Bec Wilson answers: Will I have to keep working?

    You might well find that you do need to keep earning an income for longer, but that doesn’t mean you have to keep working the same way you are today. Retirement expert and best-selling author Bec Wilson shares tips on how to get started.  

    5 mins
    Bec Wilson headshot

    Most people who worry about having to work much longer than they’d like to are imagining two choices: Continue working full-pelt exactly as they are today, in a role that isn’t making them feel as good as it used to; or stopping work completely. But there are so many more options.

    In fact, one of the most useful things you can do in the years before your retirement (your Prime Time years) is stop thinking about your retirement as a finish line, or a specific date. Instead, think of it as a gradual transition out of full-time work and into more flexible work that can continue to support your retirement goals.

    And remember, you’ve been building your super throughout your working life so it’s there to support you in this stage. When you eventually reduce or stop working, your salary can start to be replaced by income from other sources, like your super, savings and investments, and if you’re eligible, the Age Pension.

    Start by thinking about work differently - there are lots of different choices when you look at work as something you choose to do, rather than something you have to do. Here are some things to consider:

    1. Think what it is about work that you really want to stop.

    Is it work itself? Or is it the pressure of having to go to work five days a week. Is it the responsibilities you’re carrying, the hours you’re working or the type of work you're doing? Or is it the employer you’re working for? These are each different problems you can solve - but first you need to diagnose what it is about work you actually want to change.

    2. Think about work differently.

    Could you work four days instead of five, or move into consulting, or project work? Could you take a less senior role? Change careers? Or work seasonally to supplement the income you need each year on top of your super and any other income sources you have?

    3. Work out how much you actually need to earn.

    This is where it really gets interesting. You might not need to replace your whole current salary. You might be able to access your super while continuing to work. And you might be able to supplement that with part-time work, allowing you to work less without drawing as heavily on your retirement savings as early.

    So where do you start?

    Give yourself some real choices. What would it look like if you worked for two years longer, then retired? What would it look like if you retired now, looked at available options with your super fund or other savings and then went to work part-time for three days a week? What would it look like if you stayed in your current job, started a transition to retirement strategy when you became eligible and dropped to 4 days a week from next year?

    Hopefully, you’ve already used the Retirement Needs Calculator to model what you need and what you can afford. So, the next step might be to book an online advice appointment that can explain these things – which you can do through AMP Super at no extra fees (it’s already included as a member - so you might as well use it).

    My aim isn’t to make you feel like you need to work forever - it’s to help you find other possibilities if working the way you do today is something you desperately want to change.

    You might well find that you do need to keep earning an income for longer, but that doesn’t mean you have to keep working the same way you are today.

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    Want more time, but not less income?
    A Transition to Retirement (TTR) account may allow you to reduce your work hours while supplementing your income with your super. You could maintain your lifestyle and enjoy more flexibility sooner.

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    Important information

    What you need to know

    AMP Super refers to SignatureSuper® which is issued by N. M. Superannuation Proprietary Limited ABN 31 008 428 322 AFSL 234654 (NM Super) as the trustee of the AMP Super Fund (the Fund) ABN 78 421 957 449.

    ® SignatureSuper is a registered trademark of AMP Limited ABN 49 079 354 519.Before deciding what’s right for you, it’s important to consider your particular circumstances and read the relevant PDS and TMD from AMP at amp.com.au or by calling 131 267.

    Read AMP’s Financial Services Guide for information about our services, including the fees and other benefits that AMP companies and their representatives may receive in relation to products and services provided to you.

    Any advice and information provided is general in nature, hasn’t taken your circumstances into account, and is provided by AWM Services Pty Ltd (AWM Services) ABN 15 139 353 496 AFSL 366121, which is part of the AMP group (AMP). All information on this website is subject to change without notice.

    The retirement coach session is a retirement conversation and is provided by AWM Services. It is general advice conversation only. It does not consider your personal circumstances.