Life cover

A sudden death can place financial stress on those who depend on you. If this happens, life cover can help them pay the bills and other living expenses.

What is life cover

Life cover is also called ‘term life insurance’ or ‘death cover’. It pays a lump sum amount of money when you die. The money goes to the people you nominate as beneficiaries on the policy. If you haven’t named a beneficiary, the super trustee or your estate decides where the money goes.

Life cover may also come with terminal illness cover. This pays a lump sum if you’re diagnosed with a terminal illness with a limited life expectancy.

Important: Accidental death insurance is different from life cover. It will only pay out if you die from an accident. It will not provide cover if you die from an illness, disease or suicide. This type of cover often has a lot of exclusions.

To understand what’s covered under a policy and the exclusions, read the product disclosure statement (PDS).

Decide if you need life cover

If you have a partner or dependents, life insurance can help repay debt and cover living costs if you die.

If you don’t have a partner, or people who depend on you financially, you may not need life cover. But consider getting trauma insurance, income protection insurance or total and permanent disability (TPD) insurance in case you get sick or injured.

How much life cover you might need

To decide how much life cover to get, consider how much money you or your family would:

  • need — to pay the mortgage, credit cards and any other debts, child care, school fees and ongoing living expenses
  • receive — from super, savings, the sale of any investments, your paid leave balance, and support from your extended family

The difference between these is the amount of cover you should get.

If you need help deciding if you need life cover, and how much, speak to us.

How to buy life cover

Check if you already hold life insurance through super. Most super funds offer default life cover that’s cheaper than buying it directly. You can increase your level of cover through your super fund if you need to.

You can also buy life cover from:

  • a financial adviser
  • an insurance broker
  • an insurance company

Life cover can be bought on its own or packaged with trauma, TPD or income protection insurance. If it’s packaged, your life cover may be reduced by any amount paid on other claims in the package. Check the PDS or ask your insurer.

Life cover premiums

You can generally choose to pay for life cover with either:

  • variable age-stepped premiums (previously known as ‘stepped premiums’) — are based on your age and recalculated at each policy renewal. Generally, this means that the cost of your cover will increase as you get older because there is a higher chance of making a claim as you age.
  • variable premiums (previously known as ‘level premiums’)— charge a higher premium at the start of the policy, but changes to the cost aren’t based on your age, so increases generally happen more slowly over time.

Your choice of variable age-stepped or variable premiums has an impact on how much your premiums will cost now and in the future. 

Regardless of which way you choose to pay for your cover, premiums are not guaranteed and may change annually. Speak to your insurer or read the PDS for more information. 

Compare life cover

Once you know how much life cover you need, shop around and compare:

  • benefits and policy features
  • exclusions
  • waiting periods before you can claim
  • limits on cover
  • the cost of the premiums — now and in the future

A cheaper policy may have more exclusions, or it may become more expensive in the future. You can find information about the policy on the insurer’s website or in the product disclosure statement (PDS). 

What you need to tell your insurer

An insurer will ask you questions when you apply for or change your insurance. These questions may be about your: 

  • age
  • job
  • medical history
  • family history, such as a history of disease
  • lifestyle (for example, if you’re a smoker)
  • high-risk sports or hobbies (such as skydiving)

If an insurer doesn’t ask for your medical history, it may mean that the policy has more exclusions or narrower policy definitions.

The information you provide will help the insurer to decide:

  • if they should insure you
  • how much your premiums will be
  • terms and conditions for your policy

It is important that you answer the questions honestly. Providing misleading or incomplete answers could lead an insurer to cancel or vary your cover, or decline a claim you make.

Making a life cover claim

If someone close to you dies and you need to make a claim, or if you need to make a terminal illness claim, see how to make a life insurance claim. 

