Retirement Planning & Experiences

[Seat0B]

Never really thought too much about the cost. You can either afford the travel or you can't and you may not find out until,,,,

Except most have pre existings by now so needs to be noted and extra coverage. Because Insurance companies will always look for an out.

And you may be unlucky enough to get a condition that cannot be insured, or which requires a period with no incidents or to be in remission or not receiving treatment.

For example, my leukaemia was not insurable until remission, and then only because I have no treatment/medication until it relapses. Brother-in-law has a different type of leukaemia and takes daily medication and struggles to get it insured. We are not old - I’m mid 60s nd he is 72.

So I am a strong supporter of travel as much as you can, while you can s you honestly do not know when a nasty health surprise is around the corner.

And I too have to work out how to manage a growing family overseas as I age out of travelling to see them.

 

[mrsterryn]

And you may be unlucky enough to get a condition that cannot be insured, or which requires a period with no incidents or to be in remission or not receiving treatment.

For example, my leukaemia was not insurable until remission, and then only because I have no treatment/medication until it relapses. Brother-in-law has a different type of leukaemia and takes daily medication and struggles to get it insured. We are not old - I’m mid 60s nd he is 72.

So I am a strong supporter of travel as much as you can, while you can s you honestly do not know when a nasty health surprise is around the corner.

Did the insurance consider monitoring any issue ?

Definitely can relate to the insurance issues

 

[Seat0B]

Did the insurance consider monitoring any issue ?

Definitely can relate to the insurance issues

No all my insurances are happy about routine monitoring (which in my case is blood tests and sometimes scans) - just not if you are taking treatment for cancer - I suspect that they have not kept up with the fact that some cancers (not mine) now take a chemo tablet every day rather than infused chemo

 

[mrsterryn]

No all my insurances are happy about routine monitoring (which in my case is blood tests and sometimes scans) - just not if you are taking treatment for cancer - I suspect that they have not kept up with the fact that some cancers (not mine) now take a chemo tablet every day rather than infused chemo

Husband couldn't get insurance this time round due to further investigation, however hoping the surgery with just monitoring will be fine for next year or we consider him going to UK without travel insurance and we use the agreement. Just a bit concerned about stopovers

 

[Pushka]

Husband couldn't get insurance this time round due to further investigation, however hoping the surgery with just monitoring will be fine for next year or we consider him going to UK without travel insurance and we use the agreement. Just a bit concerned about stopovers

Yes. As soon as you tick 'under investigation or further tests' it's a No. Once it's sorted then it might be fine.

 

[Hvr]

One thing I've not seen mentioned here is preparing your house. I'm wanting to stay in my current residence as long as possible and have done the initial installation of required equipment such as handrails in the bathroom and toilet. And installed a bidet. I also did a lot of preventative maintenance so it should last at least as long as I do.

I'll install handrails for the three external stairs when required. I'm exercising more to be in better shape when I retire.

Next step is to declutter. Also, I'm starting to rotate streaming services to get better value.

And yes I have a financial advisor to advise me on that important part of the next stage of my life.

 

[SYD]

One thing I've not seen mentioned here is preparing your house. I'm wanting to stay in my current residence as long as possible and have done the initial installation of required equipment such as handrails in the bathroom and toilet. And installed a bidet. I also did a lot of preventative maintenance so it should last at least as long as I do..

I’d also add to that “preparing yourself” (physically) to allow yourself to continue to travel and be able to stay in your own home, if you’re otherwise “healthy”.

Getting to the gym (with a trainer), seeing a chiropractor to help undo years of desk bound poor posture and sedentary behaviour.

It’s better to be the oldest person in the gym than the youngest in the nursing home!

 

[Ansett Nostalgic]

This is why I prefer the expat health insurances available out of the UK - you can get worldwide cover and therefore not need to worry about TI, and they also tend to have better coverage than local Australian products.

 

[Pushka]

I’d also add to that “preparing yourself” (physically) to allow yourself to continue to travel and be able to stay in your own home, if you’re otherwise “healthy”.

Getting to the gym (with a trainer), seeing a chiropractor to help undo years of desk bound poor posture and sedentary behaviour.

It’s better to be the oldest person in the gym than the youngest in the nursing home!

MrP never stopped going to the gym. Always had a gym membership that he's used, and his aim has been three times a week barring incidental illness. I have to book a place with gyms when we travel. Thankfully the gyms on most cruise ships are fabulous, except well, Viking.

I have had a stop start with gyms. Got super fit in my fifties then serious illness in my sixties and never really got back. But off tomorrow for first session with an exercise physiologist after a session last week to test leg strength etc. For balance and strength issues. I actually passed all the benchmarks but now have lack of confidence that my knees will hold going up and down steps. We have a stair case in current place and not an issue. But if there's not a rail then trouble. It's a confidence thing mainly but it just takes one knee fail and it's a big fall. I also have to remind myself to straighten my back. And take smaller steps as I occasionally scud the bottom of my foot and that unbalances me. Geez.

