Don’t forget about these 5 things before you retire

The lead up to retirement can be busy! Figuring out how much super you need for your retirement plans, working hard to build your balance (while hopefully making the most of superannuation tax incentives!), and spending time planning for ‘what’s next’, can keep you on your toes. It can be easy to forget a few of the important things – things that can ultimately make your retirement lifestyle better. After all, getting ready for retirement involves more than sorting out a financial plan. Let’s look at 5 of the most forgotten pre-retirement tasks.

Key learnings covered in this topic

  1. The 5 most-forgotten tasks to do pre-retirement
  2. Importance of incorporating lifestyle changes to improve overall health 
  3. Value of specific activities ahead of retirement including; considering a second credit card, becoming financially literate, completing home repairs and improving your social network
  4. Importance of seeking financial advice at no extra cost.*

Get in shape

The healthier you are the happier your retirement can be, but better health also makes a difference to your hip pocket. A detailed breakdown of retirement expenses by the Association of Superannuation Fund of Australia  estimates couples will spend 15% of their weekly budget on healthcare. Medicines and out of pocket costs can add up, so any lifestyle changes you can make to improve your health now before retirement could free up cash to spend on other things.

Consider a credit card not linked to your spouse

When you stop working banks tend to put you in a different basket and they’re far less accommodating. So, before you retire you may want to consider whether a joint or single owner credit card is best for you. This is because if anything happens to the primary account holder, it can be quite difficult for the secondary to access to their cash.

Your bank can talk through the ins and outs of both options, to put you in the best position to decide the best way forward for you.  

Increase your financial literacy

When you retire your financial assets become even more important — they generate your income and their success is vital. Knowing how money markets work, the rules of super and how and when to make investment decisions will put you in the driver’s seat of your retirement and give you a much-needed feeling of control.

Do your home repairs

There may come a time in your retirement that you want to sell your home. You might want something smaller, you could need the cash or you simply want a change of scenery. In any case, an up-to-date home is easier to sell than one that needs extensive repairs. If you’ve been putting off your home maintenance, it’s a good idea to get this organised before you retire so you’re prepared for the unexpected. Did you know downsizing can also be a great way to boost your super before retirement? Find out more.

Work on your social network

How supportive and extensive is your social network? If you lean on your work colleagues for interaction, if you rely heavily on your partner, or if realise your friendships need some nurturing, then before retirement is the time to act. You’ll probably have a lot more spare time when you finish work and having a good set of mates to knock about with will keep you happier and healthier. If you’re not sure how to build your social network, have a look at these ideas.

Need some help before you retire?

We’re here to help you build your ideal retirement. As part of your membership, you can give us a call and talk to a financial planner about tax effective ways to boost your super, your risk profile, and investment options. Or, for more comprehensive advice you can book in to financial planner advice that’s tailored to you for a competitive fee.

Book a call-back today.


*Financial advice obtained over the phone, or through MemberOnline, is provided by Mercer Financial Advice (Australia) Pty Ltd (MFAAPL) ABN 76 153 168 293, Australian Financial Services Licence #411766.  
^Advice is provided by one of our financial planners, who are Authorised Representatives of Industry Funds Services Limited (IFS). IFS is responsible for any advice given to you by its Authorised Representatives. Industry Fund Services Limited ABN 54 007 016 195 AFSL 232514.  

Information correct as at 19 April 2024.