Register For Our Mailing List

Register to receive our free weekly newsletter including editorials.

Home / 686

The key question to inspire a confident and purposeful retirement

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).

 

  •   28 October 2026
  •      
  •   

 

Leave a Comment:

RELATED ARTICLES

Making the case for a 'good enough' portfolio

Advice focus needs to shift to goals in retirement

The mortgage free retirement is fading

banner

Most viewed in recent weeks

It’s time for LICs to die

A high-profile dividend cut and a prominent fund manager’s apology have reignited a long-running debate. If investors can access similar exposures more cheaply and efficiently elsewhere, what exactly is keeping LICs alive?

The retirement scorecard: how many of these questions can you answer?

From the maths of retirement, estimating spending and picking the right asset allocation to survive a poor decade, here are the questions every retiree – current or future – should be able to answer for themselves.

Testamentary trusts: Treasury has picked the wrong reading

A decades-old estate planning tool has survived one tax crackdown only to be caught by another. The surprise isn't who the reform is targeting, but who could end up paying the price for drafting choices made years ago.

How the typical Australian Family could save $844,350 in taxes

The value of a testamentary trust is not determined by wealth alone. Depending on circumstances, it can reduce the tax burden on inherited income, create efficiencies and help build intergenerational wealth.

The housing slide could become a crash

House prices are sliding across Australia, yet the most dangerous ingredient for a housing crash is still missing. If job losses surge amid growing economic risks, today's correction could become a historic property downturn.

Will investors be better or worse off under new housing tax changes?

Housing tax reforms have sparked warnings of market turmoil and promises of greater fairness. But after modelling nearly two decades of property data, the results suggest winners and losers may not be who many investors expect.

Latest Updates

SMSF strategies

Division 296: the initial moves to make before the windows close

What if the best superannuation strategy isn't about earning more, but acting before your options disappear? Several overlooked planning windows are narrowing, with consequences that can last for decades.

Planning

Avoid unnecessary CGT with this estate planning clause

A simple estate plan can create a ticking time bomb. One overlooked clause can pit spouses against children, delay inheritances, and potentially leave a family facing an unexpected tax bill worth hundreds of thousands of dollars.

Exchange traded products

The hidden trade-off in fixed income ETFs

Some investment trade-offs are immediately visible. Others are embedded in the way a portfolio is constructed. Understanding the difference may explain why similar-looking investments can produce surprisingly different results.

Retirement

The mortgage free retirement is fading

What happens when a generation reaches retirement carrying obligations previous generations largely avoided? New research suggests we may need to rethink both how much we need in retirement and what life could look like.

Retirement

The key question to inspire a confident and purposeful retirement

Most people spend decades planning for retirement. Far fewer plan for what happens when they get there. The difference may explain why so many find the transition harder and less fulfilling than expected, despite careful preparation.

Latest from Morningstar

Making the case for a 'good enough' portfolio

Some investors spend years chasing the perfect strategy. Others choose a path that’s simply good enough and move on. Which approach is more likely to deliver both better outcomes and a happier financial life over the long run?

Investment strategies

Is the US market as expensive as CAPE says?

Many investing ideas survive for decades. But that does not make them right. A famous valuation measure implies that US shares are dangerously expensive, but the evidence may point to a very different conclusion.

Sponsors

Alliances

  • ASA-Logo-RGB-ActiveGreen-web.png

© 2026 Morningstar, Inc. All rights reserved.

Disclaimer
The data, research and opinions provided here are for information purposes; are not an offer to buy or sell a security; and are not warranted to be correct, complete or accurate. Morningstar, its affiliates, and third-party content providers are not responsible for any investment decisions, damages or losses resulting from, or related to, the data and analyses or their use. To the extent any content is general advice, it has been prepared for clients of Morningstar Australasia Pty Ltd (ABN: 95 090 665 544, AFSL: 240892), without reference to your financial objectives, situation or needs. For more information refer to our Financial Services Guide. You should consider the advice in light of these matters and if applicable, the relevant Product Disclosure Statement before making any decision to invest. Past performance does not necessarily indicate a financial product’s future performance. To obtain advice tailored to your situation, contact a professional financial adviser. Articles are current as at date of publication.
This website contains information and opinions provided by third parties. Inclusion of this information does not necessarily represent Morningstar’s positions, strategies or opinions and should not be considered an endorsement by Morningstar.