Strategies for an unexpected retirement 

The best time to start planning for retirement is yesterday. 

But the second-best time? Today. 

About two-thirds of Australians retire earlier than they anticipated because of unexpected events such as job loss or redundancy, they need to care for a family member, have a sudden illness or injury, problems at work or a partner’s decision to retire.i 

But, whether you’re in your 50s, 60s, or even beyond, it’s never too late to take meaningful steps toward a more secure and fulfilling retirement. 

The good news is that with the right guidance and a few smart moves, you can still build a retirement plan that reflects your values, supports your lifestyle and gives you peace of mind. 

Where to begin 

Before you make any changes, it’s important to understand your current financial position. This includes: 

  • your superannuation balance 
  • other savings or investments 
  • debts such as your mortgage, credit cards and personal loans 
  • expected retirement income sources including the Age Pension, rental income and part-time work 

Boost your super 

Even if you’re starting later, there are ways to accelerate your super growth using: 

  • Salary sacrifice Contributing pre-tax income into super can reduce your taxable income while boosting your retirement savings. 
  • Personal contributions You may be eligible for a tax deduction or government co-contribution depending on your income. 
  • Catch-up contributions You may be eligible to add to your super but be aware of the caps on contributions.ii 

These strategies can be especially powerful in your 50s and 60s, when your income may be higher and retirement is on the horizon. 

It’s also a good idea to regularly consider your super investment options and review your risk tolerance and time horizon. 

Deal with debt 

If possible, getting your debt under control before you retire is a useful strategy. 

You could consider using your superannuation or other savings or downsize your home to pay off a mortgage or other loans. But first, it’s essential to carefully check the tax impact, the effect on your super and whether any potential government benefits will be affected. 

Reassess your lifestyle goals 

Retirement isn’t just about money, it’s about how and where you want to live, how much travel you’d like to do and if you’d continue to work part-time. 

Clarifying your lifestyle goals helps shape your financial strategy. It also ensures your retirement plan reflects your values, not just your bank balance. 

How much will I really need? 

Aim to create a retirement budget. Estimate your future expenses including housing, food, travel and healthcare and compare them to your expected income. This helps identify any shortfalls and guides your savings strategy. 

You will also need to consider the amount of time you might spend in retirement. This will depend on when you retire (planned or unexpected) and how long you live. This is called longevity risk. Given life expectancy is unpredictable, there is a possibility that your retirement savings may not last throughout retirement. 

Understand your entitlements 

Many Australians are eligible for government support in retirement, including: 

  • Age Pension Based on income and assets, available from age 67 (for those born after 1957). 
  • Concession cards For discounts on healthcare, transport and utilities. 
  • Rent assistance If you’re renting privately and receive the Age Pension. 

Even if you don’t qualify now, you may be able to restructure your finances to maximise future entitlements. 

Review regularly and remain flexible 

Retirement planning isn’t a one-time event. Life changes and so should your strategy. Regular reviews help you: 

  • Adjust for market movements or legislative changes 
  • Update your goals and spending patterns 
  • Ensure your estate planning is current 

Flexibility is key. Whether you retire gradually, take a sabbatical, or pivot to a new venture, your plan should evolve with you. 

Next steps 

Retirement planning is about taking the next step rather than chasing perfection. Whether you’re starting late or simply refining your strategy, every step you take now helps shape a more secure and meaningful future. 

And remember that retirement isn’t an end point. It’s a new beginning even if you retire earlier than you anticipated. With the right plan in place, you can step into this next chapter with clarity, confidence and purpose. 

We’d be happy to help you review your current retirement plan and identify any gaps in retirement goals and create a strategy should you need to retire earlier than expected. 

i Retirement and Retirement Intentions, Australia, 2022-23 financial year | Australian Bureau of Statistics 

ii Understanding concessional and non-concessional contributions | Australian Taxation Office 

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Succession planning that honours the business you built

For many small business owners, the company they’ve built is more than a livelihood, it’s a legacy. Building a successful business takes years of hard work and dedication and when you’re ready to retire or move on to the next chapter of your life, the path isn’t always clear. That’s where succession planning comes in. 

Whether your children have chosen different careers or there’s no obvious successor in sight, succession planning can be one of the most emotionally and financially complex aspects of running a business. 

Recent Australian research shows that most small businesses won’t be passed on to the next generation. In fact, nearly half of SME owners expect that when they retire it will result in the closure of the business or selling to someone outside the family.i 

Only 39 per cent anticipate a family member taking over, and just one-third have a documented succession plan in place. 

Without a clear plan, many business owners find themselves working well past the traditional retirement age. The reasons vary from lack of interest from family, uncertainty about valuation or simply not knowing where to start and the consequences can be significant. 

Who will take over your business? 

Succession planning isn’t just about protecting financial outcomes; it’s also about preserving relationships. When expectations are unclear or decisions are made under pressure, family dynamics can suffer. Open conversations, guided by a shared vision and professional advice, can help avoid misunderstandings and make sure that everyone feels heard. Even if the next generation isn’t stepping in, a thoughtful plan can honour your legacy and reduce stress for those around you. 

A plan also helps the business operate without disruption during change, which is vital for employees, customers, and stakeholders alike. 

Start early for a smoother exit 

The key to a successful business exit is planning early. 

A well-considered succession plan allows you to decide how and when you leave your business, rather than being forced to react to circumstances. 

A federal government succession planning template is a helpful starting point, but it’s just one piece of the puzzle. 

Planning ahead also helps avoid complications with the Australian Taxation Office. Transferring control or assets within a family business can trigger tax consequences, especially if the structure isn’t reviewed in advance. 

A strong succession plan should cover: 

  • whether you’ll retain any ownership or involvement post-transition 
  • how the successor will fund the purchase (if applicable) 
  • contingencies for unplanned events like illness or sudden death 
  • tax implications of asset transfers, CGT, GST, and restructuring 
  • a current business valuation and regular reviews 
  • legal documentation and buy-sell agreements 

If your business involves trusts, shareholder loans, or complex structures, it’s particularly important to seek professional advice. The ATO is actively reviewing transactions involving family wealth transfers, internal restructures, and use of concessions so clarity and compliance are key. Transactions of interest include assets being moved around within a private group; family member interests being restructured; accessing of concessions, exemptions and rollovers; settlement of shareholder/associate loans (Division 7A loans); and transfer of wealth through trusts.ii 

Get good advice 

Succession planning isn’t just about paperwork. Whether you’re preparing your business for sale, transferring ownership to a family member, or simply exploring your options, professional advice can make all the difference. 

We can help you to: 

  • choose the right tax structure 
  • understand the implications of buy-sell agreements 
  • prepare your business for valuation and sale 

If you’d like to start the conversation or review your existing plan, please contact our office. The earlier you begin, the more choices you’ll have and the more confident you’ll feel about your next chapter of your business. 

i Planning for life after business | Business Research and Insights 

ii Areas of focus 2024–25 | Australian Taxation Office 

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Market movements and review video – September 2025

Stay up to date with what’s happened in the Australian economy and markets over the past month. 

Consumer sentiment continues to rise after the latest interest rate cut. 

A higher-than-expected jump in inflation figures may prompt the RBA to keep interest rates on hold at this month’s meeting 

August saw the S&P/ASX 200 edging higher, notching another all-time high. 

Click the video below to view our update. 
 
Please get in touch if you’d like assistance with your personal financial situation. 

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