I was listening to a channel on YouTube about preparing for retirement, it was American but still pertinent to me. They discuss their 401(k) retirement accounts, whilst different in structure to Australian superannuation accounts, there are similarities as we are all trying to achieve the same outcome here. He made a very big statement, at first I was bewildered, it was to stop saving when you get to age 60. It is time to start drawing down my savings, there is no point going any further, it is time to enjoy retirement.

I am planning on retiring at age 60, this is how my retirement planning is structured. This is the time I can begin drawing down my retirement account. I can work part time if I want to, I can travel, I can write and I can spend my time enjoying life. My birthday is at the beginning of the year, I initially intended to retire at the point I turned 60, but since the Australian financial year ends on June 30, I will delay my retirement to correspond with the end of the financial year so I do not pay excess tax on my retirement payments.

I need to look at sporting activities. I love scuba diving, mountain bike riding, sailing, kayaking, hiking, and climbing. Ok, I do not do as much climbing as I should, this will need to change. I still do 20 km runs in my mid 50s, the times are not world beating but still respectable. To be fair, most of my runs are 14 km in distance, not every time is a 20 km run. As long as I retire early enough I can enjoy these activities whilst drawing down my retirement savings. I may work part time, it will be seasonal and it will be only if I want to to fill the day in. So yeah, whilst I am still able to dive, cycle and run – I should be retired because I have enough funds to do so.