Retirement planning checklist

Get your head around the path to retirement

It’s never too early (or late) to start planning for the future. But where do you even begin?

With so many things to think about, planning for retirement can feel overwhelming. That’s why we’ve created this handy checklist to help you get things sorted.

Think of it as your guide to making sure you cover all the important bases when it comes to your retirement savings – no matter where you happen to be in life.

15-20 years before retirement

• Find a superannuation fund that suits you – try using the government’s YourSuper comparison tool
• Make sure your super is all in one place – figure out how to do this with this ATO’s guide
• Check you’ve got the right level of insurance through super, and that you’ve nominated beneficiaries
• Figure out how much you’ll need to live comfortably – check Super Consumers Australia’s Retirement Savings Targets
• Estimate your retirement income to see if you’re on track – for this you can use MoneySmart’s Retirement Planner
• Consider making additional super contributions

5-10 years before retirement

• Decide on when you’d like to retire, and talk about it with loved ones
• Think about whether you want to work part-time in the last few years of your career
• Check in on your superannuation, and check for any lost super with the ATO’s guide
• Do some research into the Age Pension and superannuation ‘preservation age’
• Consider a transition to retirement strategy with a financial advisor
• Reassess how much you’ll need to live comfortably (our Budget Planner can help with this)
• Make an updated estimate of your retirement income with MoneySmart’s Retirement Planner
• Plan for how to reduce any gap between your expected expenses and estimated income
• Consider getting a second opinion or some help from a financial advisor
• Start thinking about what you’d like to do in retirement
• Think about where you’d like to live when you retire
• Consider how much you’ll need to pay for aged care with the government’s My Aged Care guide
• Organise or update your will, power of attorney and advance health directive

1-2 years before retirement

• Check in on your finances to make sure you’re on track for your goal retirement age
• Review and update your expected expenses and estimated retirement income
• Consider a transition to retirement strategy with a financial advisor
• Talk to your employer about retirement, and the potential of transitioning to part time
• Try out some of the activities you might enjoy during retirement
• Start planning the details of where you’re going to live in retirement
• Do some research into concession cards, pensions and tax benefits
• Resolve any outstanding debts you might have
• Look into travel options, hobby groups, and whatever else you’re excited for

3-6 months before retirement

• Talk to your loved ones about life after you retire
• Check that your retirement financials are in order
• Make a last search for any unconsolidated or lost super with the ATO’s guide
• Get any government payments and services you’re eligible for sorted
• Choose the accounts or retirement products you’ll use for your retirement income
• Make a budget to make sure your retirement income will last as long as you need it (here’s our Budget Planner)
• Review your health and life insurance to make sure everything is in order
• Prepare or update your will, power of attorney and advance health directive