Retirement is a major life transition that requires careful financial planning to ensure you can maintain the lifestyle you’ve worked so hard to build. Regular check-ins with your financial strategy and superannuation can help you stay on track, adjust to changing circumstances, and make the most of the opportunities available.
Christine Swanson, Owner and Financial Adviser at Prominent Financial, shares, “Financial peace of mind comes from knowing you have a strategy in place and are making informed choices. Checking in with your financial goals at key times throughout the year ensures you stay in control and continue moving towards long-term security. Smart decisions start with expert financial advice.”
Here’s a guide to the key months when retirees, those transitioning to retirement, and pre-retirees should actively review their financial plan and superannuation.
March: Set Your Retirement Income Goals
As you approach retirement, one of the biggest questions is: How much income will I need to support my desired lifestyle?
- Review your expected living expenses and factor in discretionary spending like travel and hobbies.
- Consider how long your super and other savings will last, accounting for inflation and rising healthcare costs.
- Use a retirement calculator to estimate your required income and identify any shortfalls.
If you’re still working, this is also a great time to finalise your transition to retirement (TTR) strategy to ease into retirement while optimising your tax position.
April: Review Your Super Investment Strategy
Your superannuation should be structured to provide steady, reliable income throughout retirement. As you near or enter retirement, it’s important to review:
- Investment risk – Are your super investments aligned with your risk tolerance and time horizon? If you’re in retirement, your portfolio may need a balance of income-generating investments and capital growth to ensure your money lasts.
- Income stream options – Consider if you should start a retirement income stream (such as an account-based pension) to provide tax-effective income.
- Consolidating super accounts – If you have multiple super accounts, consolidating can reduce fees and simplify management.
You can also check for any lost super using the ATO’s online tools and roll it into your main fund if appropriate.
May: Maximise Your Super Contributions Before You Retire
If you’re still working, there’s still time to boost your retirement savings with tax-effective super contributions.
- Salary sacrifice contributions can help lower your taxable income while increasing your super balance.
- Personal tax-deductible contributions allow you to make additional contributions and claim a tax deduction.
- After-tax contributions can help grow your savings, especially if you’re approaching the age limits for super contributions.
- Spouse contributions can help balance super between partners and may also come with tax benefits.
If you’ve sold a home recently, you may also be eligible to make a downsizer contribution, which allows those over 55 to contribute up to $300,000 from the sale of their home into their super.
June: Review Pension Drawdowns and Catch-Up Contributions
With the end of the financial year approaching, this is a key time to:
- Review your pension drawdowns to ensure you’re withdrawing the required minimum amount while keeping your savings invested for as long as possible.
- Consider catch-up contributions if you have unused concessional contribution caps from previous years.
- Evaluate tax strategies to ensure you’re optimising your tax position in retirement.
July: Assess Your Estate Plan and Super Beneficiaries
Estate planning is essential for retirees. As you enter a new financial year, take the time to:
- Review your will and powers of attorney to ensure they reflect your current wishes.
- Check your superannuation beneficiary nominations – since super does not automatically form part of your estate, ensure your beneficiary nominations are up to date.
- Assess your insurance cover within your super to determine if you still need it or if adjustments should be made.
If you’ve had any major life changes—such as a new grandchild, selling assets, or a shift in health—it’s especially important to review these details.
A Smarter Way to Stay on Track
Retirement planning isn’t a “set and forget” process—it requires ongoing adjustments to ensure you remain financially secure throughout this stage of life. Regular check-ins with your super, pension strategy, and estate plan help ensure you stay in control and make the most of your retirement savings.
Christine Swanson advises, “A structured financial plan removes uncertainty and gives you confidence in your future. Working with an experienced financial adviser means you don’t have to navigate these important decisions alone.”
At Prominent Financial, we specialise in helping retirees and pre-retirees make the most of their financial resources. Contact us today to ensure your financial plan supports the lifestyle you want—both now and in the years ahead.
