Retire Right: Is no work all it's cracked up to be?

My dad excitedly retired in 2014, aged 65. It's a family joke that he was alarmed when my mum, whom we all assumed would work forever, started talking about it, too.

Anyway, after two (wife-free) years of house projects, sailing, pottering and visiting grandchildren, Dad's now back at work three days a week. And Mum, having observed Dad's retirement, doesn't mention throwing in her job any more.   

So what about your own retirement? Do you dream of a constant vacation? Will a chunk be spent transforming your garden to a point it makes neighbours seethe with rat-race rage? Perhaps it's simply the prospect of free (and a spot of family) time that has you salivating. 

Happiness in retirement is about making time for whatever your floats your boat. Photo: Spotmatik

Whatever it is that floats your figurative – indeed it could be an actual – boat, there is one unnerving possibility: you won't enjoy it as much as you thought.

Here are some of the ways you could do retirement differently – and love it.

Phase down not out

Financial advisers are full of stories about active, engaged Baby Boomers retiring, and then struggling to adjust. And your retirement could last 30 years.

The fiscal flipside is the difficulty you may have funding such a long stretch of self-direction. Don't forget the age pension qualification age has already been pushed up to 67, and the means test to obtain it will be tightened from January so fewer people get it.

The 2015 Intergenerational Report revealed there will be double the number of people aged 65 and over by 2055, and it's clear the federal coffers can't subsidise them all. When it was released, former Treasurer Joe Hockey urged Australians to work more and spoke of an "ageing boom" of older workers.

Working until you're 60 or 65 and then retiring is likely to – soon – become a thing of the past. More common will be moving from full to part-time employment, or staying on in a consulting capacity.

What are the options in your occupation to keep working, but less, so you can realise your dream to play more?

Consider a second career

You could, of course, upskill or retrain entirely. Indeed, most people today will have several careers over a lifetime. If one is reaching its natural conclusion, is there another that motivates and inspires you?

Career planning is a "lifelong process to help inform your choices and manage challenges as they arrive", says National Seniors Australia.

"It involves gathering information and knowledge to help you make informed decisions about your future education, training and career choices."

The steps include self-assessment, skills assessment, canvassing your options, and regularly reviewing and updating your plan. And the process can help ward off premature retirement as you stay adaptable and employable, or indeed assist your transition to retirement.

There is advice to help you create a personal career plan, and keep happily earning, here. 

Embrace volunteer cheer

It's not all about money, though, particularly if you have enough for a comfy existence. Many retired or semi-retired Australians are finding endless personal satisfaction through voluntary work in fields about which they are passionate and now finally they have the time.

It's possible your contentment, at least in the initial phases of retirement, will come down to continuing to make a contribution, to your family and very possibly to the community.

This may help you and your worker bee psyche feel like you're still relevant and remain personally rewarded.

You can find endless volunteering possibilities through state-based websites like:

• NSW Volunteering 
• Volunteering Victoria 
• Volunteering Queensland 

Remember, it's in your power to change what defines you both in the world's and your own eyes.

Become a social butterfly

Finally we get to the fun stuff. The above can help with your psychological readiness, but give thought to your social set-up too.

Forbes magazine recently produced a survey that showed fewer than 60 per cent of American Baby Boomers went out at least four times with friends in any given month – the arbitrary number it believes is necessary to enjoy your retirement.

Social events are not particularly easy to schedule when you are working at a demanding job, but as you prepare to wind down, they are something you should consider building up. While today going out once a weekend might feel like a full dance card, when all your days are free it makes for a sparse calendar.

Experts recommend upping the ante on health and fitness if you need to as well. It's a free, enjoyable use of time that makes you feel so much better.

A final word

A life of leisure sounds divine when you've been going hell for leather for decades. Ditto loads of quality time with your neglected partner.

But is it? (And do they, ahem, want you around every second?)

Few people like being idle and it's not generally good for us. So my final piece of advice is to write down what your ideal retirement day and week will look like, thinking about it from all angles.

If you run out of ideas midway through the day or week, you're probably not ready.

My dad, after two years off, seems recharged and re-energised about his job writing about finance (the apple didn't fall far from the tree). And he still has time to sail and see us. 

Nicole Pedersen-McKinnon is a commentator and educator who delivers Smart Money Start, fun financial literacy, in high schools around Australia. themoneymentorway.com

The information in this article should not be taken as financial advice. Please consider your personal circumstances before making any financial decisions.

This is the fourth in the five-part Retire Right series. Thanks to MLC Limited as the sponsor for the series. Content is produced independently by Fairfax journalists.