In rethinking this, a serious fall is likely to have the most impact on everything we've planned financially and likely lifestyle.

 

[RooFlyer]

I don't think it has been mentioned anywhere, so hopefully this is a useful addition (and I'd love someone with more knowledge to add a solution or correct me if I'm wrong...):

If you are wanting to convert to pension phase once you have reached 60, but without doing TTR, you only need to cease one form of employment (and can keep other employment or then take a new job, even with the same employer, without it voiding your official retired status).

However, if you are self-employed, I believe this is almost impossible, as the super fund will need proof of cessation of employment. As far as I can see (please correct me) the only proof is probably the voluntary cancellation of your ABN (and perhaps evidence that there's no website or whatever for the business anymore). But that then hampers you from resuming your work easily if you regret the change (or are trying to game the "retired" status to access super, as is readily done by employees (previous paragraph)).

Apologies - I'm a bit behind play and maybe missing the sense of the conversation.

I was self employed and decided to go straight to early retirement, rather than transfer (I can't recall why). I had the conversation with financial adviser - 'How do I prove I'm retired if the ATO comes knocking and what happens if I go back to work?'. Answer IIRC, was along the lines of 'don't sweat it'.

I had and still have a SMSF and I kept the ABN and business 'open' for a couple of years, just in case, but no further work eventuated (I became very, very specialised at the end). So I closed bank accounts etc but kept the ABN, and the accountant changed it's nature so the company with its ABN could continue to be the trustee of my SMSF.

Getting to the gym (with a trainer), seeing a chiropractor to help undo years of desk bound poor posture and sedentary behaviour.

It’s better to be the oldest person in the gym than the youngest in the nursing home!

Excellent advice. I'm not the oldest person in the gym, but maybe 4th or 5th. . I have 2 sessions with a PT a week to make sure I actually do the work (& do it properly) rather than giving myself a perpetual 'light day' .

 

[tgh]

Physical decline with age is sneaky and many only find out the consequences when it may be already too late

I am fortunate to be a very fit octogenarian but it takes a tough mind set to stay up.
My reward is to be able to do stuff that most folks my age cannot, however aging is "written in the stars" and is one challenge I will not win.
I have always been goal driven so this guy is my current role model….

Robert Marchand (cyclist) - Wikipedia

en.wikipedia.org

I should also mention swmbo, another octo with a heap of physical decline challenges still driving to the
Gym three days a week and not quitting...

 

[aspro2]

Apologies - I'm a bit behind play and maybe missing the sense of the conversation.

I was self employed and decided to go straight to early retirement, rather than transfer (I can't recall why). I had the conversation with financial adviser - 'How do I prove I'm retired if the ATO comes knocking and what happens if I go back to work?'. Answer IIRC, was along the lines of 'don't sweat it'.

The key issue is actually the super fund, not the ATO. Your super fund has to accept that you have ceased (an) employment. With an SMSF it's a doddle (as noted by @Pushka ).

 

[Happy Dude]

It is apparent that health is the biggest of the many moving parts when trying to form a retirement plan that involves travel. Then wealth. Fingers crossed for a good overlap. A Venn diagram would help here.

 

[mrsterryn]

Health issues changed our retirement plans . Actually impact of elderly parents as well, far more than expected

Retirement was much earlier than expected for both. Expected part time work isn't feasible for husband which was most disappointing for him . He loves to talk lol

 

[Tiki]

I have been planning for maximizing the years we still have that we are independent and able to travel around. Years ago, when we renovated the bathroom which has the powder room separate from the shower/bathtub area I strategically placed a built in seat in the shower, vanities in locations where they can serve in place of grab rails (I hate the looks of them) and non slip pebble tiled floors. After seeing too many horror stories about surprise strata fees and such, I can't see us downsizing to an apartment. But once we stop travelling, I can channel the budget and Aged Care into home maintenance so we can stay in our home.

I have been pushing travel goals in order of "do the harder ones first while we physically can", then save the easy ones for when we get older. The most recent trip to the Solomon Islands should have been done 10 years ago given how challenging it was. My husband has too many pre-existing conditions and can't afford the travel insurance for other than Pacific Islands and NZ. We do have some major road tripping around Australia planned as soon as possible before I get too old to do all that driving. I am the only driver. I do one trip a year to Turkiye but now I need the long haul in J as Y kills my back. I can survive Y to Asia if I get extra leg room and it arrives before bed time. Luckily I can still get USA credit cards as Aussie banks won't touch a pensioner. But even US banks are raising annual fees, airlines are devaluing. So I can see the end approaching.

The miles and points game is winding down with devaluations, lack of J awards so I am mentally preparing for the end of the game and trying to refocus as to what life after the game looks like. Maybe short regional trips in SEQ to nice Air BnBs or better hotels than we usually stay in.