Source:
Reproduced with the permission of ASIC’s MoneySmart Team. This article was originally published at https://moneysmart.gov.au/how-life-insurance-works/life-cover
Important note: This provides general information and hasn’t taken your circumstances into account.  It’s important to consider your particular circumstances before deciding what’s right for you. Although the information is from sources considered reliable, we do not guarantee that it is accurate or complete. You should not rely upon it and should seek qualified advice before making any investment decision. Except where liability under any statute cannot be excluded, we do not accept any liability (whether under contract, tort or otherwise) for any resulting loss or damage of the reader or any other person.  Past performance is not a reliable guide to future returns.
Important
Any information provided by the author detailed above is separate and external to our business and our Licensee. Neither our business nor our Licensee takes any responsibility for any action or any service provided by the author. Any links have been provided with permission for information purposes only and will take you to external websites, which are not connected to our company in any way. Note: Our company does not endorse and is not responsible for the accuracy of the contents/information contained within the linked site(s) accessible from this page.

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Your money, your priorities

Investing may be all about the numbers – growth, returns and risk – to build a secure future but increasingly investors are interested in an even more meaningful approach.

Four out of five respondents to a 2024 survey wanted their investments to have a positive impact in the world.i

The survey, by the Responsible Investment Association Australasia (RIAA), found 79 per cent of investors would be more likely to invest in funds or products that have been independently verified as responsible or ethical. Animal cruelty was a top concern for 66 per cent, followed by human rights abuses – 60 per cent, gambling – 56 per cent, companies that don’t paid their fair share of tax – 55 per cent, as well as tobacco, weapons and firearms all at 55 per cent.ii

This growing interest in responsible investment saw assets under management in Australian funds rise 24 per cent to more than $1.6 trillion in 2024.iii

Meanwhile, a 2025 survey of 3,500 high net worth Australian investors found that sustainable investing is gaining traction as long as appropriate returns, clear risk and return profiles, and transparent performance reporting are in place.iv

Adding value

Aligning your investments with your values isn’t about changing the way you invest, it’s about adding an extra layer of meaning to the process and shaping your portfolio to reflect what’s important to you.

For some, that might mean supporting companies that innovate responsibly or treat employees well. For others, it could mean avoiding industries that don’t align with their principles. There’s no single ‘right’ approach because your values are unique to you.

And here’s the reassuring part: investing with your values doesn’t mean sacrificing returns. Many businesses that operate with strong governance and long-term strategies have shown to perform competitively over time. So, you can pursue financial growth while feeling confident that your money is working in ways that matter to you.

In fact, the RIAA noted in 2024 a ten-year return on RIAA-certified products of 13.9 per cent, compared with 9.19 per cent for the rest of the market (Australian share funds).v

Of course, fundamental investment rules apply. Diversification is one of the keys to successful values-based investing. But it’s not about limiting your choices, it’s about finding the right mix of investments that meet both your financial and personal criteria.

A well-constructed portfolio can include companies across different sectors that align with your principles while still delivering strong performance. This approach ensures you’re not only investing with purpose but also managing risk effectively.

Taking the first step

Turning this idea into reality can be complex. Investor’s priorities are different and the investment universe is vast. That’s where a financial adviser adds value.

A good adviser doesn’t just manage numbers. They listen and take the time to understand what matters most to you, whether that’s supporting certain industries, avoiding others or balancing ethical considerations with performance goals.

From there, they help design a strategy that reflects your values without losing sight of your financial objectives.

Advisers also provide clarity. With so many investment options available, it’s easy to feel overwhelmed. We can help you navigate choices, evaluate trade-offs, and ensure your portfolio remains diversified and resilient. We can also monitor your investments regularly, making adjustments as markets change and your priorities evolve.

So, if you’ve ever wondered whether your investments reflect your values, you can begin exploring the possibilities.

Start by asking yourself about the principles that are most important to you; the industry sectors you would like to support or steer clear of and how you would define success.

Then, give us a call. We can help you to align your portfolio with your values while keeping your long-term goals on track.

i, ii From Values to Riches 2024: Charting consumer demand for responsible investing in Australia – Consumer Research

iii, v Record $1.6 trillion committed to responsible investing, but greenwashing remains a major concern – Media Release

iv New EY survey: Australian investors more likely to stick with their adviser, though shifting expectations are reshaping the wealth management landscape | EY – Australia

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Where the ATO is focusing

With some changes to personal tax rules this financial year, it may be time to take a closer look at your tax affairs, particularly given the ATO’s focus is on personal deduction claims.

