Money
What Australians really worry about in retirement – and how to feel more ready
UniSuper’s new research reveals that many of us head towards retirement with more questions than certainty – about money, connection and what life will look like next. Here’s how to feel more prepared.
By Bron Maxabella
Retirement is changing, but our worries haven’t.
Once upon a time, retirement came with a gold watch, a farewell lunch and a clear-cut end to working life. These days, it’s far less black and white. Retirement looks more like a transition than a destination; something shaped by personal goals, financial position and a desire to stay active and engaged.
Still, for many of us in midlife, retirement remains an uneasy concept. How will we afford it? What will we do all day? Will we lose the relationships and purpose that come with work?
UniSuper’s Retire With Purpose Report 2025 captures that tension. It offers a deeply human, though data-driven, look at what retirement means to Australians today and where our biggest uncertainties lie. The report doesn’t just highlight concerns, though. Instead it points to the growing desire for meaning, flexibility and support as we look ahead to what comes next.
GUIDE: Citro’s Pre-retirement Game Plan will help
It also makes a strong case that Australians need better access to financial advice and social connection if we’re going to move into retirement with confidence.
Most of us feel unprepared for retirement
According to Unisuper’s findings, more than 90% of Australians who haven’t yet retired have some level of concern about it. Nearly half (45%) say they feel financially unprepared. And 48% don’t even know how much they’ll need to retire comfortably.
That’s not surprising. Retirement planning can feel like a confusing mix of super rules, changing housing costs and endless “what if” scenarios. But those numbers reveal something important: uncertainty about retirement is completely normal, no matter your income level or how close you are to stopping work.
So if you’re in your 50s and feel a bit overwhelmed by what retirement might look like – financially, emotionally, socially – you’re definitely not alone. But you are in a great position to do something about it.
It’s not just about money
While financial concerns top the list, the report shows that retirement unease runs much deeper than super balances. In fact, a whopping 61% of people worry about losing the social connections they’ve formed at work. And 31% say they’re concerned they’ll be bored once they retire.
That makes sense. Work often gives us structure, identity and community. When it ends, it can feel like all of those things are up in the air. The idea of retiring into silence and solitude - with no real plan – feels confronting.
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“Retirement is one of life’s most significant milestones and it’s natural for people to worry about losing their sense of connection, identity and purpose when they leave full-time work and their career,” says UniSuper CEO, Peter Chun.
Fortunately, the data shows that Australians are thinking differently about how to shape that next chapter. “What is inspiring is that rather than retreating, many Australians are reimagining retirement not as an end, but as the start of a new chapter filled with meaning, growth and fresh opportunity,” says Chun.
‘Retirement’ involves work
One of the most positive insights from the UniSuper report is that 81% of people expect to keep working in some form after retirement. That might be casual work, consulting, part-time hours or volunteering. People want purpose; they want to feel useful and connected.
That means ‘retirement’ is no longer an abrupt ending to your working days. Instead, it can be a gradual shift or a series of adjustments that reflect who you are and how you want to spend your time.
It also means the old idea of “stopping work forever” may not suit most of us anymore. We want flexibility, meaning and enough money to enjoy life, without being tied to the daily grind.
READ MORE: A TTR superannuation strategy can help make that a reality.
Connection matters just as much as money
According to the report, more than 60% of Australians also worry about losing the social connections they’ve built through work. That’s a big deal and it’s one of the strongest emotional concerns people have about retiring.
We spend decades being part of teams, routines and communities, whether we love our job or just show up for the people and the pay. So when that built-in connection disappears, it can feel like the rug’s been pulled out from under us.
That’s why it’s just as important to plan for who you’ll spend time with as it is to plan for what you’ll spend. Staying connected to others isn’t a bonus, it’s essential. The Voices of Solitude report released late last year by the Council on the Ageing (COTA), revealed that 60% of respondents were lonely, 50% were socially isolated and 25% suffered from extreme levels of loneliness.
“Our findings paint a devastating picture of the extent of loneliness and social isolation among those aged 50 plus in our community,” Gohar Yazdabadi, CEO of COTA NSW said.
