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How to plan for retirement

If you’re looking for retirement planning tips and advice, it can be quite hard to know where to start – and raise a lot of questions for the lifestyle you hope to have when full-time work winds down. Luckily, it’s never too soon (or never too late) to begin your retirement planning.

Our retirement planning advice may include a couple of things you’ve already began to think about or discuss with your family. It’s best to think of this retirement planning checklist as the thought-starters to develop your own retirement planning strategies. 

1. Know when you can retire

People retire at different ages due to their own personal circumstances. However, there are certain things to consider. Most people can access their super at age 60 for example as a Transition to Retirement strategy (while keeping some in super), or as a Retirement Super Pension. Most people who are eligible for the government Age Pension find it kicks in from age 67. Once you know when you want to retire, it’s time to work out how you can achieve your vision of retirement. 

2. What do you want to do in retirement?

Do you have big ambitions and goals for the life you want to enjoy in retirement? Knowing what lifestyle you want in retirement will answer some important questions of what you will need to get there. And while we don’t exactly know how long we will live, your money may need to last for many years.

3. Pay off any debt

Retiring with debts can make retirement harder, and ideally they should be paid off first. Here, it’s important to be as realistic as possible.  

4. How is it all looking?

While future interest rates, Government policy and external factors are impossible to predict, you now have a broad understanding of how you’re tracking.

5. Speak to a retirement specialist

In this important step, a specialist can guide you through the choices in super pensions and how to make super work with the age pension. 

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Instead of sifting through information to find out what's relevant to you, ask to speak to a retirement specialist. The team's available between 9am and 5pm (AEST/AEDT) on 1800 222 071.

Use the form below to request a call back. Note that the call back service is available for Australian residents only. If you're overseas, please call +61 3 9192 4414.

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