reducing financial anxiety

How seeking advice with HESTA can help you achieve your retirement goals.

We work our whole lives in anticipation of the ultimate goal – retirement. For many of us that means not setting the alarm, living life on our own terms and finally having the time to do what we really want to do.

But what if you think can’t afford to retire? Or what if you are worried you will run out of money in retirement? These types of concerns are not unusual. A report by National Seniors Australia found 59% of women and 47% of men are worried about outliving their savings in retirement*.

Women worry more not so much because they expect to live longer than men, but because of their roles throughout life. Many are mothers, carers and, more often than not, the people doing the lion's share of running the household. While rewarding in many ways, these roles can also mean fewer work opportunities, disadvantages in divorce and greater burdens of care.

Reducing worry

“We appreciate that for our members, there’s often not been much time to think about the future or to set financial goals. Life’s busy! Time out to raise a family or the experience of a financial shock can also mean savings are less than they’d like,” says Jen Harding, General Manager – Advice Development and Growth at HESTA. 

“Many members don’t realise their money can continue to grow through their investments after they stop working, and that even a small amount in super can make a big difference to your future lifestyle.

"That’s where our online member-only tool Future Planner is a great first step. It helps you work out how much money you need in retirement, see how much money you have and explore options to grow your super.”

“By doing a quick quiz about what’s important to you, Future Planner can also work out your desired retirement lifestyle, and how much you may need to make that a reality.”

For those closer to retirement age, HESTA’s Retirement Hub is a central spot to plan for the next chapter.

“Our super experts can guide you through the financial options available to you, including whether a HESTA Retirement Income Stream is right for you, and checking your Centrelink entitlements,” says Jen.

“We offer members a range of different advice options, from phone and online to information sessions to one-on-one appointments with a super adviser,” says Jen. 

A unique perspective

When giving one-on-one advice, HESTA super advisers are acutely aware of the hurdles members can face in achieving a comfortable retirement. Developing trust as well as understanding members’ values are key elements of the conversation.

Jen recalls meeting a couple who were very anxious about their appointment. “They weren’t sure what to expect, were unsure about sharing some of their financial decision making and whether their funds were enough to last them in retirement. In reality, they were very realistic with their lifestyle expectations and were easily living within their means.

“After the meeting they mentioned that the experience was far less daunting than they imagined. They felt listened to, validated and more confident in taking the next step,” says Jen.

“At HESTA, our super advisers know that when it comes to retirement, planning is key. By taking the time to engage with your super and access advice, you’re less likely to worry about your finances at retirement.”

“The real value in advice, in having control of your money, is having options available to you. This, combined with the peace of mind you get from an expert in their field, just can’t be described in monetary terms,” says Jen.