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A guide to retiring

Planning for life after work is more than just working out how much income you’ll have or the types of holidays you would like to take.

Retirement planning is about giving yourself the best chance of creating a healthy and secure future to ensure your overall wellbeing and happiness.

A Guide to Retiring is a comprehensive document to help you better understand retirement. It also contains a list of useful contact details.

This document will help you to start considering some of the following questions:

  • Do you want to retire full-time?
    • Have you considered part-time or casual work?
  • Have you thought about activities you could do to replace work? Retirement is a great time to take your health more seriously. How will you stay fit and active?
  • What types of changes do you expect to occur once you retire?
  • Are you in a good position financially?
    • Are you supporting any children financially or otherwise?
    • Taking into account average life expectancy, do you have enough money in savings and superannuation to support the lifestyle you want?
    • Are you eligible for the age pension or part of the age pension?
    • If your spouse or another family member becomes ill, are you going to be able to support them?
  • Will your home be a suitable place to live in 5 or 10 years time?

Write a list outlining what you expect from your retirement lifestyle, including where you want to live, and any travel and regular activities you would like to do.

When you read the minimum age set by law (also known as your preservation age), you are able to access your superannuation. Your preservation age can range from 55 to 60 depending on when you were born.

Check the preservation age table.

There is currently no compulsory retirement age. However, to qualify for the age pension, you must satisfy age and residence requirements.

Check to see if you are eligibile for the age pension.

Income support for seniors

If you've retired or are about to retire, take a look at Centrelink's handy booklet on payments and services.

Also take a look at the payments for older Australians to learn about other financial assistance that may be available to support you with healthcare and household costs.

Income support for seniors

If you've retired or are about to retire, take a look at Centrelink's handy booklet on payments and services.

Your rights at retirement

The Your Rights at Retirement guide produced by the Australian Human Rights Commission covers topics including health, aged care, wills and end-of-life decisions.

Licence
Creative Commons Attribution 3.0 Australia (CC BY 3.0)
Last updated:
29 July 2015

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