Living well in retirement
Retirement means something different to everyone because it’s when you get to choose how you want to spend your time.
But whatever this looks like, there are some things experts agree can make retirement more rewarding – and it’s not just having the money to do what you want.
The keys to healthy ageing
How you spend your time in retirement will depend on a range of factors that combine to affect your physical and emotional well-being as you age.
Research suggests these include the below categories, which we explore below (use the links to go straight to that section):
- Maintaining a sense of purpose
- Keeping physically and mentally active
- Staying connected with your family, friends and outside world
- Feeling financially secure
Ageing and living well in retirement may depend on a combination of above, including your outlook, what you’re doing and your social relationships, your health and economic circumstances.
It’s important to think about the day to day of your retirement and what that might look like, as well as the financial and health aspects.
Here are some tips to help you make the most of your retirement years.
Maintain your sense of purpose
For many people, their job is part of their identity, so they can lose a sense of self when they stop working and can find it difficult to fill their time with meaningful activities.
Maintaining a sense that you're doing worthwhile things and that you have meaning in life is important for overall well-being and healthy aging.
Studies have shown that having a strong sense of purpose is linked to improved health outcomes, particularly in relation to cardiovascular health.1
Your purpose will be personal and therefore different for everyone, but it may involve finding ways to remain part of the community and making a meaningful contribution to those around you, the public or yourself, on a day-to-day basis.
This may include:
- Volunteering
- Caring for relatives
- Gardening or another hobby
- Learning something new or developing a skill
- Achieving a challenge or pursuit
- Spending time with loved ones
Engaging in something that you find meaningful will help keep you physically and intellectually active and socially connected.
Feeling useful by volunteering or working in the community can help give you a new sense of purpose and boost your physical and mental health.
A study by United Health Group found that of people who volunteered in the past 12 months2:
- 75% felt physically fitter
- 78% felt they had greater control over their health and well-being
- 94% reported an enriched sense of purpose
- 85% developed friendships through volunteering
Contact your local council to see what volunteering opportunities are available.
Stay physically and mentally active
As people age, chronic issues such as diabetes, heart disease and frailty become more common, which can lead to issues with mobility and pain that can be damaging to well-being.
Staying physically active and maintaining a healthy lifestyle will improve and maintain strength, balance, flexibility and cardiovascular fitness, which are important for long-term health.
You could:
- Walk
- Lift weights
- Run
- Do yoga, tai chi or another form of gentle stretching
- Play a sport
Being able to walk long distances, carry things and having the strength to get yourself up may all have positive impacts on your mental health, as loss of mobility and capacity as you age can impact your mental outlook.
There are many gyms and community centres that offer programs for older Australians, tailored to improve balance, increase flexibility and build strength.
Building healthy habits early will help you later in life, as the habits you’ve created early on will likely influence you as you get older.
Staying mentally active will also improve brain function and memory, so doing something that challenges you, whether it be a crossword puzzle or learning a new skill, will help keep you mentally healthy and engaged.
Act, Belong, Commit has resources to help you check in on your mental health and learn more about how it impacts your capacity to live a healthy and fulfilling life.
It turns out that the saying ‘you’re only as old as you feel’ has some scientific truth to it – and the way others make you feel about ageing can have an impact on your physical and mental health.
Feeling younger can help you live longer
Evidence suggests that people who feel younger than their actual age may live longer than those who feel their age or older, taking into account a range of factors including baseline health, disability and health behaviour.3
Alongside physical health, the influence of social attitudes to ageing may also be a contributing factor.
Positive thinking can help you live longer
While discrimination and social stereotypes are improving, society has in the past held negative perceptions of older people. Attitudes to ageing have been proven to have an impact on older people's physical and mental health.
Research found older people who agreed with positive perceptions of ageing experienced less cognitive decline, recovered better from illness and lived longer than people with negative attitudes of ageing.4
The Australian Government's Department of Health and Aged Care has a range of initiatives to support Australians to view ageing positively.
The Council on the Ageing WA’s Strength for Life program (formerly known as Living Longer Living Stronger) is an evidence-based progressive strength training and exercise program designed specifically for the over 50’s.
Stay connected with friends and family
Social relationships are fundamental to health and well-being, so staying connected to your family and friends is vital to living well in retirement.
There’s growing data that people who are socially isolated or lonely may be at higher risk for a range of health problems as they get older, compared to those who are more socially engaged and active.
This may be due to higher levels of the stress and the stress hormone cortisol, which can result in changes in blood pressure, the immune system and increased inflammation.5
Retiring may result in reducing your work relationships and relying more on close friends and family for connection. As children or family move away and friends pass on, this close-knit circle of social connections may get even smaller.
It’s a good idea to invest in and maintain social relationships earlier in life so that you can build a diverse social network around you and help you move into the future.
The good news is that it’s never too late to start engaging socially and there are many community groups, clubs and organisations you can join across Western Australia, including:
Staying engaged with culture can also have benefits for healthy ageing.
Research shows older people who remained engaged with the outside world through the arts, for example by attending a concert, theatre show or the opera; or visiting museums, art galleries and exhibitions, lived longer than those who didn’t..6
This could be due to the mental stimulation, possible social aspect and physical activity being part of the broader experience of being actively engaged and involved in society.