“Loneliness has profound impacts on the lives of older adults, it prevents one in four adults from completing everyday tasks such as shopping and cooking, and one in five from seeking medical care.”
Start thinking now about the kinds of communities, groups or friendships you want to carry with you into retirement.
3 key ingredients for a better retirement
UniSuper’s research identifies 3 factors that help Australians feel more confident about retirement:
- Access to quality advice
- Maintaining social connection
- Having the option of a phased transition
None of these need to be complicated or expensive. In fact, just starting a conversation about your plans can make a big difference.
As Peter Chun explains: ““Australians are seeking meaningful ways to stay connected and they’re doing it on their own terms. Whether it’s part-time work, volunteering or creative pursuits, the path to purpose in retirement is deeply personal. This is a powerful reminder that one-size-fits-all solutions no longer serve today’s retirees.”
It’s one thing to gather the data, quite another to offer a service that meets the needs of actual people. The lack of clarity around superannuation and retirement in general makes it hard to plan or imagine what a purposeful retirement might really look like.
In fact, the UniSuper research found that more than 90% of Australians have some concern about retirement and fewer than 10% feel their retirement is completely stress-free.
What to do if you’re feeling unready
If the statistics in the UniSuper report hit a little too close to home, here are 5 practical things you can do today.
1. Know that your concerns are normal
Over 90% of working Australians feel uneasy about retirement. Acknowledging that is the first step towards changing it. And it helps to know that your concerns are shared by the majority of people. So, make the phone call to your super fund and ask the questions that are on your mind: it won’t be the first time they’ve heard your queries and hopefully they’ll be ready with a reassuring answer or two.
2. Do the maths on what you might need
Your estimates don’t have to be perfect, but it’s important to have a general idea of exactly what you’re working towards. Use a super calculator to estimate how much you’ll have at retirement and play around a bit to see how that number changes if you put a bit more towards your super. Compare your living costs now with what you expect them to be later. Factor in travel, hobbies and small luxuries – this is your life, not just your bills. The Citro Calculating Retirement guide will help you do the sums.
3. Seek financial advice (even if you think it’s “not for you”)
Plenty of people feel unsure or embarrassed about asking financial questions, but that’s what advisers are for. The statistics don’t lie: two-thirds of working Australians (66%) who have received financial advice feel confident about how much money they will need in retirement, and 4 in 5 people (80%) believe they will retire as planned. That’s significantly higher than the general population: get personal financial advice if you can.
Many super funds offer education and support at no extra cost (just keep in mind that they’re likely to only recommend their own super product – independent financial advice is best if you want to shop around).
4. Picture the life you actually want
When you leave work, where are you heading? What do your days look like? Where are you living? Who are you spending time with? How do you want to feel?
Taking time to imagine your ideal future makes retirement feel less abstract and more personal. It also gives you a clearer direction for your financial and lifestyle planning in these midlife years.
Try jotting it down or talking it through with someone you trust. It doesn’t have to be set in stone, but giving your future a shape makes it easier to plan for the life you want to lead, not just the one you drift into.
[Our Pre-retirement Game Plan has checklists and quizzes to step you through this.]
5. Build community now
Don’t wait until you leave work to go deeper on connecting with others. Start now by joining groups, reconnecting with old mates or strengthening the friendships you already have. Small steps now will make the transition less abrupt later. Trust the stats: you need people and people need you!
Plan your life, not just your finances
The Retire With Purpose report reminds us that stepping away from work is a big emotional shift as well as a financial one. But with the right support and a little forward thinking, retirement can be the beginning of a really rewarding time in your life.
This isn’t about chasing perfection or hitting some magic number. It’s about shaping your days around what matters most to you – more time, more meaning, more freedom to choose how you live. Whatever that looks like for you.
That kind of retirement doesn’t just happen. It takes careful planning and now is the time to start. The earlier you start, the easier and more fulfilling it will be to set things up exactly the way you want them. And that’s definitely worth getting excited about.
This article contains general information only. It is not financial advice and is not intended to influence readers’ decisions about any financial products or investments. Readers’ personal circumstances have not been taken into account and they should always seek their own professional financial and taxation advice that takes into account their financial circumstances, objectives and needs.
Feature image: iStock/skynesher
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