Five common retirement questions and what to avoid

Retirement planning often starts with a mix of fear and determination—the worry of getting it wrong and the drive to work things out. Many people reach out with similar concerns, unsure of their options or whether they’re making costly mistakes. The good news? Seeking guidance and taking action will usually lead to better outcomes than going it alone.

Here are five of the most common retirement questions that the team at Retirement Essentials receives—and key pitfalls to avoid when facing them.

1. I’m about to retire—what do I do now?

Many people approach retirement with a sense of ‘I’ll figure it out later,’ only to realise key financial choices—including when to access superannuation, how to structure income, or whether they’re eligible for government support—are best made well before they stop working.

The triggers which often prompt someone to seek help is reaching age 60 when withdrawals from super become tax free, and reaching 67 when Age Pension entitlements become available.

What helps: Those who seek advice early tend to feel more confident about their retirement. Even if you’re retiring soon, or have already retired it’s never too late to get a plan in place. Avoiding this task usually just leads to unnecessary stress. 

2. Do I have enough to retire?

Many retirees focus on reaching a ‘magic number’, but the real question isn’t just:

 ‘How much do I have?’—

It’s ‘How can I make it last?’ 

Super, Age Pension entitlements, and investment choices all play a role in sustaining income over time. Knowing how they can combine and which options to choose is critical.

What helps: A clear spending plan and a mix of income sources provide stability. Tools such as the Retirement Forecaster can help estimate how long your savings could last. More than just a superannuation calculator, your specific needs and situation, super strategies and Age Pension Entitlements are included to calculate what’s the best forward projection for your needs.

3. What should I do with my super?

For most Australians, superannuation is the second biggest source of retirement income after the Age Pension. Making the right decisions about how to use it can have a big impact on your financial security.

One common approach is to move super from accumulation phase into an Account-Based Pension (ABP), providing a regular, tax-free income for those aged 60 or over. But super can also be used in other ways to improve financial security.

Some retirees we speak to are considering whether to use their super to pay down a mortgage – a decision that depends on factors like interest rates, cash flow needs, and eligibility for an Age Pension. Others focus on boosting super to create more retirement income, using strategies like: 

• Bring-forward rules – allowing larger contributions in a single year
• Catch-up provisions – making use of unused concessional contributions
• Downsizer contributions – adding proceeds from selling a home

For couples, a younger spouse strategy can also provide big benefits. If one partner is under 67, shifting super balances between spouses can increase Age Pension entitlements while balancing retirement savings across both accounts.

What helps: Managing super in retirement is where smart strategy really helps. The Australian superannuation and Age Pension system provides great opportunities, but it’s complex. Even the smartest retirees realise they ‘don’t know what they don’t know’ – so checking in with a financial planner ensures you’re considering all the right factors before making a decision.

4. Am I eligible for the Age Pension?

Many retirees are surprised to learn they qualify for a part-Age Pension or the Commonwealth Seniors Health Card (CSHC), even if they don’t meet the full Age Pension threshold. These benefits can make a big difference in covering everyday costs.

What helps: Checking eligibility regularly—as circumstances change (like drawing down on super), pension entitlements can shift. An Entitlements Consultation can help you maximise your entitlements, ensuring you’re not leaving any benefits on the table.

5. How should I invest my super in retirement?

Many retirees think they need to switch to cash or term deposits for perceived security, but investing too cautiously can erode purchasing power over time. Given longer life expectancies, growth investments are often needed to keep up with rising costs.

What helps: Keeping the right balance. This means having enough accessible cash for peace of mind while letting the rest continue growing inside super. Financial advice helps you understand the rules and how to apply them to your situation, giving you comfort that your financial decisions are in line with your long-term goals. 

Retirement Essentials offers a specific consultation on Understanding Investing to help assess your risk tolerance and explore the right balance for investing in line with your retirement goals.

Why get a Retirement Health Check?

Planning your retirement is essential to ensure financial security and the lifestyle you desire. The Retirement Essentials Retirement Health Check is the best way to ensure you are making the most of your savings and can live the best possible retirement by: 

• Planning your future: Understand how much you’ll need to live comfortably throughout your retirement and whether your savings will last.
• Maximising benefits: Identify opportunities to optimise your superannuation, Centrelink entitlements, and other savings.
• Gaining peace of mind: Gain confidence and clarity on your financial situation, ensuring you and your loved ones are secure.

You can book a Retirement Health Check here.

What’s your opinion?

We love to hear from you! Is there a question on your retirement ‘to do’ list that we haven’t covered?

Are any concerns preventing you from taking action?

This article is provided by Retirement Essentials Representative Number: 001260855. We are an authorised representative of SuperEd Pty Ltd ABN 88 118 480 907 AFSL #468859. This information is not intended as financial product advice, legal advice or taxation advice. It does not take into account your personal situation, goals or needs and you should assess your own financial situation, consider if the information is suitable for you and ensure you read the relevant Product Disclosure Statement (PDS) if you choose to make any changes to your financial situation. It is always advisable to consult a financial adviser before making financial decisions.