The tax regulator is continuing to emphasise its concern about some taxpayers’ work-related expense claims, deductions for investment properties and holiday homes, income from the sharing economy and cryptocurrency.i

Given this focus, it’s sensible to check you are following all the current tax rules and have the necessary documents to substantiate any deduction claims or income sources come 30 June.

For businesses, keep an eye on BAS lodgement dates and super contribution deadlines early in the new year to avoid missing them and copping a fine.

Upcoming tax rate changes

From 1 July 2026, the tax rate for individual income between $18,201 and $45,000 will be reduced from 16 per cent to 15 per cent.ii

From 1 July 2027, there will be a further reduction to 14 per cent for individual taxpayers. It’s worth checking the potential impact of these changes as you may need to update your existing salary packaging or super contribution arrangement with your employer.

It may also be worthwhile reviewing any capital gains tax obligations for this financial year and offset them against any capital losses.

Review your super position

With higher non-concessional contributions and total super balance caps in place for 2025-26, if you intend to make extra contributions into your super account prior to 30 June, check your account balance for the prior year to avoid exceeding your annual cap limits.

People with higher super account balances (over $3 million) should also review the Treasurer’s revisions to the Better Targeted Superannuation Concessions (Division 296) legislation.iii

These adjustments include the introduction of a second threshold on balances above $10 million and indexing of the threshold for balances between $3 million and $10 million.

Getting your business’ paperwork in order

Business taxpayers also need to focus on super, as 1 July will see the start of the new Payday Superannuation rules, which requires employers to make their Super Guarantee (SG) contributions at the same time they make wages and salary payments.iv

Preparations for this major change include checking whether your payroll software will be ready to cope with the shift from quarterly to more regular contribution payments.

At an operational level, employers traditionally paying their SG contributions on a quarterly basis should model the likely impact of the new payment rules on their business cashflow.

And don’t forget to ensure your digital records are secure and backed up. With the ever increasing threat of cybercrime, enable two-factor authentication, update passwords and review your data storage practices.

Strategic issues to consider

Now is also a good time to review your budget and financial position. Identify any potential bad debts that should be followed up in the new year.

Consider timing income and expenses strategically. For example, you may be able to defer income or bring forward tax deductible expenses. Depending on how the business is performing, start evaluating any planned deductible purchases or expenses now, rather than waiting until just prior to EOFY.

Although the government’s announced extension of the $20,000 instant asset write-off to this financial year is yet to be made law, consider whether you will take advantage of it. For new business assets to be eligible, they must be installed and ready to use by 30 June.

If you need help preparing your tax affairs or business strategy for 2026, contact our office today.

i ATO unveils ‘wild’ tax deduction attempts and priorities for 2025 | Australian Taxation Office

ii Personal income tax – new tax cuts for every Australian taxpayer | Australian Taxation Office

iii Reforms to support low-income workers and build a stronger super system | Treasury.gov.au

iv Payday superannuation | Australian Taxation Office

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Your retirement. Your way. Your adventure.

Retirement has often been seen as a time to slow down and enjoy the simple pleasures of daily life. And for many, that’s the dream. But retirement is no longer defined by one image or one path. In fact, it can be something much more expansive. Today, retirement is increasingly viewed as a time of freedom, possibility, and reinvention.

Retirement isn’t about stepping back. It’s about stepping into a new chapter where you decide what comes next.

Even if you are not yet there, and retirement is still a way off, it’s never too soon to think about who you want to be, what gives you joy, and start to gravitate towards living your dreams.

Let go of conformity, embrace freedom

Of course, you can live your dreams at any stage of your life but the exciting part about retirement is that you are no longer bound by the expectations that shaped your earlier years. You don’t have to earn a living anymore, so what you do with your time can be driven purely by passion, curiosity, or purpose.

