Planning for what’s next – Approaching retirement

As retirement nears, you will want to continue planning for this next phase of your life. Remain focused on saving for retirement while beginning to envision and organise how you plan to enjoy these future years.


  • Determine what you want to do in retirement.

Maybe you don’t want to stop working altogether, but would rather work part-time or volunteer. Consider ways to keep your mind and body active through physical exercise and hobbies. Determine how to stay connected to friends and family.

  • Want to relocate?

Consider spending time there to help determine whether the move will be right for you.

  • Prepare for the unexpected

Have an emergency fund and plan in place.


  • Don’t stop saving!

Continue to contribute as much as you can financially handle to your retirement savings, as it is still important. For example, setting up a Transition to Retirement pension can be used in conjunction with increased concessional super contributions to save tax in the lead-up to retirement, and your super balance will get a boost through any increased concessional contributions.

  • Develop a retirement income strategy

Identify sources of income in retirement. Determine how much the sources will generate, and when to use them.

  • What about the Age Pension?

Determine whether you are eligible for a part or full Age Pension. Even if you aren’t eligible, you may still be entitled to other benefits, such as cheaper medicines and reduced water and council rates.

  • What are you planning to do with your superannuation account(s)?

If you have multiple superannuation accounts, consolidating them into one can save you some fees and paperwork. As you approach retirement, your super fund or financial adviser can help you with options for converting your super savings into a stream of income in retirement.

  • Review your asset allocations

How you allocate money to each asset class is one of the most important decisions faced when constructing an investment portfolio. As retirement gets closer, you’ll want to pay closer attention to how your portfolio is allocated.

  • Manage debt

Pay down your debt, including your mortgage.

  • Consider getting professional financial advice

With many decisions, an objective third-party review can be critical at this stage


  • Health care in retirement can be a major expense

Determine how you will cover pharmaceutical and other medical expenses.

  • Understand all insurance options

Medicare doesn’t cover everything. Consider private health insurance for seniors and determine whether you qualify for a government rebate.


  • Make informed insurance decisions

Decide if long-term care insurance makes sense for you

  • Your plans are not set in stone

Review your estate plan and beneficiary designations and adjust if necessary


  • Review and assess

Review your retirement savings and investments, as you still have time to make changes and close any gaps to help you enjoy your later years. Make sure your will is up-to-date.

  • Managing ongoing dependent children

Whether you decide to provide continuing support or adopt a “tough love” strategy, consider the impact on your retirement plans – both financially and emotionally.

Preparing for what’s next

When retirement is approaching, it’s important to plan for what’s next. Below are several resources to help you better understand your current situation and get your questions answered.

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