Letters from retirement:
What advice would a retiree give to their pre-retired self? Sophie Imbert has some ideas.
By Sophie Imbert - 3 min read
A little about Sophie
As the Head of Customer Experience and Transformation at Russell Investments, Sophie leads the charge on championing the member experience. She is responsible for member research and insights and influencing the design of member experiences.
In gathering insights from our members to improve their super and retirement experiences with us, I regularly speak with retirees as well as people nearing retirement. In recent member research, we asked a group of our members how they felt about their life after work—some were already living it while others expected to start soon.
Their responses got me thinking. If a retiree had the chance, what would they tell their pre-retired self? What advice or tips would they give?
Based on our research, here’s what I think they might say:
Date: Sometime in the not-too-distant future
Destination: A great life after work
Dear Pre-Retired Me,
I hope this letter finds you in good health and high spirits. It's incredible to think about how much has changed since the day you decided to start on your retirement journey. As I sit here in the comfort of my retired life, I wanted to reach out to you, my pre-retired self, and share some insights on this remarkable journey.
First of all, let me reassure you that it’s going to be alright! In the beginning, you’ll realise that mostly you want things to continue as they already have; you’ll feel a little uncertain and anxious wondering how you’re going to manage your finances in retirement; and I understand, it’s not so easy to think about getting older and the life changes that retirement is sure to bring.
I know now that you shouldn’t worry so much—there’s a lot to look forward to! The important thing is to understand your options, know what will work for your situation and be willing to ask for support from your super fund, the Russell Investments Master Trust. This will go a long way to make you feel confident that you are doing what’s best for you!
At this point in time, you’re wondering where to start… I suggest exploring the range of advice options available to you as a member of the Russell Investments Master Trust. You’ll be pleasantly surprised to find that there are many advice options often at no additional cost to you. Here are your options:
- Getting some general information to get an overview of all the online tools, factsheets, webinars, etc. to understand how your super works.
- Making a Retire Ready Appointment –a one-on-one discussion with a retirement consultant at no additional cost. You’ll meet a great listener who will take the time to answer your questions and concerns about your retirement options, providing you with general information about your options at retirement.
- You may still have a few more questions about things like investment strategy, contributions, insurance, setting up a pension account and transition to retirement (TTR). The answers will come in the form of limited personal advice, often at no additional cost.
- Apart from these options, the Russell Investments Team also offers personal advice on topics like estate planning, debt management, strategic advice and Centrelink assistance via their RetireAssist1 service.
- And those keen to get personal advice that considers their full financial circumstances2 can look to get comprehensive advice.
I digress… The point is all that practical support will give you a roadmap, so you know where you’re heading in your retirement, which is very reassuring. And that’s why I’m feeling confident about the future and enjoying a great life after work. Kick things off by getting in touch with the Russell Investments Team to see which service is right for you.
Best wishes and good luck,
Your Retired Self
If you found this helpful, look out for our year-end edition for part 2 of letters from retirement.
1. Service costs to you will depend on the nature and complexity of the advice and will be agreed by you with your adviser prior to proceeding.
2. The first consultation with such an adviser will be provided at no additional cost to you. After that, you will pay any service costs agreed by you with your adviser prior to proceeding.
It’s how you combine the basic building blocks of age pension, superannuation, and other savings that will determine what your retirement income looks like. The results will be unique to each person.
By Adam Krull
Issued by Total Risk Management Pty Ltd ABN 62 008 644 353, AFSL 238790 (TRM) as trustee of Russell Investments Master Trust ABN 89 384 753 567. Nationwide Super and Resource Super are Divisions of the Russell Investments Master Trust. The Product Disclosure Statement (‘PDS’), the Target Market Determinations and the Financial Services Guide can be obtained by phoning 1800 555 667 or by visiting russellinvestments.com.au or for Nationwide Super by phoning 1800 025 241 or visiting nationwidesuper.com.au. Any potential investor should consider the latest PDS in deciding whether to acquire, or to continue to hold, an investment in any Russell Investments product. Russell Investments Financial Solutions Pty Ltd ABN 84 010 799 041, AFSL 229850 (RIFS) is the provider of MyTracker and the financial product advice provided by GoalTracker® Plus. General financial product advice is provided by RIFS or Link Advice Pty Ltd (Link Advice) ABN 36 105 811 836, AFSL 258145. Limited personal financial product advice is provided by Link Advice with the exception of GoalTracker® Plus advice, which is provided by RIFS.
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