For much of our lives, we learn to conform. We wear the suits, follow the rules, meet the deadlines, and often suppress our wilder ideas or untapped creativity to fit the roles expected of us, whether as professionals, parents, providers, or partners.

But something shifts later in life. With age often comes clarity, and a new kind of confidence. Retirement can be the moment when we stop asking what others think we should do and instead, begin to ask what our hearts are calling us to do.

This is your opportunity to push boundaries, shed old labels, and express your true self without apology. It is a time to honour your inner voice, whether that means embracing bold adventure, creating, starting over, or simply doing what feels meaningful to you.

Unconventional can be unforgettable

Retirement can be the perfect time to try something unexpected or bold. Consider these inspiring examples:

Isabella Rossellini

After being let go by Lancôme at age 45 for being “too old,” Rossellini redefined what aging looks like. She went back to school in her 50s to study animal behaviour, wrote books, bought a working farm, and later, in a full-circle moment, was rehired by the same brand that once let her go. Now in her 70s, she continues to model, act, write, and farm, all on her own terms.

Diana Nyad

At 64, Nyad swam from Cuba to Florida, a journey of 110 miles through open ocean, after four earlier attempts. It was a dream she had carried her whole life, and she proved that persistence and passion don’t expire with age.

Harriette Thompson

Harriette ran her first marathon in her 70s and, at 92, became the oldest woman ever to complete one. Her story is a celebration of physical endurance and mental strength at any age.

Anthony Hopkins

Well into his 80s, the Oscar-winning actor continues to create. He acts in major films, paints, composes music, and shares his work with younger generations online. He shows that creativity and passion do not have a use-by date.

Mother Teresa

Mother Teresa received the Nobel Peace Prize at age 69 for her work with “Missionaries of Charity,” a world-wide organization that helped the sick, the poor, the dying and left an incredible legacy of benevolence that continues today.

Finding your joy

This chapter of life gives you the rare opportunity to redefine yourself, or finally be yourself, in ways that may not have been possible earlier in life.

Whether your dream is to travel the world, volunteer overseas, write a novel, take up painting, or pursue a long-held interest that never fit into your working life, now is your chance.

And it doesn’t have to follow tradition. Retirement can be adventurous, creative, active, or entrepreneurial. It can be spent on a cruise ship, in a mountain village, running marathons, making movies. And you don’t have to set the world on fire – if what makes you happy is watching your roses bloom then go for it! The point is, this part of your life, is yours to shape.

Retirement is a time to live fully and follow your own path to what brings you joy. What will your next chapter be?

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Smart business strategies to prepare for the festive season

The festive season is a unique time for small businesses. It can bring a wave of opportunities such as more customers, increased sales, and chances to strengthen relationships. But it also comes with its fair share of challenges like higher operational costs, unpredictable demand, and the quieter period that often follows the silly season.

Taking control now can help you make the most of the season’s potential while smoothing out the difficulties.

Here are a few tips to manage the ups and downs and stay focused while still embracing the opportunities the season brings.

Get in early

One of the biggest advantages you can give yourself is a head start. The festive season often disrupts normal business rhythms so planning your cash flow, stock levels, and anticipating staffing requirements ahead of time will set you up to respond well whether demand surges or dips.

If you expect busy periods, having enough stock and team capacity means you won’t miss out on sales. If things typically slow down, early planning helps you avoid overspending or overcommitting during quieter times.

Managing inventory can be challenging and for many businesses stocking up for Christmas makes sense, but be careful to plan in advance, and avoid over-ordering. Getting stuck with excess inventory after the holidays can be a big drag on your financials.

Being proactive and planning ahead also means you can factor in higher costs like holiday pay, or penalty rates for casual employees, extra shipping fees or even festive promotions, so your budget isn’t caught off guard.

Keep control: protect your margins

With the festive cheer certainly comes a temptation to discount or run flashy promotions. These can be great opportunities to boost sales and attract attention but without careful tracking they can erode your profits.

