Here’s a list of key do’s and don’ts to help you navigate this stage of life with confidence.

Do:

Review your super – check your balance, assess your investment options and take stock of where you are on your super journey, and where you want to be. 

Plan your budget – estimate your retirement expenses and create a realistic budget to maintain your desired lifestyle.

Maximise contributions – take advantage of catch-up contributions, salary sacrifice, and government incentives to boost your super savings.

Check your eligibility for benefits – research potential government benefits, such as the government Age Pension, to supplement your income.

Reduce debt – aim to pay off outstanding loans, including mortgages, to free up more retirement funds.

Consider part-time work – if you’re not ready for full retirement, explore part-time or casual work to supplement your income and stay engaged.

Update your estate plan – ensure your will, power of attorney, and beneficiaries are up to date to protect your assets and family.

Don’t:

React to market fluctuations – avoid making impulsive changes to your super investments based on short-term market movements.

Withdraw super too early – taking large lump sums from your super too soon may leave you short of funds later in retirement.

Overspend in the early years – be mindful of spending habits in the first few years of retirement to ensure your savings last.

Forget about inflation – accounting for rising costs of living when planning your long-term financial needs is important. A financial planner can help you consider this. 

Neglect health insurance – medical costs can increase with age, so ensure you have appropriate health cover in place.

Overlook downsizing options – if maintaining a large home becomes a financial burden, consider downsizing to free up some capital.

Delay seeking financial advice – consulting a financial planner can help you make informed decisions and optimise your retirement strategy.

Are you retirement ready?

As you approach retirement, it’s essential to make smart financial decisions to ensure a secure and comfortable future. Our retirement readiness checklist is a good place to start. And if you need a little guidance, we offer a range of retirement ready webinars to help prepare you for your next chapter.