8 March 2023
AustralianSuper member Greg thought he’d find transitioning to retirement hard, but he’s loving every minute. Read more about his story and watch his video below to find out how his goals to travel more are driving his retirement dreams.
Feeling confident in retirement is a mix of 4 key factors – financial awareness and skills, health and wellbeing, social connection, and retirement awareness (goal setting) and planning. Together these factors all contribute to a happy retirement1.
For AustralianSuper member and Newcastle fitter and turner Greg, planning for retirement centres around his ‘kingdom’ and loved ones. The 60-year-old grandfather says a home is more than bricks and mortar and mortgages. It’s the people and moments inside (and outside) those walls that truly matter.
For Greg, family life is incredibly important. ‘Between us, my partner Angela and I have 6 kids and 6 grandchildren,’ he says. ‘We’re close with the grandkids and see them weekly for dancing, soccer, football and rugby league.
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Member: Greg Hayter
Retirement's what you work for. It's what you work for your whole life to finish up and enjoy the things in life that you wanted to do. That's why you work.
I'm Greg. I'm a fitter and turner. I've worked for the steel industry in Newcastle for 46 years and I've recently started long service leave. That will finish up when I'm 61 and then I'm going to retire. I've been with AustralianSuper for 25 years.
I don't think I'll miss the physical work, probably just going to work and being with mates and having a yak and yarn. Our goal is to travel as much as possible and I'm looking forward to going down the beach every day. I love the beach. Just the simple things, really. I think loneliness in retirement is a big issue. One of the key factors is having the purpose of what you want to do, where you want to go, what you need. And I think you don't have to have lavish plans to have a purpose.
AustralianSuper Education Manager: Jaclyn Livingstone
AustralianSuper has conducted a national study called the Retirement Confidence Index, and we've been doing this since 2017. AustralianSuper has been partnering with Monash University and the study explores what makes people confident as they're approaching retirement, as well as when they're in retirement.
So there's four key factors that influence retirement confidence. The first one is financial awareness and skills. There's social connections, your physical and mental health, as well as your ability to plan for the future and set goals.
Some people might be really strong in some areas, but then they might need to spend a bit more attention on some other areas. The Retirement Confidence Index shows that you need to balance the four key areas in order to be confident in your retirement.
Member: Greg Hayter
You work towards finishing up. I thought I'd be terrified, but I haven't missed a day yet. I just love it. It's been great!
Life begins at retirement
After 46 years in the Newcastle steel industry Greg was nervous about slowing down – not because he’d miss the graft, but because he would miss the camaraderie with workmates.
‘I thought I’d be bored when I retired – but I love it,’ says Greg, who now has much more quality time with his partner Angela, their children and grandchildren, and their beloved golden retriever, Sonny.
Through Greg’s working years, his job not only helped him connect with others – it also helped keep him fit and active. But Greg’s job was especially demanding.
‘Being a fitter is hot, demanding work, and I knew my body was not going to last in that industry,’ explains Greg. ‘I didn’t want to come into retirement with any physical injuries.’
Good physical and mental health are key factors of retirement confidence. In fact, together this makes up 50% of someone’s confidence score.
Luckily for Greg, his love of the beach keeps him active. ‘We love taking long walks on the beach – with the dog, of course!’
|Confidence in retirement
|Financial awareness and planning (30%)
|Health and wellbeing (30%)
|Social factors (20%)
|Retirement awareness and planning (20%)
|Financial attitude and behaviour
|Goal setting for retirement
- Retirement Confidence Index, AustralianSuper and Monash University
- Retirement Confidence Index, AustralianSuper and Monash University 2022
The views expressed are those of the member based on their particular circumstances, reproduced with their continuing consent.
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