Challenges like managing inventory shortages or delivery delays are common this time of year too. Keeping a close eye on your costs, stock levels, and pricing strategies will help you avoid unnecessary losses and maintain healthy margins.

Use the season to build relationships

While the holidays bring a chance for quick wins, the real opportunity lies in nurturing lasting connections. The festive season is a perfect time to show appreciation to your existing customers and welcome new ones with care and attention.

Balancing the rush of immediate sales with the slower, steady work of relationship-building will pay off beyond December and January. Focusing on service quality and thoughtful communication can turn seasonal buyers into loyal supporters.

Prepare for the new year holiday slowdown

One of the trickiest challenges of the season is the January lull. Even after a strong December, the quieter start to the year can strain cash flow with expenses still coming in and income slowing down.

Building a financial buffer and chasing outstanding invoices early, or even offering discounts for early payments, can help soften this blow. This way, you’re not scrambling to cover bills or missing opportunities because of tight funds.

A slow period in your business can also be the optimum time to catch up on admin, review your processes to look for efficiencies and set goals for the year to come, so plan to make the most of down time.

Balance your energy as carefully as your books

Make time for yourself too.

The demands of the season can stretch you thin. Managing financial pressures while keeping up with increased workloads, customer expectations, and personal commitments is no small feat.

Remember that your own wellbeing is part of your business’s health. Prioritise rest, delegate where you can, and focus on what will make the biggest impact both in your finances and your daily work.

The festive period is a time of contrasts: excitement and pressure, opportunity and challenge, growth and recovery. By approaching your finances with a clear plan, attention to detail, and an eye on both short-term gains and long-term stability, you can ride those waves successfully.

This season doesn’t have to be a stress test for your business. It can be a chance to finish the year strong and start the next one with confidence.

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Market movements and review video – November 2025

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

Australia’s economy remained under pressure in October. Investors sharply pared back future rate-cut bets after inflation data came in higher than expected.

News of the higher-than-expected inflation numbers was followed by the biggest daily fall in the Australian share market in two months.

Wall Street ended the month subdued over suggestions of no further rate cuts expected this year but there was some optimism about US-China relations.

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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Estate planning

How to develop an estate planning strategy to deal with your assets in the event of your death.

Estate planning involves developing a strategy to deal with your assets after you die – the legal instruments and structures, such as a will, you put in place to transfer your assets in the event of death.

Tax is a major consideration in estate planning, and strong governance relating to the tax aspects of estate administration can help manage the risks.

Ensure you or your staff have sufficient knowledge and skills to meet your responsibilities. Be prepared to seek assistance from external advisers on more complex tax issues.

Developing an effective strategy

Estate planning may be considered as part of your overall succession plan for your business. You may need to seek specialist advice on the most appropriate estate planning strategy.

Have a process in place to periodically review your strategy in conjunction with your advisers, including your legal, tax, superannuation and financial advisers.

Beware of schemes that claim to have estate planning purposes but are merely tax avoidance arrangements. An effective tax governance framework includes processes for evaluating various arrangements and the tax risks involved.

Preparing a valid will

If someone dies without a valid will, this is called ‘dying intestate’, and their assets are distributed according to the inheritance laws of the states and territories of Australia. In this case there is a risk that the undocumented intentions of the deceased person in relation to their estate may not be fully acted on.

Depending on the marginal tax rates of different beneficiaries, intestacy could potentially lead to an overall imbalance in the distribution of an estate due to higher rates of tax payable by some beneficiaries.

Planning ahead can avoid this result. When preparing a will, the will maker and their advisers can assess opportunities to manage the tax implications for beneficiaries.

Administering a deceased estate

As executor of a deceased estate, you need to understand your tax obligations, including:

  • notifying us that you’ve been appointed as executor
  • lodging a final return, and any outstanding prior-year returns, for the deceased person
  • lodging any trust tax returns for the deceased estate
  • providing beneficiaries with the information they need to include distributions in their own returns and, in certain cases, paying tax on their behalf
  • paying tax on the income of the deceased estate.

