Retirement doesn’t really mean ‘stopping’ work anymore. For most people approaching this phase of life, the plan isn’t to clock out for good; it’s to keep working even after they start tapping into their superannuation.

But we have to ask: Is this because they genuinely want to keep working, or is it driven by the fear of running out of money and scraping by on the age pension, which barely keeps you above the breadline in Australia?

Retirement is being redefined. It’s no longer about stopping work; it’s about managing and balancing your money, health and happiness in a way that suits you.Credit: Simon Letch

The Allianz Retire ‘How do we make retirements more epic?’ survey, just released this week, sheds some light on this. We surveyed 850 people approaching and in early retirement across Australia to explore their retirement planning needs, and the message is clear – the traditional templates for retirement are outdated. Today’s retirees, the Baby Boomers, and Gen Xers coming up behind them are having to forge new paths.

We’re all living longer. According to Australian government actuaries, the median life expectancy for today’s 65-year-olds is between 91 and 95, considering ongoing improvements in health and wealth. This longevity has snuck up on us during our lifetimes, catching many pre-retirees off guard.

The reality of retirement today is sobering. A whopping 82 per cent of those surveyed agreed that the age pension simply isn’t enough for a comfortable retirement. And that reality bites.

What’s more, 67 per cent want to front-load their spending in retirement, enjoying the fruits of their labour while........

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