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7 Things to Do as Preparation for Your Retirement Plan

Updated: Aug 4, 2021

Preparing for different stages of your life can make the transition easier and bearable, perhaps even enjoyable to a certain degree. That’s been evident when moving up in school levels and increasing ranking at a workplace. It can be entirely fulfilling, but reaching the end of the finish line can seem quite daunting.

A little over 55% of Australians don’t feel like they’re ready for retirement yet, which is honestly a statistic that has to change. Otherwise, the beginning of your retirement is going to look a lot like stress and last-minute planning.

Here’s what you should do to prepare for your retirement:

1. Calculate the Figures Needed

Each person’s lifestyle can be very different, and it can be a defining factor for the future costs and needed funds to sustain that lifestyle. It’s safer to have a $35k-$45k budget for every year in retirement to live comfortably, but some can manage an annual $25k-$30k at least.

It can be a different story for couples and families who may be supporting multiple people still. Speak with a financial advisor on what figures you should prepare for and how you should do it, along with the most secure ways to stick to that budget plan following retirement.

2. Reduce Your Debt Beforehand

A person’s debt can usually affect how their retirement funds will be spent. Part of the preparation should be reducing the amount of debt as much as you can. This advanced priority will help bring much more financial stability and freedom during your retirement period. Try not to take on too much debt if you can help it as well to minimise future payments.

3. Assess Your Super Contributions

Every Australian’s retirement plan often centres around how much is in their superannuation funds. If you want to increase your savings a little, you can do so by continuing to contribute. Retirees can also access their super at 60 so that they’re tax-free or, alternatively, switch to a transition to retirement pension to continue working.

4. Check Government Payment Programs

Super may not be the only funds you can access, considering the Australian Government and state governments may have programs you’re entitled to get. A Carer’s Allowance, Disability Support Pension and the like can be an essential source of cash that you can use during retirement.

5. Confirm Your Insurance Plan

One can never be too safe when it comes to insurance. As you begin to enter a new chapter of your life and your circumstances change, the coverage of your insurance plan may not apply to you anymore. Be sure to confirm and switch when needed.

6. Look into Investment

Retirement usually means that your job, your primary source of income, would be no more. It’s a better time than any to just search up what would be a good investment in order to ensure that cash flow is sustained and that there are more funds available for daily needs.

7. Pick a New Hobby

One last thing to think about for your retirement plan is your future daily life. There’s going to be so much free time when work isn’t involved anymore, so thinking about what your living space and new hobby would help you decide how to start your retirement life.


These different steps should help you have a fantastic retirement plan set in place. There’s no need to have any impending worry if you take care of things early, so you can focus on reflecting on your hard work and relaxing.

Want to make a retirement investment on the Gold Coast? Swell Financial Planning provides the right retirement advice alongside different financial services regarding investment, insurance, budgeting, and more. Get in touch with us today!


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