Retirement planning is just as much about what not to do before retirement as it is about ticking off a checklist. Making a few wrong moves in your final working years could limit your lifestyle options or even delay your retirement altogether.
Here’s a guide to the top pitfalls to avoid before you retire.
1. Don’t Assume the Age Pension Will Cover Everything
One of the most common mistakes is thinking the Age Pension will fund your full retirement lifestyle. While it provides helpful support, relying solely on government assistance may force you to significantly cut back on your plans.
2. Don’t Forget About Healthcare Costs
Healthcare expenses typically rise as we age, from routine checkups to unexpected surgeries. Assuming Medicare alone will cover all medical needs can put your finances at risk. Consider private health cover and maintain an emergency buffer for peace of mind.
3. Don’t Delay Seeking Advice
Many Australians wait too long to get financial advice, often only approaching experts when retirement is imminent. By then, key opportunities — such as super contributions or tax strategies may already be lost. Early planning improves your financial outcomes.
4. Don’t Withdraw Super Too Early
Accessing your super at 60 can be tempting, but drawing down too much too soon risks running out of money. A sustainable income strategy ensures your retirement savings last 20–30 years, allowing you to enjoy a steady and secure lifestyle.
5. Don’t Carry Debt Into Retirement
Heading into retirement with credit card balances, personal loans, or mortgage obligations can create unnecessary financial stress. Paying down debts while you still have a steady income helps ensure your retirement years are more comfortable and worry-free.
What Not To Do Before Retirement
Avoiding these mistakes is just as crucial as saving and investing wisely. By planning carefully, seeking early advice, managing healthcare and debts, and drawing down super strategically, you’ll maximise your chances of a financially secure and enjoyable retirement.
Our Take: Avoiding Mistakes Starts with Guidance
At Wealthlab, we help Australians retire smarter not just by growing wealth, but by helping you sidestep the pitfalls that cost people thousands. From super optimisation to pension strategy, we make retirement work for you.
👉 Let’s make sure your next chapter starts strong.
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