Planning for retirement isn’t just about hitting a magic number — it’s about knowing whether the life you imagine for yourself is actually within reach. Will you be able to travel, enjoy hobbies, help the grandkids, or simply live without financial stress? The earlier you start checking your trajectory, the more time you have to course-correct. If you’re unsure where you stand, it might be time to try our super projection calculator — a simple way to see whether you’re heading in the right direction based on your current savings, super contributions, and goals.
Define What “Good” Looks Like for You
Retirement looks different for everyone. Some dream of coastal living and endless holidays, while others want to stay close to family and enjoy the garden. The key is to get clear on your own version of a fulfilling lifestyle.
Ask yourself:
- How much do you want to spend each week in retirement?
- Will your home be paid off?
- Do you want to travel regularly?
- Are there large expenses (like helping with school fees or medical costs) you want to prepare for?
Once you’ve pictured your ideal lifestyle, you can start translating that into a dollar figure — and that’s where the real planning begins.
Understand the Three Retirement Phases
Your retirement years aren’t one long, static phase. Most people go through three stages:
- The Active Years (60–75): Travel, socialising, new hobbies, and a generally higher level of spending.
- The Settling Years (75–85): Less travel, more time at home, and lower day-to-day costs — but healthcare expenses can begin to rise.
- The Support Years (85+): Often includes home care, assisted living, or more frequent medical costs.
Knowing that your spending might be higher early on and taper off later can help you plan more realistically. You don’t need to fund 30 years of luxury travel — but you might need to front-load your retirement income to enjoy those early years while you can.
Check Your Current Financial Position
Many people avoid checking in on their super or investments because it feels overwhelming. But knowledge is power — and taking stock doesn’t have to be complicated.
Review:
- Your current super balance
- Any investment properties or savings
- Debts that need to be cleared
- Expected age pension eligibility (if applicable)
From there, you can start to estimate what income you’ll realistically have to work with each year once you stop working full time.
Plan for Longevity — Not Just the Next 10 Years
Australians are living longer than ever, which is great — but it also means your money needs to stretch further. It’s not unusual to live well into your 90s, which could mean 30+ years in retirement. That’s a long time to live off a fixed or semi-fixed income.
Planning conservatively — and building in a buffer — is a smart move. Better to over-prepare and leave a legacy than run short and stress in later life.
Don’t Forget About Flexibility
While some parts of retirement planning require precision, others call for flexibility. Your health might change, the market will move, and your lifestyle goals may shift over time.
Make sure your financial plan isn’t locked in stone. Revisit it every year or two and adjust based on:
- Inflation or rising living costs
- Market changes affecting your investments
- Any new goals or unexpected costs
- Updates to government rules around super or the pension
A good plan evolves with you.
Get Guidance (Not Guesswork)
If you’re not sure how to tie it all together — or if your numbers are on track — it’s worth speaking with a qualified financial adviser. They can help you look at your complete picture, spot potential gaps, and build a plan that matches both your goals and your lifestyle.
Even if you’re confident, having a second set of eyes can be reassuring. Retirement is one of the biggest financial transitions you’ll go through — there’s no shame in getting a bit of expert help.
Retirement shouldn’t be something you stumble into — it should be something you step into with clarity and confidence. The earlier you assess where you’re heading, the more options you have to get things just the way you want them. Whether you’re in your 40s, 50s, or already approaching retirement, the time to check your progress is now. A little planning today could mean a lot more freedom tomorrow.
Blog as received in the mail
