Retirement Planning
Financial Advice
Most people don’t retire when they planned to. Some reitre earlier than expected because of health or redundancy. Others work years longer than they needed to, because nobody ever told them they could afford to stop. Retirement planning answers the question underneath both: how much is enough, and what has to happen between now and then.
What retirement planning involves:
How a Retirement planning advisor can help
We will conduct a review of your existing superannuation and pension funds to ensure that your investment approach supports your stated goals and does not expose you to unnecessary or excessive risk.
When can you afford to retire
The question everyone actually asks. We model your position against the retirement you want, and show you what changes if you go earlier, later, or reduce your hours instead of stopping. Often the answer is more flexible than people expect.
Transition to retirement
A transition to retirement strategy lets you access some superannuation while still working, usually alongside reduced hours. If you have a transition to retirement strategy in place, we review it periodically to ensure it remains appropriate for your cash flow needs and tax position.
Contribution strategy in the years before retirement
The years immediately before retirement are often when the most can be done. Our advisers will look at issues including capital gains tax and maximising your personal superannuation contributions. Contribution rules change, so changes to the superannuation system including contribution limits are reviewed at least annually.
Account based pensions and drawdown
Once you stop working, superannuation converts into an income stream. How much you draw, in what order you use different assets, and how you respond to a market fall in the first few years all have a lasting effect. Drawing down in a falling market early in retirement causes more damage than most people realise.
Age Pension and Centrelink
Our advisers will look at maximising your Centrelink benefits. Most retirees receive at least a part Age Pension at some stage. Because entitlements are means tested, decisions about assets, gifting and income streams affect what you receive. We factor this into the plan rather than treating it as an afterthought.
Tax in retirement
How your income is taxed changes significantly once you stop working and once superannuation moves into pension phase. The order in which you draw from different sources matters.
Investment risk as you approach retirement
An investment approach that served you well at forty may be inappropriate at sixty two. We review diversification, your tolerance to risk and any need to access funds. The goal shifts from growing the balance to protecting the income it produces.
Longevity and future care
Planning for a thirty year retirement is different to planning for a twenty year one. We build in the possibility that you live longer than average, and the possibility that aged care costs arrive later on.
Speak to our experienced team today.
Retirement planning by situation
1 – You are about five years out
The most valuable time to get advice. Enough runway to change the outcome, close enough that the numbers are real.
2 – You have been made redundant in your fifties or sixties
A redundancy payment, a sudden decision about whether to look for work, and tax consequences that depend on how the payment is structured. This needs advice quickly.
3 – You are self employed with little superannuation
Common among business owners who reinvested everything. The business itself is often the retirement plan, which raises its own questions.
4 – You will still have a mortgage when you retire
Whether to clear it with superannuation, keep paying it down, or downsize. The answer affects your Age Pension position as well as your cash flow.
5 – There is a significant age gap between you and your partner
Different preservation ages, different Age Pension timing, and a longer overall planning horizon.
6 – You have received an inheritance close to retirement
A lump sum arriving late changes what is possible, but the way it is invested and held affects tax and entitlements.
7 – You are selling a business to fund retirement
Capital gains tax and the small business concessions can make an enormous difference to what you keep. This needs planning before the sale, not after.
8 – You are considering downsizing
Releasing equity from the home has consequences for both superannuation contributions and Age Pension assessment.
Who this is for
- People within roughly ten years of retirement who want to know where they stand
- Anyone recently retired who is unsure how to draw an income
- People facing an unplanned early exit from work
- Couples who want a shared plan rather than two separate ones
Who this isn’t for
- People decades from retirement whose main need is simply to save and contribute consistently. General resources will serve you well for now.
- Anyone looking only for a superannuation fund comparison.
Our advice process
01 Evaluation
02 Discovery
03 Strategy
04 Implementation
05 Review
Speak to our experienced team today.
Retirement Planning FAQs
How much money do I need to retire in Australia?
There is no single number, and any figure quoted as a universal target should be treated with caution. What you need depends on the lifestyle you want, whether you own your home, whether you have debt, your health, how long your retirement lasts, and what Age Pension entitlement you may receive. Two people with identical balances can have very different retirements. The useful version of this question is what your position supports, which is what modelling answers.
When can I access my superannuation?
Generally once you reach your preservation age and meet a condition of release, such as retiring or reaching a certain age. Preservation age depends on when you were born. There are also limited circumstances in which super can be accessed earlier, including severe financial hardship and specified compassionate grounds, and these have strict criteria. A transition to retirement strategy allows partial access while you are still working.
What is a Transition to Retirement strategy?
It allows you to start drawing an income from your superannuation once you reach preservation age, while still working. People use it to reduce their hours without reducing their income, or to restructure their contributions and income in a way that can be more tax effective. It suits some situations and not others, and the rules have changed over time, so a strategy set up years ago may not still be working as intended.
Am I eligible for the Age Pension?
Many Australians receive at least a part Age Pension at some point in retirement, even where they did not expect to. Eligibility depends on your age, residency, and an assessment of both your income and your assets. Because it is means tested, decisions about how you hold your assets, whether you downsize, and how you structure your retirement income can affect your entitlement. It is worth planning for rather than discovering.
How much can I contribute to super before I retire?
There are annual limits on contributions, and they differ depending on whether the contribution is made before or after tax. In some circumstances unused amounts from previous years can be carried forward, and there are rules that allow larger after tax contributions to be brought forward. Limits change over time and exceeding them has tax consequences. Because the years immediately before retirement are often when the most can be done, this is worth reviewing annually.
Should I pay off my mortgage before I retire?
It depends on more than the interest rate. Clearing a mortgage using superannuation reduces your retirement balance and changes your assessable assets, which can affect your Age Pension entitlement. Keeping the debt preserves your balance but means servicing repayments from retirement income. Downsizing is a third option with its own consequences for both super contributions and the means test. The right answer varies considerably between households.
What happens to my retirement plan if markets fall?
A fall early in retirement does more damage than the same fall later, because you are drawing an income from a shrinking balance. This is why the years immediately before and after you stop working are treated differently in a plan. Strategies include holding a portion in more stable assets to fund the near term, adjusting drawdowns temporarily, and reviewing your overall allocation as you approach retirement rather than after markets move.
Related services
Superannuation advice · Investment advice · Insurance advice · Aged care financial advice · Estate planning advice