Planning to retire soon? 10 things to do before you retire can make all the difference in creating a smooth, stress-free transition. Retirement isn’t just about stopping work it’s about starting the life you’ve imagined. To get there comfortably, you need a plan that covers your finances, lifestyle, and peace of mind.
1. Know Your Retirement Number
The first step is to calculate exactly how much you will need. Estimate your yearly expenses and multiply by the number of years you expect to be retired. Remember to factor in inflation and rising healthcare costs. For many Australians, a comfortable lifestyle in retirement is around $65,000 per year if you own your home.
2. Review Your Superannuation
One of the most important things to do before you retire is to check your superannuation balance and ensure it aligns with your goals. Use the MyGov portal or your fund’s website to track performance and contributions. Consolidating multiple accounts can reduce fees and make your super easier to manage.
3. Get a Financial Health Check
Meet with a financial adviser or retirement specialist to review your current savings, investments, and retirement timeline. Understanding your risk profile will help you decide whether to keep your investments growth-focused or shift toward preservation as you approach retirement.
4. Create a Retirement Budget
Your spending patterns will likely change once you retire. Create a detailed budget that includes essential expenses such as housing, groceries, and insurance, as well as lifestyle expenses like travel, dining out, and hobbies. Remember to account for higher healthcare needs over time.
5. Understand Government Benefits
Knowing what government benefits you may be entitled to is one of the key 10 things to do before you retire. This could include the Age Pension, the Commonwealth Seniors Health Card, or Rent Assistance. Check your eligibility and income thresholds through the Services Australia website.
6. Eliminate High-Interest Debt
Aim to enter retirement debt-free. Focus on clearing credit cards, personal loans, or car loans with high interest rates. Reducing these payments will give you greater financial freedom and peace of mind during retirement.
7. Review Your Insurance Policies
Review your life insurance, income protection, and trauma cover to see whether they are still necessary. Many people reduce or cancel some policies in retirement. Check both the insurance held inside your superannuation and any standalone policies you have.
8. Plan for Healthcare Costs
While Medicare covers a lot, you will still face out-of-pocket medical expenses. Consider private health insurance, long-term care options, and setting aside an emergency fund specifically for health-related costs.
9. Organise Your Legal Documents
Before you retire, ensure you have a valid Will, a Power of Attorney, and an advance care directive for medical decisions. Keep these documents up to date and store them in an easily accessible place.
10. Visualise Your Retirement Lifestyle
Think about what retirement will look like for you. Will you travel, volunteer, start a business, or work part-time? Having a clear vision will help guide your financial and lifestyle decisions so you can make the most of this new chapter.
Our Take: Prepare for a More Abundant Retirement
Many Australians underestimate the planning required to feel confident in retirement. It’s not just about your super balance it’s about your total financial picture, your lifestyle goals, and your overall wellbeing.
At Wealthlab, we help Australians:
- Set realistic retirement goals
- Optimise their superannuation and investments
- Reduce tax and build passive income streams
- Create tailored withdrawal strategies for sustainable income
👉 Let’s build your roadmap to a more abundant retirement.
Book your consultation today