In the past few years, we’ve come through a global pandemic, seen weather records broken across the world, endured devastating bushfires and floods, and now we are facing a cost-of-living crisis against a backdrop of rising inflation and interest rates.
Between June 2020 and June 2022, we saw an exodus from Australian capital cities. Data from the Australian Bureau of Statistics shows 85,000 Melbournians and 27,000 Sydneysiders packed up and headed for regional postcodes hoping to escape COVID-19.
The cost of essential goods like housing, utilities, petrol and groceries have all increased substantially in recent months as central banks around the world aggressively hike interest rates.
Many retirees are also worried about the world they are leaving to their children and grandchildren. According to the World Meteorological Organisation, the global average temperature this July was the highest on record.
We asked people how these world-shifting events have impacted their retirement plans and what they plan to do differently. Here’s what they said.
Graeme, 76, academic, retired 2013
“I regret not having a detailed retirement plan but who could have predicted these times? We worked out a retirement budget, but prices have gone through the roof. You need to figure out what you want to achieve in retirement before you get there. Think about what your passion is and what kind of future you want, then take the time to create a comprehensive financial plan based on your own unique needs.”
Marguerite, 66, graphic artist, semi-retired
“My husband and I are both semi-retired. We have what we need – or think we do, but who knows? During this economic uncertainty, we have wanted to future-proof our retirement plans. A good financial adviser was recommended to us, and we found there are things we can do now that could pay off down the road, such as having a good retirement saving strategy and investing in precious metals that tend to maintain their value during inflation.”
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