Retirement age in Australia
Preparing for retirement at any age
Whether retirement is on the distant horizon or just around the corner, there are steps you can take to feel prepared and positive about life after work.
Find out what you can do to prepare:
- I’m retiring within 2 years
- I’m 2 – 5 years from retirement
- I’m more than 5 years from retirement
- I’m already retired
When can you retire?
One of the first questions our clients often ask us is when can I retire? Whilst there is no official retirement age in Australia, there are government rules that determine the age when you can access your money in super. Known as your ‘preservation age’, it is based on the year in which you were born. For some people it will be as young as 55 but for others it will be as late as age 60. What is my preservation age?
Retire within 2 years
The decisions you make about your finances in the run up to retirement can have a big impact on your future. This is a critical time for working out the detail of your plans and taking action. Some of the key questions you need to address include:
- Am I ready to stop working?
- What does a comfortable retirement look like for me?
- Do I have enough money to retire or do I need to work longer?
- Am I entitled to Centrelink or other benefits?
- What pension product is best for me?
- How do I maximise my super or defined benefit scheme, including for tax?
- How do I continue to support any dependents?
- Is my level of investment risk suitable and will my money last?
A financial planner can help you explore these questions and make informed choices. If you decide to go ahead with retirement, they will help you navigate the process and make sure you are set up to succeed.
If you are a member of a defined benefit scheme, a specialist planner can also help you understand the mechanics of your particular scheme and ensure you maximise your benefits.
You can book your advice appointment by calling us on 1800 620 305
Retire in 2 – 5 years
There’s no better time for getting financial advice than when you’re a few years out from retirement. Not only do you have some big decisions to make but you also have some time up your sleeve if you need to give your super a final boost.
- Some of the key questions you need to address include:
- What are my goals for retirement and are they still relevant?
- Where will I live in retirement?
- What are my retirement lifestyle aspirations?
- How much money will I need to retire and am I on track to achieving my goal?
- How can I boost my super and what’s the best way of going about it?
- What should I do with my outstanding debts?
- Should I consider a transition-to-retirement strategy?
- Am I getting the most from my investments without being exposed to too much risk?
There is a lot to consider at this stage of life and a financial planner can help you explore your options. They will help you put a plan in place, understand your financial picture and navigate superannuation legislation. With their help, you can set yourself on a path to a secure and fulfilling retirement.Learn more at our retirement seminars.
Retire in 5 years +
While retirement might still seem some time away, it’s important to get the balance right between saving for the future and achieving your other financial goals. Some of the key questions you need to address include:
- How healthy are my budget and spending habits?
- How can I save more for the future?
- What is the most effective way to pay off my debt?
- Can I be doing more to build my wealth?
- Should I be adding more to super and what’s the best way to go about it?
- Am I getting the most from my investments?
- What kind of life do I want when I retire and I am on track to achieving it?
- Is my family protected if something goes wrong?
Getting on top of your money early sets you up to live the life you want – now and in the future. A financial planner can work with you to make decisions about your money that will give you the freedom to enjoy life today, whilst knowing your future is secure and on track.
Managing your money and making decisions about your finances doesn’t stop when you retire. Many retirees continue to use the services of a financial planner to help guide their financial decisions. Some of the questions that can arise after you retire include:
- Are my finances suitable for my lifestyle now that I’ve retired?
- How can I access more money to meet my lifestyle needs?
- What should I do with the money I’m not spending?
- What do I need to do if I want to return to work?
- How do changes to superannuation legislation impact me?
- My personal circumstances have changed, what do I do now?
- I want to downsize my house or move into an aged care facility – how will that impact my finances?
A financial planner will be there for you during your retirement, supporting you to make informed decisions as life takes it inevitable twists and turns. Knowing you have access to expert advice can give you the peace of mind you need to get on with enjoying the things you care about most.