Testamentary trusts

A testamentary trust is a trust established under a valid will, but it’s not the same trust as the deceased estate. A testamentary trust functions in a similar way to a discretionary family trust, with certain provisions of the will operating like a trust deed.

Like any trust, a trustee of a well-governed testamentary trust will:

  • properly understand the tax profile of potential beneficiaries in the light of intended tax outcomes
  • lodge a tax return for every financial year that it is in existence
  • maintain proper trust account records (such as trustee resolutions, detailed financial statements and reconciliations), especially where a trustee is streaming capital gains or franked dividends
  • fully document capital gains tax events, cost bases, and rollovers and other concessions claimed.

Depending on who is appointed as the trustee and appointor of the testamentary trust, there may need to be a high level of co-operation between family members to ensure that necessary tax, financial and other information is shared for the trust to operate effectively.

A well governed testamentary trust will ensure that tax outcomes are achieved and, more importantly, complex family or legal disputes can be prevented.

Capital gains tax

Special capital gains tax (CGT) rules apply to the transfer of any CGT assets from a deceased estate. You should seek specialist advice in relation to the CGT implications of passing on or disposing of the assets of a deceased estate.

Keep complete records of CGT assets. These will be needed by the executor and any beneficiary who receives a CGT asset from the estate.

Superannuation and death benefits

Ensure you understand the tax issues around estate planning and superannuation.

For example, the tax impact of distributions made under a binding death nomination is usually one of the major considerations in estate planning.

Assets held by a person in their superannuation fund are not automatically included in their estate. In the absence of a binding death benefit nomination, the trustee has the discretion to pay the benefits of the deceased to any of their superannuation dependents instead of the estate (rather than according to the will, which only deals with the estate assets), and of deferring tax consequences. Where a nomination is in place, the benefits will be paid to the nominated beneficiaries.

It’s good practice to regularly review the need for any nominations to ensure your superannuation benefits will be passed on to your nominated beneficiaries, and that the nominations are valid and effective. Seek advice on the tax implications.

Example: Reviewing your strategy as circumstances change

As part of your estate planning strategy, you make a binding death nomination to provide for your under-age children who would receive the benefit tax free. You get advice to ensure that the nomination is valid and effective.

You provide for your older children, who would be taxed on receipt of superannuation death benefits, in your will.

After some years, when all of your children are older, you review your strategy and make a new nomination that better suits your family’s tax situation.

Because your personal circumstances change from time to time, it’s important that you regularly review the estate planning and income tax consequences when it comes to the distribution of your superannuation assets to your beneficiaries. Areas that warrant attention include:

  • the distinction between a ‘superannuation dependent’ and a ‘tax dependent’
  • interaction with testamentary trusts
  • effecting the reversion of a pension to spouse
  • realising fund assets for payment to beneficiaries

Feel free to contact us if you have any questions. Source: ato.gov.au
Reproduced with the permission of the Australian Tax Office. This article was originally published on https://www.ato.gov.au/newsroom/smallbusiness/ . Important: This provides general information and hasn’t taken your circumstances into account.  It’s important to consider your particular circumstances before deciding what’s right for you. Although the information is from sources considered reliable, we do not guarantee that it is accurate or complete. You should not rely upon it and should seek qualified advice before making any investment decision. Except where liability under any statute cannot be excluded, we do not accept any liability (whether under contract, tort or otherwise) for any resulting loss or damage of the reader or any other person. 
Any information provided by the author detailed above is separate and external to our business and our Licensee. Neither our business nor our Licensee takes any responsibility for any action or any service provided by the author. Any links have been provided with permission for information purposes only and will take you to external websites, which are not connected to our company in any way. Note: Our company does not endorse and is not responsible for the accuracy of the contents/information contained within the linked site(s) accessible from this page.

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Market movements and review video – October 2025

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

Australia’s economy showed resilience in September, with inflation remaining sticky and the RBA holding rates steady at 3.6%.

Despite the August/September period noted for being seasonally weak, markets remain at near record levels.

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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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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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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