Amanda Hardy Lai, Author at Retirement Essentials

Mapping your retirement planning options without the stress

by Amanda Hardy Lai | Planning for Retirement

Retirement planning can feel like a merry-go round of decisions, leaving you dizzy with the different directions you can pursue. With so many moving parts, it’s easy to feel overwhelmed. Two recent member dilemmas have highlighted how different people approach planning — and how enhanced clarity can make the process feel surprisingly manageable.

Susan: Finding the sweet spot
Susan had done her homework. She knew how superannuation and Account-Based Pensions work, had a target super balance in mind, and knew her desired retirement income. Yet she kept asking herself: how much is enough? Is there a ‘sweet spot’ where her super is just right — large enough to support a comfortable retirement but not higher than necessary?

Her main concern was whether she could afford to retire earlier and ease the pressure of making ongoing contributions, or if she needed to keep working part-time a little longer to build up her super balance. Through a Retirement Advice Consult, Susan explored both scenarios side by side. This gave her clarity not only about the numbers but also about the lifestyle trade-offs involved. She came away confident in understanding whether her $55,000 annual income goal was realistic – without locking herself into working more than she wanted.

Richard and Barbara: Downsizing and super boosts
Richard and Barbara were thinking about downsizing in the next few years, but wanted to understand how the move might affect their retirement plans. Because they hadn’t owned their home long enough (10 years), they weren’t eligible for the downsizer contribution. However, being under 75 meant they could still take advantage of the Non-Concessional Contribution (NCC) bring-forward provisions.

In a Retirement Advice Consultation they were able to model their spending to check whether their current lifestyle was sustainable in the years leading up to the move to a smaller home. From there, we looked at the way that putting surplus funds into super could help stretch their savings further. Seeing these scenarios mapped out gave Richard and Barbara a clearer picture of how their home, super contributions, and Age Pension could work together — and the reassurance that their plan could support both the move and their longer-term financial security.

Age Pension Q&A for 60-somethings

by Amanda Hardy Lai | Centrelink Age Pension

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

by Amanda Hardy Lai | Planning for Retirement

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.