If you’re in your 60s and wondering whether you’ve done enough to fund the retirement you’ve dreamed of, you’re not alone.
For many Australians, this stage of life brings a mix of emotions: excitement about the next chapter, but also uncertainty about how far your super will stretch. With rules, caps, and investment choices to consider, it’s easy to feel overwhelmed.
But here’s the good news: it’s never too late to take meaningful steps toward a more secure and confident retirement.
Christine Swanson, Owner and Financial Adviser at Prominent Financial, shares:
“We work with people every day who feel like they’ve left things too late. The truth is, even in your 60s, you have options. Smart, tailored advice can help you make the most of your super and feel more in control of your future.”
Are You On Track?
According to the March 2024 ASFA Retirement Standard, a couple seeking a ‘comfortable’ retirement needs around $690,000 in super, while a single person needs $595,000. But in reality, the average balances for Australians aged 60–64 are significantly lower:
- Men: approx. $178,800
- Women: approx. $137,050¹
If your super balance doesn’t match those benchmarks, you’re not alone—and you’re not out of options.
Smart Moves You Can Still Make
You don’t need a perfect plan—just a proactive one. Here are some powerful strategies that can still make a difference:
- Boost Your Super with Concessional Contributions
You can contribute up to $30,000 per year (2024–25) in before-tax contributions like salary sacrifice or personal deductible contributions. If you’ve had unused cap space in the last five years, you may even be eligible to carry forward those amounts.
🔗 ATO: Concessional contributions cap
- Contribute More from Savings
If you have funds outside of super—like savings or proceeds from selling assets—you can make non-concessional contributions of up to $120,000 per year, or up to $360,000 over three years using the bring-forward rule.
🔗 ATO: Non-concessional contributions cap
- Downsize and Contribute to Super
If you’re 55 or older and sell your family home, you may be able to contribute up to $300,000 per person to super via the downsizer contribution, helping to boost your retirement savings without affecting your contribution caps.
- Explore Transition-to-Retirement Options
A Transition to Retirement (TTR) strategy can allow you to draw income from your super while still working, potentially reducing your tax and freeing up cash flow—especially when paired with salary sacrifice.
- Check Your Investment Mix
It’s tempting to shift everything into conservative assets as retirement nears—but with people living 20+ years after retirement, some growth exposure is often essential. Your money may need to work just as hard as you do.
Feeling Uncertain? You’re Not Alone.
Super rules are complex. Caps, tax rules, income streams, and Centrelink eligibility all play a role. Many people in their 60s feel anxious or unsure about where they stand—and that’s perfectly normal.
Christine Swanson adds:
“It’s easy to get lost in all the figures, but you don’t have to figure it out alone. Our job is to simplify the complex, provide clarity, and guide you through the options. Making smart financial decisions now can set you up for a more confident and enjoyable retirement.”
Let’s Get It Right—Together
You may not be starting from scratch, but starting smart matters. At Prominent Financial Services, we’ll help you navigate the next steps with clarity and confidence. Whether you’re looking to maximise contributions, prepare to downsize, or transition into retirement, our tailored advice will help you make the most of every opportunity.
📞 Let’s talk. Book your complimentary super strategy session today at prominent.com.au or call 08 7325 3000.
Sources:
- ASFA Superannuation Account Balances by Age and Gender (2022–23)
- ASFA Retirement Standard – March 2024
- ATO – Concessional Contributions Cap
- ATO – Non-Concessional Contributions Cap
- ATO – Downsizer Contributions
