Study reveals that happiness in retirement is linked to these top two things

A report by investment firm Challenger has put into numbers what many of us have suspected all along: happiness in retirement relies in large part upon being financially secure. While physical health is the number one priority, financial stability is not far behind, especially in today’s economic climate.

The report, titled Challenger Retirement Happiness Index, reveals that 65% of Australians aged 60 and over are feeling economic pressure, uncertain about whether or not they’ll have sufficient funds for retirement. 

So what’s one way to boost retirement happiness? Over 70% of Australians believe that a guaranteed income in retirement could make a significant difference.

Luckily, that’s why we have the superannuation system. Super is not just about stashing away and growing your cash, it’s about giving you that guaranteed income you need to live a stress-free retirement. So let’s look at some ways you can help your super work for you.

Making your super work for a worry-free retirement

Let's focus on how to shape your super so it truly supports you down the line. Here are a few tips: 

• Check in with your super. Know what you've got and how it's working for you. This is about seeing your current balance, how much you're putting in and where those funds are invested.
• Boost your contributions if you can. A little extra now can make a big difference later. It’s like adding more seeds to your garden; the more you plant, the bigger the harvest.
• Tweak where your super’s invested. Make sure your investment choices are in sync with how you feel about risk and how long until you retire. It’s all about finding that sweet spot.
• Chat with a pro. A financial adviser isn't just for the wealthy. They're for anyone who wants to make smart moves with their money, especially when it comes to setting up a steady income for retirement.

Taking these actions can give you the confidence that you're on the right track to a retirement that’s a lot more relaxation and a lot less stress.

For more on super, including in-depth guides on everything from how to make extra contributions to what you’ll pay on taxes at every stage, check out our superannuation guides hub.