Amanda Hardy Lai

Amanda has worked in the financial services industry since 1998 and has been providing financial advice since 2006. Her career has been driven by a commitment to ensuring the highest standards of financial advice and client care. To book a consultation with Amanda click here.
Age Pension Q&A for 60-somethings

Age Pension Q&A for 60-somethings

Some of the best Age Pension questions we receive at Retirement Essentials come not from people already at eligibility age, but from those in their early-to-mid 60s, planning for what’s ahead.

Whether it’s deciding how to spend super before age 67, shifting funds between spouses, or understanding which records to keep, these members are thinking strategically and making sure they avoid surprises when it’s their turn to apply.

Here are some of the questions we’ve received from people aged 63 to 66 – and the practical advice that can help anyone planning ahead for their Age Pension application.

Turning ‘running out of money’ into a clear retirement plan

Turning ‘running out of money’ into a clear retirement plan

As retirement approaches, it’s natural to ask, “Am I going to be okay financially?” For Australians with a modest super balance, this question can feel urgent. Many people worry they won’t have enough to live comfortably, particularly if they’ve worked part-time, casually, or in industries such as retail or hospitality where super balances are often lower.

The fear of running out of money is common, but even with a super balance of around $200,000 there are practical strategies to help your funds go further and build confidence in your retirement.

Understanding a modest but comfortable retirement

What does ‘modest’ really mean in retirement? With the right planning, even a modest super balance can go further than many expect with the combination of Age Pension support and Account-Based Pension drawdowns. The resulting income may cover essentials, allow for small pleasures, and provide independence – without constant money worries.

For context, Australian Taxation Office (ATO) data shows that Australians aged 65-69 have a median super balance of around $218,000 for men and $199,000 for women. In other words, about half of people at this key planning stage have balances below these figures and half have more.

A modest balance doesn’t have to mean missing out on making the most of what you’ve got. By knowing your spending needs, using all available income sources, and making smart choices about super, you can replace uncertainty with a practical confident plan.