When you were working, a tough financial period had an exit ramp. You could pick up extra hours, defer a big purchase, or simply wait for your next pay rise. In retirement, that exit ramp is gone. Your income is largely fixed. You can’t boost your contributions to ride out a market downturn, and you can’t just wait a few years for your balance to recover while wages catch up with inflation. The pressure is constant and options can feel limited. We want to acknowledge that reality clearly: this is genuinely harder. The anxiety that comes with watching prices rise while your balance fluctuates is not an overreaction. It’s a reasonable response to a real challenge.

But there are things you can do. And being informed is the most powerful place to start. Here are our top tips:

1. Revisit your spending with fresh eyes

It’s worth taking a calm, structured look at where your money actually goes each month. Many retirees find that their spending has quietly shifted since they first set their drawdown strategy – patterns and circumstances change and what felt comfortable a few years ago may need recalibrating. This isn’t about cutting back on the things that matter to you. It’s about making sure your spending reflects your actual priorities, not just habit.

2. Understand what you’re entitled to

Many pension members leave money on the table simply because they’re unaware of entitlements. Depending on your circumstances, you may be eligible for the Age Pension (full or part), the Commonwealth Seniors Health Card, energy concessions, or council rate rebates. These are not handouts – they’re entitlements built into the system for people in exactly your situation. Services Australia’s website is a good starting point, or you could speak with a financial planner who can map out what’s available to you specifically. Our Retirement Guide also has some handy information.

3. Think carefully before changing your investment strategy

When markets are volatile, the instinct to move to ‘safer’ options is understandable. But switching to cash or low-growth options during a downturn can lock in losses and leave you worse off in the long run. Retirement can span 20 to 30 years or even more, which means your money still needs to grow. Before making any changes to your investment mix, consider speaking with a financial planner who understands your full picture. ¹

4. Consider your drawdown rate

Are you drawing down (withdrawing) the minimum required from your super, or more? Some members default to drawing more than they need out of caution (wanting cash reserves) or habit (continuing the same amount they started with). Reviewing your drawdown rate and drawing only what you need from your super as a regular income, gives your remaining balance more time to compound. A small adjustment here can make a meaningful difference over time.

Read more about managing your retirement income account here.

We’re here to help

Navigating retirement in a high cost-of-living environment can be complex, and you don’t have to figure it out alone. We offer three levels of expert advice to suit your needs.

Our super experts can help you understand your account, explore your options, and answer general questions about your super at no extra cost. Learn more about it here.

Sometimes just having a conversation can ease the anxiety and give you a clearer sense of where you stand. Call us on 1800 005 166 or book a call-back to discuss what might suit your situation.¹