The Australian Government's Head to Health webpage has a range of resources and services that can help if you're feeling isolated, including someone you can speak to.
Feel financially secure
Whether you enjoy retirement may come down to whether you feel financially secure throughout your retirement period. For most, financial security means knowing how much you need and that you have enough to last.
With the average life expectancy 85 for women and 81 for men7 and many people living into their 90s, retirement periods are getting longer and it can be hard to feel certain your money will last.
Most retirees rely on their super and the Age Pension, if eligible.
You might plan to withdraw all of your money as a lump sum or use a Retirement Income (RI) Pension account to withdraw monthly, quarterly or yearly, at a set amount.
How you decide to use your super will depend on what other sources of income you have outside of super.
These might include:
- Investments other than super
- Part time employment
- Age Pension (depending on your other assets, including super)
- Selling your property
It's important to be aware of how these potential income sources may impact each other, and that super can be a supplement to your other assets and/or income.
If you do have a RI pension account, think about how you’re withdrawing your money and whether an adjustment might be needed to optimise your income, so that it is more likely to last over your retirement period (depending on where you’re at in your retirement).
Many factors need to be considered to work out how much to withdraw each year from an RI Pension account, such a total balance remaining; other sources of income, including the Age Pension, if applicable; your health; your age and your life expectancy.
As you get older, you may need to adjust your withdrawal amount. During the earlier retirement years, retirees typically spend more on travel, food and recreation, with spending on travel, recreation, transport, food and furnishings reducing at around the age of 70 and decreasing rapidly after 80.7
According to our member research, some members with relatively high balances are drawing down at the minimum rates required by the Australian Government.8 They may perceive these requirements for minimum drawdown rates as the government’s recommended superannuation drawdown amount. However, minimum drawdown rates are not a recommendation nor intended as guidance and may not be the best option for you to optimise your income in retirement. You may be at risk of living more frugally than you need to and leaving behind a high super balance when you pass away.
Some people in retirement also draw down at a fixed dollar amount each year, not varying their payment amounts. Doing this over your entire retirement period could leave you at risk of exhausting your super balance earlier than planned, as the annual withdrawal amount may not be sustainable over the length of your retirement.
You have options in retirement, so it’s important to consider how you’re accessing your super, what other assets you have and payments you’re receiving, and if your financial plan still works for you.
As your circumstances change, you can easily manage the income from your super as your needs change throughout your retirement.
Take advantage of seniors' discounts
You may be eligible for the WA Seniors Card program which gives you access to a range of discounts and benefits including free or concessional public transport.
Each July, the WA State Government makes a cost-of-living rebate payment to registered WA seniors card members.
Stay safe in your retirement years
Physical and emotional safety is important throughout life, but it can be particularly important as we age. Aside from the physical aspects of staying safe, digital security is a growing concern as scammers continue to find clever ways to take money from people of all ages, but in particular targeting older Australians.
Below are some external resources to help you understand the risks and get help if you need it.
Help for people experiencing elder abuse
Compass is a national website created to help older Australians navigate the complex issue of elder abuse and to guide action to end the problem.
Common scams targeting older people
National Seniors Australia is committed to helping older people stay safe online by providing information and tools about targeted scams.
Go to National Seniors technology hub
Personal safety for seniors
WA Police suggest introducing a daily routine of safe practices at home and in the local community to give seniors peace of mind about their personal safety.
Are you living well in retirement?
We have a range of resources to help you keep your super on track in retirement.
Manage your account online
Log in to Member OnlineCheck your balance, change your payments or update your contact details.
Try our retirement calculator
Go to calculatorUse our calculator to figure out how long your money might last.
Retirement Options Service
Book an appointmentAttend a one-on-one appointment with one of our expert consultants.
More information
- Read the Australian Government’s Healthy ageing page for online tools to help with your physical and mental health
- Find out about Services Australia’s free financial information service that can help inform and educate you about your finances
Need help
- Call us on 13 43 72
- Use Live chat
1 Psychosomatic Medicine, Purpose in life and its relationship to all-cause mortality and cardiovascular events: a meta-analysis, 2016. Accessed July 2024.
2 United Health Group, Doing good is good for you study, 2017. Accessed July 2024.
3 JAMA Internal Medicine, Feeling old vs being old: associations between self-perceived age and mortality, 2015. Accessed July 2024.
4 World Health Organisation, Discrimination and negative attitudes about aging are bad for your health, 2016. Accessed July 2024.
5 BMJ, The art of life and death: 14 year follow-up analyses of associations between arts engagement and mortality in the English Longitudinal Study of Ageing, 2019. Accessed July 2024
6 Australian Institute of Health and Welfare, How long can Australians live, 2023. Accessed 2024.
7 Grattan Institute, Money in retirement report, November 2018. Accessed 2024.
8 GESB member research - drawdown analysis by Mercer, February 2023.
Thank you for printing this page. Remember to come back to gesb.wa.gov.au for the latest information as our content is updated regularly. This information is correct as at 16 June 2026.