The ultimate retirement planning checklist

30s, 40s, 50s or older – tackling your retirement plan is for all ages. Because you want to be prepared for your older days. Because it’s up to you to decide when you want to retire. Because with this checklist we are aiming to make it easier for you. And more fun.

Explore these suggestions to prepare for the retirement lifestyle you are aiming for.

Before your 50s

Seems too early to think about retirement? We say it’s a great start for your to do list. If you are still at least 15-20 years away before becoming a citizen of Retirement City, it’s a good time to prepare for it. Here is a step-by-step guide for consideration:

Try to picture your desired lifestyle you’d like to see yourself come to life. From realistic expectations to nice-to-haves – make sure to dive into detail so you can strive towards your ideal. There is a crucial upside in this scenario masterclass: getting an idea of what you need to do in order to realise the lifestyle you want (and deserve).

Leave it with the experts! Seeking financial advice gives you the chance to explore various ways of reaching your goals for life past employment. Speak to your financial advisor at your bank, contact your super provider or book an appointment with an independent consultant. Let’s get ready to rumble!

• Imagine your future self
  Travelling the world, becoming a pickleball champion, owning a perfect home, maybe having children or grandchildren – and all that with luscious hair blowing in the wind and a frozen margarita in your hand watching the sunset. Whatever it is, dream big!
  • Try to picture your desired lifestyle you’d like to see yourself come to life. From realistic expectations to nice-to-haves – make sure to dive into detail so you can strive towards your ideal. There is a crucial upside in this scenario masterclass: getting an idea of what you need to do in order to realise the lifestyle you want (and deserve).

• Start a financial plan
  If you are not a fan of numbers, this could sound like a nightmare. But stick with us! You might already be on the right track with things like your super balance, health insurance or general savings. It can just be a matter of reaching out to the right people to figure out how much money you need to retire in Australia.
  • Leave it with the experts! Seeking financial advice gives you the chance to explore various ways of reaching your goals for life past employment. Speak to your financial advisor at your bank, contact your super provider or book an appointment with an independent consultant. Let’s get ready to rumble!

• Have a plan b
  Fingers crossed that your retirement plans go smooth like butter! But it doesn’t hurt to have a backup on hand. Whether it’s that extra bit of savings to put aside or deciding to invest in that long thought-about health insurance, think about potential risks and build a secure cover.

The sweet spot: 50-60 years old

• Downsize your home
  Okay, we might not be completely neutral here BUT downsizing is truly the ultimate tip we have up our sleeves. Moving into a Lifestyle Community is the opposite of a retirement village. It actually allows you to keep working while benefiting from this life-changing experience. Whether you take up a part time job, full time hustle or are already retired, why wait to choose the never-ending holiday lifestyle now? Downsizing your home to a more suitable one also makes room for a bigger lifestyle and can free up equity. But really, we have more than 30 reasons why downsizing is the way to go.
  
  
• Make use of concession cards
  Did you know that there is a National Seniors Card for over 50s? Despite its name (Seniors? More like superstars!), these cards were designed to make life a little sweeter, so apply for a card, grab a friend and let the rewards come your way. That’s not to be confused with government concession cards, however, if you are eligible for any extra benefits or discounts – take what you can get! The earlier you use them, the more savings are in it for you (and your wallet).
  
  
• Check if you can cash out early
  If you do choose to wave the working life goodbye in advance, see when you can access your super the earliest. It really comes down to whether you reached your preservation age. But it’s also worth considering whether your super balance is holding enough to get you through retirement before you claim your access. Speak to a financial advisor that can help you break down the details for your situation.
  
  
• Resolve any outstanding debt
  Car bills, credit card charges, student loans or a mortgage. It’s a good time to review which debt you might be able to pay off. Diving into retirement debt-free is a healthy goal that truly lets you enjoy your infinite free time.

Aged 65 or when you reached your retirement age

• Set up your will
  This one is important. If you haven’t already, a will is a legal document that will handle how your property and other assets are dealt with after you have passed. Living and feeling on top of the world, the first thought that crosses your mind might be: Ugh! What a mood destroyer.
  • However, setting up a will is taking away any doubts, worries and stress when life really is in a moody sentiment. Think about the relief of everything being taken care of. Including the comfort and stability you are giving your loved ones – even your pet – knowing there is one less thing to steer when you are “going abroad”.
    • You can either use a handy legal will kit or leave it up with a professional, for example via the Australian Government. Bonus reason: depending on your state or territory, the will writing costs can be significantly cheaper if you are over 60 years old.

• Stay healthy and adventurous
  You made it! This is the end of our checklist for retirement planning. We hope you are living the life you pictured with all its fantastic moments. The frozen margarita, the sunset, the whole package. Congratulations!

Most importantly: live your life to the fullest no matter your age! Take care of your physical and mental health, stay open-minded, pick up new hobbies or follow your interests and socialise with the people that are close to you and we are certain you’ll be ready for retirement and beyond. Learn more about our purpose, mission and values or get in touch with us.