Your Full Retirement Planning Guide in Australia
There are several main sources for income in retirement:
- Superannuation – usually your biggest pot of savings. Consider consolidating accounts if you have more than one (but check insurance first).
- Investments & savings – shares, property, term deposits, or inheritance.
- Government benefits – Age Pension (full or part), Carer’s Allowance, Disability Support Pension, plus concession cards for health and everyday discounts.
Can I finally access my Super?
Yes! You have watched it go up and down for years, now you can finally access it for its intended purpose – retirement.
· Transition to Retirement Pension – dip into your super while still working (aged over 60).
· Account-based Pension – commute your super to a regular income when you retire. Whilst this is flexible it is guaranteed for life.
· Annuity – commute part of your super to a guaranteed payment for a set period or for life. This is secure but less flexible than an account-based pension.
· Lump sum – a small lump sum every now and then can be handy for paying off debt or a big holiday, but make sure you’ll still have enough left for day-to-day living.
What to Think About?
To boost your retirement balance in the lead up to retiring, whilst you are still working, consider the following:
· While still employed, increase your after-tax contributions or commence salary sacrificing. Even small amounts make a big difference over time.
· If you have concessional caps that aren’t being used, consider catch-up provisions.
· Focus on reducing the amount of money needed for retirement by paying off any outstanding debts.
· Examine the fees and investment mix of your current fund as little adjustments add up over many years. Do you have more than one fund?
· To safeguard your money and legacy, think about insurance and ensure you have a current estate plan.
· If you’re 55+, you may be able to contribute up to $300,000 from selling your main home ($600,000 for couples) under the downsizer contribution rules.
Below is a list of other things to consider:
- As of July 1, 2025, the government super guarantee has increased to 12% of regular time wages, which increases many workers’ future super balances.
- Work on an accurate yearly budget in current dollars for the retirement lifestyle you desire. Take the ASFA Budget tool as a starting point and adjust this accordingly for your lifestyle.
- Consider if the Age Pension will supplement any account-based pension drawings. Age Pension eligibility and rates are subject to asset and income requirements, and entitlement estimates are available from Services Australia. We will estimate these as part of our strategy.
- Compare your estimated budget as a percentage of your available retirement balance as this will assist in estimating the longevity of your funds. Keep in mind that there are minimum amounts that must be drawn from any account-based pensions each year. Use this as a starting point, this can then be altered to factor in varying lifespan and market volatility.
Employer super contributions, which are 12% of regular time wages as of July 1, 2025, are compulsory. For many Australians, this is the bulk of their super balance, but it might not be sufficient on its own to fund their retirement. Careful and considered budgeting can assist with directing funds to the optimal use for clearing debt and growing super balances. With a financial adviser on board, you can reduce your debt in the lead up to retirement and have a clear goal for your retirement income.
How Coleman Wealth Helps You Plan Your Retirement
There is more to retirement than numbers. It is a confident, well-defined strategy that addresses your income, taxes, compliance, and the kind of retirement you wish to have.
“How much do I need for retirement?” is a question that we at Coleman Wealth transform into a realistic goal that you can accomplish. For a cohesive, practical, and actively managed retirement plan, we bring together retirement modelling, SMSF knowledge, tax planning, accounting, and loan assistance under one roof.
Most people get confused by fragmented advice that solves one problem at a time. Coleman Wealth solves the whole puzzle, so your decisions reinforce each other and move you closer to a reliable retirement.
What to Expect in a Retirement Review with Us
Step 1. Gather information and establish goals
We take into account your time horizon, income requirements, property situation, and present balances.
Step 2. Risk and cash flow analysis
To find a solid objective, we simulate market stress, lifespan, and Centrelink interaction.
Step 3. Actionable suggestions
Action items that have a significant impact, such as financial plans, estate planning, investment rebalancing, and contribution strategies, are given priority.
Step 4. Continuous evaluation
Planning for retirement is not a one-and-done task. As the rules and your life evolve, we offer checkpoints.
Start with a basic calculation to determine how much you should have for retirement and then get customised guidance to make it accurate.
Frequently Asked Questions
Which factors impact the amount I need to retire?
The figure depends on your preferred lifestyle, anticipated health care requirements, house ownership status, other sources of income, such as the Age Pension, and the anticipated longevity of your savings. We translate those variables into a drawdown strategy and test the longevity of these funds.
Is my SMSF still appropriate for my retirement plan?
Although an SMSF can be incredibly effective in accumulation phase, it is not always as effective in retirement. If it aligns with your goals, is capable of ensuring liquidity in retirement for income draw down needs, then we can evaluate the appropriateness, establish and oversee compliance, and assist you in making the move to the pension phase. This lowers the risk of noncompliance and saves time and stress.
How soon can you provide me with a retirement plan?
Following a fact-finding session, we offer an indicative goal during the first consultation and will communicate how long a fully modelled strategy will take based on your specific requirements. To begin, schedule a free consultation.