The biggest bank balance at retirement won't matter unless you plan for this

Have you ever tried to tell a stranger about yourself without mentioning your job? It’s harder than most people think, yet according to one expert, this grasp on your identity outside the workplace might be vital to a successful retirement.

It’s one thing Anthony Laye had audiences pondering at RetireWell, an event hosted by Commonwealth Superannuation Corporation (CSC) to inspire and empower their members on their retirement journey.

Anthony — a TV star, renowned mentalist and behavioural expert — gave a mind-shifting performance designed to challenge traditional retirement perspectives and unlock new possibilities in the minds of retirees.

But he says it’s a message for people at all stages in life.

“A lot of people make the mistake of thinking retirement will be naturally fulfilling, but that doesn’t happen automatically,” he says.

“It’s a decision, like the ones we make our entire life – the career we choose, the home we buy – we design our entire lives, and we need to design our retirement as well. It can’t be left to chance.

“The question is around your own idea of your future self, and whether that version of you is going to look back and thank you for the decisions you make today.”

Alongside insights from CSC Chief Customer Officer Adam Nettheim and a panel of experts, Anthony’s RetireWell message centred around the tools people needed to shape a fulfilling retirement.

At its core was one message: happiness and success in retirement boils down to more than your bank balance.

“People tend to hyper-focus on the finances of retirement. That’s obviously a crucial part, but retirement is a big moment in life, and if your understanding of your identity is entirely wrapped up in your occupation, you can end up feeling pretty lost,” Anthony says.

“A huge chunk of our lives is defined by the jobs we do. All of a sudden this thing we’ve been waking up for, and investing so much of our everyday selves in, disappears.

“We are more than our roles at work, and if we can grasp that before we hit retirement, we’re in for a smoother transition.”

Australians today are living longer, healthier lives. CSC members have an average retirement age of 57 – earlier than the general population – and many are living well into their 90s, meaning retirement can span 35 years or more.

CSC’s oldest member is 110 and CEO Damian Hill personally signs around 25 100th birthday cards every month.

That’s why the fund is evolving to support members in three key areas: financial security, lifestyle planning and wellbeing support.

It’s the latter two Anthony would like people to reflect on, and he says part of this means examining our social circles.

“There’s a motivational quote – you are the average of the five people you spend the most time with. When you’re working, you spend the majority of your waking hours around a group of people. When you retire, they might suddenly disappear, and if you haven’t cultivated other connections, you can be very comfortable financially, but it can all end up feeling a bit empty,” he says.

“Choose your people wisely, be deliberate about it; you want people who will inspire you and help you to continue growing because they’ll influence how you go about retirement. They will shape your experience.”

CSC provides superannuation products designed specifically for current and former members of the Australian Defence Force and the Australian Public Service and has been operating alongside them for over 100 years.

CSC manages and administers 11 super funds, has $71.3 billion in funds under management and more than 750,000 customers.

Their member events are geared towards ensuring these customers unlock new ideas that allow them not just to retire, but to thrive.

“People don’t tend to prepare themselves for the emotional rollercoaster of retirement. A lot of it will come down to whether you’ve armed yourself with the right tools for a healthy mindset,” Anthony says.

“When you look back, your retirement is built in three parts: the career you build over decades, the actual retirement when uncertainty can creep in and then, the moment when everything you’ve done to prepare kicks in – like the great reveal in a magic trick when everyone is clapping.

“What is your retirement crescendo going to be like? How do I create moments now that work towards that standing ovation?”

For more information, visit Commonwealth Super Corporation.

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