What retirees say they would have done differently

“My husband and I married in our late 20s, but we never discussed our retirement. We didn’t talk about what we wanted to do once we stopped working and we didn’t have a plan in place, which has made things a bit tricky. You need to talk about what you both want your retirement to look and feel like as a couple before you actually get there.”

Mike, 87, mixed farmer, retired 2002

“We were asset rich and cash poor, but we managed to sell our farming enterprise at a good time and we bought a smaller place in town. It was hard leaving the farm at first but I enjoy our new life now. If I could go back in time, I would have paid off two high-interest debts we took on much sooner than we did and also fattened up our emergency fund.”

Lucien, 69, salesman, retired 2013

“I’ve worked hard my whole life, but I’ve travelled a lot and had many good times. I’ve been married twice, have two amazing kids and now have four beautiful grandchildren. As I look back over my life, I realise what’s important is travelling more, relating more to the environment and staying true to my core values. Of course, having enough money does matter, but it isn’t as important as having your health, good friends and loving people around you.”

Jim, 74, builder, retired 2011

“I would have taken advantage of compound interest earlier. The sooner you start putting money away – even small amounts – the sooner your money starts working for you. Also, I would have spent more time with my family and been around more for my kids. I have three grandchildren and they are such a joy to me. I make sure I do something special with them every week.”

Akeno, 64, landscape gardener, semi-retired

“I’ve finally realised that the secret to a happy marriage is good communication, and that includes being a better listener. I still get on my high horse now and again and you can’t shut me up, but as I’ve grown older, I’ve learnt to listen more – especially to my wife – which has definitely improved our relationship.”

Dianna, 67, pastry chef, retired 2017

“I would tell my younger self to set up another income before you retire, such as an online business that you can run from home. I have an online cooking course but you could be a blogger, a business consultant or run online courses in something you’re trained in to supplement your income.”

Rob, 70, mining manager, retired 2015

“One of my biggest regrets is not getting out of debt sooner. I’d swap my credit card for a debit card. It’s tempting to make the minimum payment you have to but being completely debt-free when you retire gives you more freedom in your golden years.”

Con, 64, small business owner, retired 2016

“I never take notice of all the warnings that say you need a million dollars in super to retire comfortably. You can live very simply and still be happy. I have fewer expenses now than I did when I was providing for my family and building my business. Staying healthy puts more money in your pocket too. When thinking of your retirement plan, remember to take your health into account.”

John, 66, public servant, retired 2013

“My greatest security has always been that I know I can survive on very little materially and that I have the skills, health and confidence to take advantage of opportunities as they present themselves. It’s an advantage to develop skills that will last a lifetime.”

Gianni, 73, mechanic, retired 2015

“My wife and I had our own business for many years then sold it for quite a lot of money, which was lucky. We worked very hard even on weekends. Looking back, I would have created more money streams instead of relying on just one income source. I would have diversified our investments more.”

Cameron, 70, public servant, retired 2015

“You need to be careful fees and expenses don’t eat away at your nest egg. Some funds outperform others and looking after your retirement savings isn’t something you should just set and forget. If I had my time again, I would put more money away sooner and invest less in things we didn’t really need.”

Vicki, 60, designer, semi-retired

“The age pension is never going to cut it when you retire – not even close. I would plan for my future better and get out of debt earlier. I would also take responsibility for my own finances and not just depend on my husband to balance the books. We divorced four years ago, and I lost a big chunk of income and savings. It’s important to find a good financial adviser.”

John, 67, photographer, retired 2011

“None of my measurements of success are tied to financial outcomes. My happiness is tied to work, not paid work or career but ‘things achieved’, doing the best job I can under whatever circumstances I find myself. My investments have always been in people, family, friends and colleagues and I have reaped plenty of dividends. Retirement is not a time to stop work. It is a time to not have to work.”