When we think about retirement planning, the first component that often comes to mind is the dollars and cents – and the first question we ponder is how much we need to enjoy a great one.
And that’s with good reason. After all, superannuation is likely to be the biggest asset we hold in retirement, and it can be vital to have sufficient savings to support the lifestyle we want to lead in our golden years which typically last 25 to 30 years.
UniSuper’s 2026 Retire with Purpose report found that not having enough retirement savings to support the lifestyle one wants to lead was the most common retirement concern at 52%. Only 44% of pre-retirees felt financially prepared for retirement, a drop from 48% last year.
It paints a picture of waning confidence, particularly when it comes to finances. What we know is that every retirement is different. We all have unique dreams, ambitions and things that drive us – things that give us purpose – and equally circumstances and challenges.
As around 2.5 million Australians prepare to retire over the next decade, per Treasury, understanding what motivates each person is central to delivering truly holistic advice that supports a full and purposeful retirement – and ultimately, that inspires greater confidence.
The financials and purpose are intertwined in many ways. We must ask: What do you want to do in retirement?
Retirement is a time of opportunity
Retirement is often seen as an endpoint after a lifetime of work, but the reality is it’s a time to explore new opportunities. At UniSuper Advice1, a common thread of our conversations with pre-retirees and retirees looks to answer that question and identify what matters most – often early in their advice journey.
It shapes the direction of the conversation. What are their plans, and what will give them enduring purpose in retirement? It may be travel. It may be building or renovating their dream home. Maybe it’s learning a completely new skill. Or more time with family, or a bit of everything.
The answer will be clear for some, while others may require more time to consider the possibilities. Regardless, we want to help spark ideas. For many retirees and pre-retirees, the answer lies in applying the skills gained throughout their career – often through volunteering or other unpaid activities, like community leadership, mentoring or caregiving.
The Retire with Purpose report found that 67% of retirees surveyed wanted to apply their career knowledge in retirement, and 59% spent at least one hour in unpaid contribution activities per week. The report found retirees contribute 386.3 hours on average annually through volunteering, community leadership and unpaid care. This equates to an estimated economic contribution of $16.5 billion, comparable to the economic output of a 321,000-person full-time workforce and greater than Tasmania’s employed population.
Maintaining social connection is an important part of this too. 64% of retirees surveyed said they miss the workplace due to the social connection it enables – an increase of 4% on 2025’s findings, pointing to the importance of keeping mentally active and engaged.
Retired academic Kerry, from Wollongong, New South Wales, has found what purpose in retirement looks like for her, touching key purpose drivers like connection, community leadership and physical activity.
“I spent my whole working life in academia, and I wasn’t ready to just switch that off when I retired,” she says.
“Now, I use these skills to mentor younger academics, and I also volunteer with my local surf club’s Nippers program. I love that these different activities keep me connected to the things I care about.”
Having the right financial plan in place means your savings can support your aspirations.
Purpose drives financials
Once there is a better picture of the life you want in retirement, the financial conversation becomes more meaningful. Rather than beginning with a savings target in isolation, planning can work backwards from the life you want to lead. It helps understand what it may cost, the trade-offs involved and the steps that can be taken now to turn your aspirations into reality.
The clearer that sense of purpose becomes, the easier it is to shape a financial plan around it with financial advice. Considering the timing, cost and importance of different goals can help turn broad aspirations into practical choices and provide greater confidence that your finances are working towards the retirement you want.
What we know is that financial advice can help drive proactive actions and confidence where it may otherwise be lacking. The Retire with Purpose report found that among pre-retirees who have received financial advice, 59% know how much they need to retire versus 36% in those who haven’t received advice. Advised retirees are also more likely to apply the knowledge they’ve built in their working lives – 48% versus 31% in those not advised.
The idea of ‘practicing’ retirement can inform both purpose and financial confidence – and enable social connection that 64% of retirees say they’ll miss after retiring. This key pillar of a successful retirement promotes testing retirement plans and potential lifestyle changes while still working, a concept explored in the inaugural, 2025 edition of the Retire with Purpose report.
A confident retirement is about more than reaching a savings goal. It’s about knowing what you want your next chapter to hold. By defining what gives you purpose and building a financial plan to support it, retirement can become not simply an end to working life, but the beginning of something meaningful.
So, what do you want to do in retirement?
Derek Gasciogne leads Private Wealth for Victoria and Tasmania at UniSuper. UniSuper is a sponsor of Firstlinks. UniSuper’s 2026 Retire with Purpose report is available to read here.
This is an opinion piece and the opinions expressed are not intended to act as financial or other advice. The information is of a general nature and doesn’t consider your personal circumstances. Before making decisions, you should consider UniSuper Limited’s PDS and TMD on its website and whether the information is appropriate for your circumstances otherwise seek financial advice.
1UniSuper Advice is operated by UniSuper Management Pty Ltd ABN 91 006 961 799 (USM), which is licensed to provide financial product advice. UniSuper Limited (ABN 54 006 027 121) is the trustee of UniSuper (ABN 91 385 943 850).