5 simple retirement financial planning tips
Updated on 1 July 2025 | 4 minute read
It’s never too early to begin your retirement financial planning. The best part about having a plan? You’ll have the confidence to retire on your terms.
Starting your retirement financial plan
Know where you’re at with superannuation
Start your retirement planning by getting a good idea of how much you’re worth right now. This includes super and any other investments you have.
Your super fund sends you a statement at least once a year. Here’s what to check:
- Your balance: This shows how much money you have in your super account.
- Contributions: Check that your employer’s payments and any extra ones you made are correct.
- Fees: Compare the fees your super fund is charging with other funds.
- Investment performance: Check how your investments are performing. Think about getting financial advice before making any changes.
Not sure you’re on the right track?
It's helpful to check how your super balance compares to others in your age group.
Know when you can access your super
This step is crucial for retirement financial planning. You can usually access your super when you:
- turn 60 and retire, leave a job or open a Transition to Retirement Income account
- turn 65 (even if you haven't retired)
- meet a condition of release, such as financial hardship or disability.
Learn more about accessing your super and the rules that apply.
Know how much super you’ll need to retire
This depends on things like the life you want to live and what you expect to spend in retirement.
Start by working out when you want to retire. Retiring earlier means you’ll need more savings.
You can use our life expectancy calculator to give you a general guide.1
It's based on averages. Some people may live less than this or go beyond it.
This calculator is a guide only and is not general or personal advice. We recommend speaking with a qualified financial adviser before making decisions for your individual needs.1 Life expectancy information comes from the medium mortality rate assumptions used by the Australian Bureau of Statistics in "Population Projections, Australia 2017 (base)–2066". The data was provided by Cumpston Sarjeant. It calculates your life expectancy based on the age you’ve chosen to retire.
Then think about how long you’ll need your super to last. You might live for 20 or more years after you retire.
As a general guide at age 67:
For a comfortable retirement
- $595,000 for singles
- $690,000 for couples
For a modest retirement
- $100,000 for singles
- $100,000 for couples
These estimates are based on you owning a home and receiving the part pension. Source: The ASFA Retirement Standard - June 2024.
You can also use their yearly spending guide. Remember, your own needs might be different.
Use our retirement calculator to get a more accurate picture of how much super you might need.
Know your retirement income options
Super is one of the most common ways that people get income in retirement. Other ways include the Government Age Pension and financial assets like rental properties and shares.
Superannuation
You can keep your super invested and get regular payments from it after you stop working with an account-based pension, like our Income accounts. And you can take money out when you need to.
Another option is an annuity or an innovative retirement income stream like our Lifetime Pension, which gives you an income for life that never runs out.
Age Pension
This is income support from the government. You need to be at least 67 years old and meet the rules including the assets and income tests.
If you’re eligible, you can use it with your super income.
Financial assets
If you have assets and personal savings that give you an income, they may impact on your Age Pension eligibility as well as tax.
It’s a good idea to get financial advice to make sure you’re on track to make the most of your assets.
Get retirement financial planning advice
There’s plenty of support on hand to help you make the most of your money before you retire.
Start by asking your super fund if they have financial advice for members at no extra cost. We offer personal financial advice about your super1 as part of your membership to:
- help you make the most of your super before you retire
- understand your different investment options
- work out changes in your insurance
- talk through your options to manage your income in retirement.
Already have a financial adviser? We can work with them, too.
What if I don’t have enough super?
Here are some easy tips to make your super work harder for you as you’re preparing for retirement.
Make extra super contributions
You don’t have to rely just on what your employer puts in. Think about adding more on top. Even in small amounts, it can make a big difference over time.
Be mindful of: the limits for adding to your super; and that you can’t access money in super until you meet the rules – it’s locked away.
Check your fees
Super fund fees can vary. Check your fund’s fees to see if you’re getting good value.
Combine accounts
If you have more than one super account, think about combining them. This can help you avoid paying multiple fees and make managing your super easier.
Before you combine super: Think about whether it’s right for you. You may lose access to benefits such as insurance or pension options, and you need to consider tax implications.
Choose how your money’s invested
How you invest your money can make a big difference to how much you end up with when you stop working. Super funds usually offer different investment choices, like conservative, balanced, or growth. Pick one that matches your risk level and financial retirement goals.
Make the most of government contributions
The government can help you with investing for retirement, too.
- Super co-contribution: If you earn less than $62,488 in 2025–26 and make after-tax contributions to your super, the government might add a co-contribution.
- Low-income super tax offset (LISTO): If you earn $37,000 or less a year and your super gets contributions, the government might add extra money to your super.
- Spouse contributions: If your spouse earns less than $40,000 a year, you can contribute to their super and get a tax offset.
Small steps now can make a big difference later
Superannuation is one of your biggest financial assets. By taking simple steps to awaken your super now, you could live your best life after work.
There’s never a better time than today to start planning your best future.
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