Retirement isn’t just about reaching a certain age — it’s about feeling ready for the next chapter of your life. True retirement confidence comes from knowing you’ve thought ahead, planned carefully, and made informed decisions about your financial future.
1. Define Your Retirement Vision
Before you start crunching numbers, take time to picture what your ideal retirement looks like. Defining your vision is the foundation for every financial decision that follows. Ask yourself:
- What age would I like to retire?
- What does my dream lifestyle include? Travel, part-time work, volunteering or spending time with loved ones?
- Where do I want to live?
Clarity here helps set meaningful goals — and gives your financial strategy real purpose.
2. Understand Your Financial Position
Get an idea of where you are today. Review your savings, superannuation balances, investments, and debts, as well as your ongoing expenses.
It’s also important to consider future costs such as healthcare, home maintenance, or potential aged care needs. Having a clear snapshot of your current position allows you to plan with confidence and avoid surprises later.
3. Calculate Your Retirement Needs
Once you know where you stand, the next step is to determine what you’ll need to maintain your lifestyle in retirement.
According to the 2025 ASFA Retirement Standard, a comfortable lifestyle costs an estimated $54,240 per year for singles and $76,505 per year for couples aged 65–84 who own their own home. This figure is a useful benchmark and includes everyday expenses such as food, clothing, private health insurance, home maintenance, transport, and modest leisure activities, but your personal costs and other factors will depend on your lifestyle expectations and health needs.
Retirees today are living longer, healthier lives, which means your savings may need to last 25–30 years or more.
4. Identify Your Sources of Income
Your retirement income may come from several sources — such as superannuation or pension accounts, investment earnings, rental properties, government benefits (like the Age Pension), or personal savings. Diversifying your income sources can help build financial stability and flexibility, especially during market fluctuations.
5. Identify and Address Any Gaps
If your projected expenses exceed your estimated income, this is your opportunity to adjust. You might choose to increase your super contributions, review your investment strategy, or even delay retirement slightly to strengthen your savings base.
A professional financial adviser can help you identify practical strategies to close the gap — such as optimising superannuation contributions, improving tax efficiency, or restructuring assets for sustainable income.
6. Protect Your Wealth
Safeguarding your assets is just as important as growing them. Make sure your insurance policies — including health, life, and income protection — are up to date.
Review your estate planning documents regularly to ensure your will, power of attorney, and beneficiary nominations reflect your current wishes. This helps protect your family’s financial future and preserves the legacy you’ve built.
7. Seek Trusted Professional Advice
Financial advice is about more than money — it’s about clarity, confidence, and peace of mind.
According to the Financial Advice Association Australia’s 2025 Value of Advice Consumer Research, Australians who receive professional financial advice report higher levels of financial wellbeing, confidence, and overall life satisfaction than those who do not.
8. Review Regularly
Retirement isn’t static — your financial plan shouldn’t be either. Review your strategy regularly to reflect changes in markets, legislation, and your personal circumstances.
Set an annual reminder for a financial check-up and meet with your financial adviser to make any necessary adjustments. Small, consistent reviews can make a significant difference to your long-term outcomes.
By defining your goals, understanding your position, and seeking professional guidance, you’ll move closer to the life you’ve imagined.
At Fiducian, we help our clients optimise their income and benefits in retirement, create clear and achievable plans, and enjoy the financial freedom they’ve earned. Together, we can help turn your vision into reality — so you can live your retirement with confidence, purpose, and peace of mind.
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