Retirement is a major life milestone and how you prepare for it can shape the quality of the next 20–30 years. Whether you’re a few months or a few years away, there are key things to do before retirement that can make the transition smoother and more secure.
Here are five essentials every Australian should tackle before leaving the workforce.
1. Things to Do Before Retirement Review Your Superannuation
Your superannuation is likely to be your main source of income in retirement, so it deserves close attention. Check your current balance, review your fund’s fees and performance, and consider consolidating multiple accounts to reduce costs. Even small improvements in performance or fee savings can make a big difference over time.
2. Create a Realistic Retirement Budget
One of the most important things to do before retirement is to work out exactly how much you’ll need each year. Factor in essentials like groceries, healthcare, and housing, plus lifestyle goals such as travel or hobbies. In Australia, most retirees aim for an annual income of around $45K–$70K, depending on their lifestyle.
3. Eliminate Debt Before You Retire
Carrying debt into retirement can put unnecessary pressure on your savings. Prioritise clearing high-interest debt like credit cards or personal loans, and if possible, aim to pay off your mortgage before leaving the workforce. Being debt-free gives you more freedom and financial peace of mind.
4. Check Your Government Entitlements
Another essential thing to do before retirement is to understand what government support you may be eligible for. This can include the Age Pension, Commonwealth Seniors Health Card, or Rent Assistance. Even partial entitlements can be valuable, so check your eligibility through the Services Australia website.
5. Build a Withdrawal Strategy for Your Retirement Income
Once you stop working, you’ll need a smart, tax-effective plan for accessing your super and savings. A clear withdrawal strategy can help you avoid running out of money too soon and reduce the tax you pay. This is an area where professional financial advice can add significant value.
✅ Our Take: Get Expert Help Early
Most Australians only start thinking seriously about retirement in the final few years but that’s when every decision counts.
At Wealthlab, we help Australians:
- Optimise their super
- Eliminate financial blind spots
- Create smarter, tax-effective income streams
- Navigate retirement with confidence
👉 Let’s work together to build a more abundant retirement.
Book your consultation today