment to your salary, the reduced stress may mean a better work-life balance or keep you more energised to stay in the workforce for longer.
Time out for yourself
If you have a nice accrual of annual or long service leave, this provides a wonderful opportunity to take a much-deserved break while you are still working.
A holiday or exploring something new can give you some relief from the day to day grind, but also allow you to return to work refreshed and with stamina to continue on.
Many employers will allow you to buy back extra annual leave, so if you feel like you need more breaks than your normal annual leave entitlements, it might be time to have that conversation with your boss.
Approaching retirement is the ideal time to ensure you are minimising your tax.
There are a number of financial strategies to utilise to ensure you are keeping more of your wealth.
Salary sacrifice, unused concessional caps and even the least known, death benefits tax in super, are just a few of the many ways to keep your nest egg as high as possible.
The lead up to retirement is the time to reduce tax, so don’t wait until you retire to take advantage.
Your investments should be reviewed in light of your retirement plans and adjusted accordingly.
If you are concerned about your projected level of income, the timing of your retirement or you aren’t sure if you’re minimising tax, talk to a financial adviser about your options.
A little planning now should help you achieve a worry free retirement.
Olivia Maragna is the co-founder of Aspire Retire Financial Services and is a respected and independent financial expert.