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My retirement diary (Part 5): The psychology of retirement

Read part 1, part 2, part 3 and part 4 of Barbara’s retirement diary.

Perhaps it’s because of the work I do, but my retirement planning has focused almost exclusively on finances. Will I have enough super and how much is enough? I now realise I haven’t given nearly enough thought to how I want to live in retirement.

Sure, I had a vague bucket list. Freedom to do what I like, when I like. Learning to play the piano, improving my French, local and overseas travel, and writing for pleasure. And did I mention freedom!

What I didn’t have was a plan. After being in the workforce for more than 40 years, retirement is like a foreign country – a mirage shimmering on the horizon but always out of reach. Only now it’s within reach and part of me wonders if money was the only thing holding me back.

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Responses

  1. Cassim PEER Avatar
    Cassim PEER

    I have Trauma Cover paid by my Super Fund.
    This cover pays you a lump sum benefit if you suffer a specified
    medical condition up to the policy anniversary before the life
    insured’s 70th birthday.
    After this date you’re covered for ‘loss of independent existence’ (LOIE) only.
    LOIE is explained in the Product

    Is this the RIGHT Policy Cover?

    1. SuperGuide Avatar
      SuperGuide

      Only you can choose whether your cover still suits your needs.

      Trauma insurance is now uncommon in superannuation because new policies were prohibited in 2014. The ban was put in place because payment from trauma policies must remain inside super until you meet a condition of release such as retirement, being aged 65 or more, or permanent incapacity. This disadvantages people who qualify for a trauma payment but do not meet a condition of release, leaving the insurance payment inside the super system where the insured person can’t use it to assist with the expenses associated with their trauma.

      Learn more about insurance in super, including tips on selecting the right level of cover.

      If you need help choosing the right insurance for you, speak to a licensed financial planner. Your super fund may provide advice, or you can refer to our list of independent advisers by State at the bottom of this page.

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